Thursday, July 24, 2008

Back Cove Auction

Some signs of life for Portland's real estate market. Via Charting Maine's Future
"Back Cove Estates is a 23-year-old apartment complex that was converted to condominums in 2004. But the developer, Back Cove Estates LLC, ran into trouble with the lender, Androscoggin Savings Bank, which held a mortgage.

Twelve of the 13 townhomes have two bedrooms and most are 864 square feet. Some are in the midst of renovation. A few are in their original condition. The property is heated by natural gas, which is much cheaper now than fuel oil.

With fast talk and humor, Keenan and his team did their best to get the crowd worked up and competing against one another on price. Using a buyer's choice format, which gives the highest bidders first pick of any unit, Keenan warned participants not to let someone else grab the home they want.

'What you're buying here is one of the best locations in the city of Portland,' he said.

Winning bids ranged from $165,000 to $129,000. One double unit, assessed at $360,000, sold to an investor for $238,000. He also took three more units. Other buyers included parents with children in area schools, and a renter who lived in an adjacent townhouse."
- MaineToday

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