News Place Condo’s to be Auctioned

19 Oct

The News Place River Homes condo development will be going to auction on Thursday October 29, 2009.

newsplace

The historic Savannah Morning News building was converted into luxury condo’s and completed less than a year ago. From then to now, only 4 units have sold in the building. Asking prices started at about $440 per square foot and decreased some over the past year, with current asking prices ranging from $300,000 to $1.25 million.

However, downtown condo prices have been averaging about $270k since August, creating a stale mate at News Place. I think it’s incredibly unfortunate that what was to be the most anticipated downtown conversion has essentially just flopped. But not for lack of trying. The condo’s themselves are stunning. Each unit is a little different from the next. The condos drip with luxury; hardwood, stainless gourmet chef’s kitchen, granite– everything that you might expect to find in a luxury home mid-city.

My heart goes out to Cathy Dunn. But according to her, this is not a distressed sale! Instead, ‘“this is just an alternate way to speed up the sales.” Similar auctions in the area have proved to be a buyer’s delight. According to Chatham County property records, the Villages at Tybee townhomes, originally priced in the same $800,000 range as the News Place condos, recently went for as little as $280,000 in an auction.

Want more information?

Absolute Auction

Call or email me.

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