This is the concluding article of: Las Vegas condo auction pricing, and if the buyers who purchased a condominium at Adagio condo auction got a good deal?
I have researched the closing prices for three condominium conversion models in Adagio condominium community that have sold last year. The models are as follows:
A: 3 bedrooms 2 full baths, 1344 square foot condo with a fireplace in the living room and a garage. The highest selling price for this model at the condo auction was $173,000 and the lowest was $147,000.
B: 2 bedrooms 2 full baths, 1204 square foot condo with a fireplace in the living room and a garage. The highest selling price for this model at the condo auction was $229,000 and the lowest was $141,000.
C: : 2 bedrooms 2 full baths, 1074 square foot condo with a fireplace in the living room and a garage. The selling price for this condominium at the condo auction was $147,000.
In the previous posts I have discussed pricing at this auction and have proved that those who have paid the highest prices have paid too much for their condos. How about those who managed to pay the lowest prices at the Summerlin condo auction. Did they get a good deal? Well 4 months have passed and new numbers are in.
As for the 1304 square foot, three bedroom condo, the lowest winning bid price was $147,000. There are currently 8 condominiums listed in Las Vegas MLS for sale in the same community. The high asking price is $168,000 and the cheapest three condos are listed for less than $150,000, the lowest asking price is 139,000. So as you can see, one can offer less than $147,000 and have a very good chance at buying them. There are other 3 bed room condos in the same zip code with the asking prices starting at low $130,000. So those who paid the cheapest price at the auction got a so-so deal.
As for the 1204 model, the lowest winning bid was $141,000. Again, there are 2 condos listed in the same sub division for $149,000 and $139,000 respectively and another has sold for $138,000 in June 2008 and other condominiums in comparable communities are listed for sale for less than $120,000. Again, these low price buyers got a so-so deal, definitely not the great deal that they had in mind when they braved bidding at a real estate auction and buying the condominium “as is, where is”. Then again, why would you bid at an auction if there is not a “great deal incentive”?
As for the 1079 model, the winning bids were all $147,000. Do you really think that this is an accident, or that a very able auction team orchestrated this final price? Again, there are 3 condos which are listed in the same community for $152,000, $145,000 and $125,000. The latter is a short sale and not as is, another has sold for $138,000 in June 2008, other condominiums in comparable communities are listed for sale for less than $135,000. Again, these low price buyers got a so-so deal, definitely not the great deal that they had in mind when they braved bidding at a real estate auction and buying the condominium “as is, where is”.
Click here to see the market snapshot for all the listings and the location map and hybrid satellite picture and map for 89 homes for sale and 11 recently sold homes that have 2-4 bedrooms, 0-4 bathrooms in the area of zip code 89128. This market snapshot includes the data for all for sale condominiums and sold condos that I have discussed in this series of blog posts.
In conclusion, these were the low price bidders and buyers, others paid thousands of dollars more. Not being represented by a competent Las Vegas Realtor cost these Las Vegas condo auction buyers tens of thousands of dollars.
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