“Condo” and “auction” aren’t usually used in the same sentence, but a condo auction in Canmore makes us think that should change.
On Saturday June 30th, units in the Grande Rockies Resort Complex went up for auction, and The Canmore Leader reported that the auction produced good results.
Over twenty suites were auctioned off, and it was the first time that so many condos were part of an auction.
According to the article “the units were subject to minimum bids and minimum reserve selling prices.” The auction also included a qualification process for buyers which means that bids placed during the auction will most likely hold up.
While the auction was successful for one and two bedroom units, there was less interested in penthouse suites. The unit bidding range was from about $130,200 to about $307,650.
Richard Greaves, a Canmore realtor said that “from a developer’s point of view, it was very successful, so it wouldn’t surprise me if we see more of it.”
While it might not be a strategy for every project, it looks like condo auctions might be a creative selling alternative for some developments.