Tuesday, June 24, 2008

Update: Tribute Lofts auction

Tribute Lofts did auction their units, but they didn't sell as many units as initially planned:
Initially, the Wohls and auctioneer Accelerated Marketing Partners intended to auction 40 units. But 10 units were nixed beforehand because registrants showed little or no interest in them.

Four more units were not offered for sale when the sellers ended the auction ended early; they feared prices might go too low as the crowd thinned. "We had gone as low as we could tolerate," said Jon Gollinger, Accelerated Marketing Partners' co-founder and East Coast chief executive officer.
If you have been following Terminal Station for a little while, you will remember that I thought this would happen:
If this project had started just a year earlier, I think it'd be sold out. As things stand, I just don't think there are enough buyers for even this auction to help much.
I guess 26 of 40 units isn't horrible. It might actually help a little, although I can't imagine anyone else buying at Tribute any time soon. Wouldn't they have shown up Sunday? I hope the Wohls sold enough to pay off the construction loan, which was the real point anyway.

Now, there are sure to be situations in the future where I predict something and I am dead wrong. I don't really want to do a whole lot of prediction-type stuff, since I'm not that smart and I could really show my ass a lot. When I do, please feel free to remind me of these situations, and I will post a mea culpa.

h/t: Atlanta Intown, via el hermano

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