Cheap Condos Anyone?

If any of you have been contemplating Investment property, I might be able to help! There is a condominium project downtown that is up for auction and the same units that were selling for $200,000+ over the last 2 years will be up for auction on Nov. 15th with bids beginning at $75,000!!! I took a look at the units and various floor plans and have summarized the following for your consideration:

• New construction, there are 2 buildings built - one sold out, the other is up for auction (36 units for sale).
• The property is located inside the belt line, just past the intersection of Six Forks Rd and Atlantic Ave, near the Costco and Wake Forest exit off 440
  The new Trader Joe's is 1/2 mile away and North Hills is ~ 2 miles
• There is another condo project next door that is almost sold out and a new apartment complex
• It is a 3 floor complex with multiple floor plans. Most are 2BR 2BA, some have a garage others have storage rooms
• They have granite and stainless steel appliances in the kitchen, tile and upgraded carpeting plus chrome or brushed nickel hardware
• Bidding starts at $75,000 for a 1 BR (there are only 2 units) and the 2BR units at $95,000
• You must have a minimum cashiers deposit of $7,500 to bid and be able to provide an additional amount to equal 10% of whatever your bid ended up to be the same day.
• They will add 10% to your bid for "auctioneer" expenses and they are an "As-Is" sale
• There will be an open house again this coming Sunday if you would like to attend.
• I can assist you in the bidding process, however you will need to indicate agent representation in writing when you are on site viewing the properties.
  

I took a few photos of the units and summarized them in the attachment. I have analyzed the units that sold over the last few years and run the numbers on the project - if you have an interest in learning more about this opportunity, please give me a call and I can explain more or click here for the project overview. Make it a great week!