With the housing market slump in full force, developers and real estate agents are looking for creative ways to sell properties.
Developer Peter Wenzel is hoping buyers will be persuaded to open their wallets on June 27 when 44 of his condos at The Gables go up for auction.
"This is very exciting for Gainesville," Wenzel said. "It is the first real estate auction of this caliber."
Both two-bedroom, two-bath and three-bedroom, three-bath condos are for sale. All units include a kitchen, washer and dryer and attached garages.
The National Auction Group will conduct the sale. Company president William Bone said the location and speed of the sales will attract buyers. The first five condos will be sold regardless of the offer, he added.
"If you bid a dollar and no one bids two," Bone said, "it's yours."
Matt Price, a realtor and condo specialist for Campus Realty, said that while auctions often pay off, a buyer should be prepared to make repairs to the property.
"Assuming a few more risks," Price said, "you can get a better deal."
The auction will take place June 27 at 11 a.m. at The Gables.
