VIRGINIA BEACH
The developer of a seaside condominium complex in Sandbridge plans to hold an auction to sell 25 units next month in an attempt to move inventory off its books amid the region's steadily declining housing market.
The first phase of the 248 -unit Sanctuary at False Cape opened in 2006, and since then, all but 70 of the units have sold.
"We've hit a different market now," said Rick Gregor, a managing partner with The Futura Group LLC, one of the development's backers. "It's been a pretty successful project. It's just a matter that we want to reduce the inventory and pay off debt."
In recent weeks, the developer hired Newport Beach,Calif.-based Accelerated Marketing Group Inc. to auction and market the condo units, which were originally priced between $450,000 and $1.6 million. Accelerated has handled auctions for condo complexes, single-family homes and hotels across the country.
The Nov. 8 auction will include a cross section of different sizes and price levels, Gregor said. The bidding will start at about half the original prices.
Typically, auctions are a method used by banks to sell off property that has been foreclosed on. Gregor said he knows of no other condo developers in the area that have tried the tactic to sell off a large number of units.
"It's a different approach," he said. "We needed to get ourselves freed up to do another project."
Gregor did not give specifics on the company's plans for future developments. His firm was to build a $200 million condominium project in Norfolk called The Spectrum at Willoughby Point but abandoned the plans after the company lost financing earlier this year.
The developer will show the units to be auctioned during open houses every Friday and weekend until Nov. 8. The first open house is from noon to 4 p.m. today at the complex at 3738 Sandpiper Road. The auction will be held at noon Nov. 8 at the old Cavalier Hotel in Virginia Beach.
Josh Brown, (757) 446-2318, josh.brown@pilotonline.com
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Hell of an investment!
If you go to "www.falsecape.com" you will see the headlines for the upcoming November 8th auction of units at "The Sanctuary at False Cape".
I'll just quote some headlines here, for your edification:
"Oceanfront living
Originally priced at $2,000,000.00
NOW! Starting at $225,000.00"
I kid you not! This is an exact quote!
Hell of an investment!
Sandbridge Condos
Ugggglllllyyyyyy...and city council approved this over the protests of the citizens. Now we are expected to believe our august body of officials are going to listen to the kids at a forum...pardon me while I throw up!!!
Little Island Inlet & Sandbridge Condos
The audacious notion of a group of idiot developers and larger group of idiot purchasers of a Condo complex in the vicinity of Little Island @ Sandbridge proves the old maxim that "There's a sucker born every second", attributed to P.T. Barnum. Historical Fact: The pier and pumping station at Little Island was built decades ago in an attempt to try and restore the eco-balance to the water salinity in Back Bay. Why ? Back Bay has historically been flushed with ocean salt water via breaches in the "sand bridge" for eons from time to time. Does building a condo complex and finding enough suckers to purchase stacked shoe boxes suddenly eliminate mother nature's occasional, though not necessarily frequent washing of yet another inlet into the northernmost Sounds of the North Carolina Outer Banks ? Of course not, and only consciousless developers and rubes not familiar with the historical geology of the Virginia/North Carolina Coastline would either ignore or be unaware of such facts familiar to long tern native born locals.
Very Nice Complex and they are very attractive!
I moved to The Sanctuary a few weeks ago and absolutely love it. We searched Virginia Beach, Sandbridge, and Norfolk for a great place to live, and decided on The Sanctuary. We are so glad we did. Living here is like being on a permanent vacation...5 miles of private beach.
The units are very spacious and have many upgrades and I think they are very attractive. I lived in South Florida for a few years, and they remind me of the homes in Naples and The Florida Keys!...everyone has their own opinion of what attractive is...and some of us have higher standards than others...I personally don't like to drive up Sandpiper Rd and see all the "beach shacks"...in disrepair. These condos are new and are very well taken care of.
Ideal location for Section 8 Housing
The State should buy up the remaining units and turn them into subsidized housing to make sure there is sufficient diversity of incomes in this exclusive neighborhood.
Imagine the mark up
Wow....this project is still described as successful by the developer and it is less than 75% sold. Imagine the mark up they must have had in those units that sold for this to be successful (profitalbe) already. Original buyers have to be kicking themselves right now. Not only did they get gouged when they bought, but now their units are worth half or less the price they paid if they could dump them at all. Gosh those things are ugly too.
There is ugly then there's UGLY!
I do not know when I've seen an uglier development. The people that live there have to be color blind and have little or no taste whatsoever. And paying that much for a condo that a strong nor'easter can tear to pieces? It amazes me they sold ANY of them in the first place. One of these days, Mother Nature is going to want to turn Sandbridge into Sand INLET and a lot of those places are going to be turned into matchsticks and rubble. Some good 'investment' those condos will be then!
Bad Investment !
Anyone who buys these things are out of their minds. They should never have been built in the first place. Anyone who lives that close to the Ocean deserves what they get. High taxes and Hurricanes.
Oh man!
Those things are the most hideous and poorly constructed condos I've seen. And sadly, the obliterate a beautiful view in Sandbridge. Whoever on City Council allowed such ugly construction should be ashamed.
I'll wait
I'll wait until the last second and bid $101.
uh-huh
They should have never been built in the first place.
Good luck.
Good luck with your auction. Tell me when you start at $125,000. Corner units only, of course.
you made it a non-sanctuary
why dont you just tear down this unwanted building that did nothing but destroy the sanctuary that was sandbridge. we told you from the beginning that no one wanted this stuff in sandbridge. i just wonder why meyera hasnt tapped the well that is the north end. man, a wal-mart on 73rd street would be great!
eyesore
Should have never been built. Thanks, city council, for not taking a stand and keeping the acres north of Little Island pristine.
Market Price
Market price is not what I paid for a thing, or how much I have in a thing. It is what someone else is willing to pay me for a thing. Therefore this property like others have already suffered a foreclosure notices or two that have appeared in this newspaper which kills the asking price for the unsolds. Yes, if you want one, get pre-approved and show up ready to bid in case they are forced on Nov 8 to start well below advertised starting bids and stick around for all of them, you may get the one you want and you may get one heck of a deal.
BET?
Bet those other condo owners are really upset. I imagine the city is pretty upset as well. They only get half the property tax money that they used to.
1/2 ????
How about starting bidding at $100 ?
.
Not a real auction
Reserve price is no good, start at $0 and find out what the market will pay. Don't waste time starting at some middle price. Also, beware of auctioneers. Stand on the side of the room or the back, because they will "big against the wall" taking bids from bidders that don't exist running up the price for the new people sitting in the middle.. Also, beware shill bidders there to run up the price. In the end, this is a start in getting the prices back down to what the market can afford. It's not going to be pretty but it's what our country needs.