Ocean City Condo Auctions Set for Feb. 27, 2010

Posted on February 15, 2010

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Dueling Auctions for Bahai Vista

CONDOS WENT THATAWAY.  Signs with big red arrows urge you in opposite directions at Bahai Vista on Edgewater Avenue in Ocean City, MD.

CONDOS WENT THATAWAY. Signs with big red arrows urge you in opposite directions at Bahai Vista on Edgewater Avenue in Ocean City, MD.

Two Auctions — Same Day, Same Time, Different Place

It could only happen in Ocean City, Maryland. Beautiful new three- and four-bedroom condominiums at the Bahia Vista I and II, on Edgewater Avenue between 10th Street and 11th Street in Ocean City, are scheduled to be sold by competing auctioneers on Saturday, Feb. 27.

Two auction comopanies. Competing signs. Different terms of sale. Go figure.

TWO AUCTION COMPANIES. Competing signs. Different terms and conditions. Go figure.

  • Marshall Real Estate Auctions of Salisbury plans to offer 11 luxury bay-front and bay-view condominiums for sale, with boat slips available. Marshall is advertising “no minimum price” on at least four units, “guaranteed financing” (if you qualify), and one-year builder warranties. Similar units at the Bahai Vista have “previously sold in the $900,000s!” according to Marshall. More information is available at www.marshallauctions.com.
  • Max Spann Real Estate & Auction Co. of Clinton, N.J., is offering nine luxury bay-front condos for sale. Max Spann is advertising $95,000 minimum bids. The nine three-bedroom, two bath condos have previously been offered for sale at prices from $680,000 to $730,000, according to Max Spann. Financing available to qualified buyers. More information available at www.maxspann.com.

Both auctioneers will hold open houses at the Bahia Vista property this weekend. Signs on site direct you to each company’s units. Marshall Auctions is advertising open houses from noon to 2 p.m. Saturday and Sunday, Feb. 20 and 21. Max Span is advertising a final open house from noon to 2 p.m. Saturday, Feb. 20.

Marshall Auctions has also scheduled a “grand preview event” from 4 p.m. to 7 p.m. on Friday, Feb. 26, the day before the auctions.

For makers of bright-colored banner signs, business is good.

For makers of bright-colored banner signs, business is good.

The development consists of two buildings bounded on the south by 10th Street and on the north by 11th Street. The Bahai Vista I has five floors of condos directly on the bay, with entrance and parking on Edgewater Avenue. Bahai Vista II has four floors of condos and parking on the east side of Edgewater Avenue.

The Bahai Vista II, photographed from St. Louis Avenue.

The Bahia Vista II, photographed from St. Louis Avenue.

Now here’s the thing. Neither auction will be conducted at the Bahai Vista property. The Marshall auction will be held at the Grand Hotel on Baltimore Avenue in Ocean City. The Max Spann auction will be at the Loews Hotel in Annapolis. Both auctions at 1 p.m., Saturday, Feb. 27.

I believe at least two other units at Bahia Vista are listed for sale by Realtors in Ocean City.

In fact, there are numerous condos for sale throughout Ocean City — new construction, old construction, gently used construction. You might want to consult with your Realtor, attorney, or financial adviser.

This is not the first condo auction in Ocean City, and it will not likely be the last. A number of studio and two-bedroom units were sold in November at the Makai on Coastal Highway by DeCaro Real Estate Auctions Inc.

Have you noticed this real estate news story in the MSM? No, I didn’t think so. Realtors, investors, condo owners — all are welcome to add your comments here regarding the condo market.  — John Hayden

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