Highrises.com's Blog: Austin Condo Market

Ellen Noble, our Austin partner agent, reports that downtown Austin is buzzing about the upcoming Brazos Place Condos auction.  The final 19 units and penthouse will be auctioned off to the highest bidder on May 17th.  Buyers must meet certain guidelines and are required to pre-register.  Unlike some condo auctions we've seen on the West Coast, this one has very reasonable minimum bids and all units are expected to sell.  For instance, a one bedroom condo that originally listed at $199,900 will have a minimum bid of only $80,000.  Ellen talked to the developer and reports that this auction is not a foreclosure or bankruptcy situation.  The developer says they chose this route to quickly sell the remaining units and move on to another project.  

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