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Condo auction reflects economic woes

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POSTED: April 1, 2010 9:24 a.m.
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River Oaks Condos are in Richmond Hill.

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At least 12 Richmond Hill luxury condos are slated to hit the auction block on April 17.
Businessman Gary Bellomy and his partners purchased 20 River Oaks condo units from the bank last year.
He sold four, but the other 16 have followed the trend of many other properties during the downturn in the housing market. Bellomy has enlisted the help of The National Auction Group, Inc. to move the property.
“River Oaks is a fantastic place and was selling good before the recession hit,” Bellomy said.
He said the river view condos initially sold for  $500,000 while the interior units sold for $385,000. He said he does expect to get close to those prices at the auction.
The River Oaks development, which was built and annexed into the city approximately eight years ago, has been in the headlines before.
Some residents opposed the project while it was in the planning stages, objecting to the density of the project -- meaning the number of units in the development.
In late 2007, mold was discovered and treated inside several of the units.
Bellomy said the positive aspects about the property, if known about, could garner interested home buyers from here in Bryan County to folks in the northeast U.S. looking for a place to settle down.
Bellomy said publicity and word of mouth from a property auction of this type is a way to bring buyers together for the condos.
“For those in the area that thought they’d never be able to afford waterfront living, they may be in for a surprise on April 17,” Bellomy said.
National Auction Group President William Bone said property auctions are a growing trend..
“Absolute auctions are the perfect way for developers to sell their stagnant inventory,”

Bone said. “The company has discovered with some of their recent projects that the sales have been jump starting stagnant real estate markets by establishing a bar.”
The property will be open for inspection by appointment beginning April 3 from 10 a.m. to 5 p.m. by calling (256) 504-6858. Bidders will be required to pay 10 percent on auction day and must have $10,000 per interior unit and $15,000 per river unit available in the form of personal check, business check or certified funds.
The auction will take place at the property, 101 River Oaks Drive in Richmond Hill. For more information on the auction, contact the auction company at 800-473-2292.

 

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