FORMER PARTNERS TO HOLD DUELING AUCTIONS FOR OCEAN CITY LUXURY CONDOS Buyers benefit from “auction war”: no minimum prices, no buyer premiums

Ocean City, MD – February 18, 2010 – (RealEstateRama) — The collapse of an Ocean City real-estate partnership has led to competing auctions for waterfront condominiums — and created an opportunity for real-estate bargain hunters.

On Saturday, February 27, Marshall Auctions will hold an auction of 11 luxury condo units and available boat slips, all of which are part of Bahia Vista, an upscale bayside development in Ocean City, Md. The auction will be held at the Grand Hotel in Ocean City at 1:00 p.m.

Because of a conflicting auction that will also offer Bahia Vista units, the Ocean City auction will offer buyers unusually attractive auction terms:

  • no minimum price on at least four condos, some of which had listed for more than $800,000
  • no buyer premium
  • reduced deposit amount of only $10,000
  • seller will pay broker participation of 2.5%
  • guaranteed financing

Marshall Auctions will offer 11 condominiums owned by Spiro Buas, a partner in the development of Bahia Vista. Buas retained ownership of the units after the initial partnership grew contentious and eventually dissolved.

Buas arranged a February 27 auction in Ocean City of his unsold units, but only after his former partners had begun to market a separate auction.

“The timing of this auction war was driven exclusively by my former partners,” Buas said. “The situation also pushed our team to develop favorable terms — like the removal of minimum prices on some units and the waived buyer premium — to make this auction more financially viable to buyers.”

Buas also noted that, unlike the competing auction, the February 27 auction in Ocean City offers both 3-bedroom and 4-bedroom units, including three models. All the 11 condos to be offered are furnished and include stunning water views, private balconies, gourmet kitchens and use of a pool and fitness center.

The public may tour the available units at open houses held Saturdays and Sundays, 12:00 – 2:00 p.m., until the February 27 auction date. An evening Preview Event is planned February 26, 4:00-7:00p.m., at the Bahia Vista. For more information, directions and auction terms, visit www.marshallauctions.com.

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