Looking for an opportunity to buy new construction in an A+ Westside Location at rock bottom prices?
This weekend at the Ritz Carlton Marina Del Rey you’ll get that chance. For more info read this post.
If you’re wondering if the opening bids are low enough, take into consideration that the price/sq ft of the median priced condo in Marina Del Rey for the month ending October 2009 was $562 (per Data Quick/LA Times). Opening Bids for the smallest units at Element are at $286/sq ft, that is 51% of retail, or a 49% discount. I was told by the auction company that the range of overbid from the last simultaneous auction they held in Playa Del Rey ranged from 4-40% over the minimum bid. If the same range of overbidding continues, this means that buyers can expect to purchase units at the auction this sunday on the lowest priced units for between $297-$400, which at the high end is still only 70% of the median price per square foot compared to resale prices for October 2009 (53% of retail on the low end).
Sounds like a deal to me, but what would I know? I’m just a Real Estate Broker…
