DC Property Auction Update

Thanks to Bruce Finland with MED Development for this update. Bruce & his company developed Deanwood Station and Wilson House.

“For the District, the auction was successful “for the time being”, which is to say a frenzy of bidding broke out on the first several properties auctioned, i.e. almost $400K for several row houses in areas not exactly “prime” locations. I fear this means that the winning bidders will not be able to obtain financing for both acquisition and development, and the properties would be returned to the pool. But what do I know.

After the first half of the properties were sold off, the air seemed to go out of the room, and the prices began to drop. This was also a reflection of the fact that the prime properties were sold off first, the sign of an auctioneer who knew what he was doing.”

Thanks again Bruce.

The original post can be found HERE.