John Ross Condos Go To Auction

UPDATE 3/31/2010: We’ve prepared a preview of the John Ross auction, complete with taxes, HOAs, and other useful items. Visit our preview post for more.

Like the neighboring Atwater Place, owners of the John Ross Condominiums have decided to auction 50 unsold units in an effort to clear the books of remaining inventory in 2010.

Opening bid prices are 47% below current list prices and in some cases, 70% off the original list prices published during the go-go days of the 2005 bubble market. For example, studio prices start at $110,000. At the high-end, a 3,456 sq. ft. 3-bedroom/3.5 bathroom unit on the 30th floor starts at $600,000. It’s current list price is $1,149,000.

Where pricing will end up is anyone’s guess, but for comparison purposes, the Atwater Place auction averaged $300 per sq. ft. back in September 2009.

Bidders can attend the April 11 auction with a $5,000 cashier’s check and a preapproval by one of the project’s preferred lenders (or proof of funds, if cash). Using a preferred lender may provide you with a $3,000 credit toward your closing costs. The transaction must close by May 26, 2010.

You must register before April 8, and if you want your own agent to advise you on your purchase, you must register them with the John Ross sales office upon your first visit.

To date, the building has sold 223 of 303 total units, and spokesmen are hopeful they can get FHA lending qualification on the building in time for the auction.

More information on the John Ross auction:
Here is the auction site, auction brochure, and Term & Conditions document.

March 12, 2010 · Filed Under Market Activity

Comments

2 Responses to “John Ross Condos Go To Auction”

  1. Gary Miller on March 17th, 2010 11:45 am

    How much are the HOA fees and how are they determined??

    Estimated Property taxes for a:

    $200,000 unit sale:

    $400,000 unit sale:

    $600,000 unit sale:

    Thank you.

  2. Ron Ares on March 17th, 2010 2:31 pm

    Hi Gary,

    The HOA fees are determined by square footage times approximately $0.37 per month.

    For example, a 1,207 sq. ft. 1-bed, 1-bath runs $442 per month in HOA fees.

    The HOAs cover common areas, exterior maintenance, garbage, insurance on the structure, natural gas, water and sewer.

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