DHCD Real Estate Auction Highlight Reel (VIDEO)

The DHCD Real Estate Auction, hosted by Alex Cooper Auctioneers, was a very interesting experience (see earlier POST for the announcement). This was my first live auction and I must say the auctioneer had a command of the open ascending bid auction and the emotions of the audience. He seemed to know just when to count the bid down (“going once, twice..”) and when to keep calling (“150 bid now 60?”) to push the dollar amount up. Kudos to Alex Cooper.

Eleven properties were advertised for auction and ten were actually sold.  I unfortunately didn’t take note of each buildings closing price, but  here are the sold values I did capture.  Assessed values shown are from the DC Taxpayer Service Center website.

*Table for reference only. Information deemed reliable but not guaranteed. Not an official record of winning bid prices. Not intended for use in purchase, sale or assessment decisions or for use in projecting appreciating or declining markets.

A few interesting stipulations related to the post-purchase procedure jumped out at me:

  1. A 5% premium is added to the “hammer” price.
  2. Within 60 days after the auction,  winners must provide proof of financing to cover both acquisition and development costs. (I’m curious to know what happens if you can’t.)
  3.  DCRA grants a 180 day grace period where auctioned properties are subject to their original tax code – to allow time to gain building permits.
  4. All auction properties must be fully developed within 18 months of closing.
  5. Developer must certify that improvements are designed in accordance with applicable laws related to persons with disabilities.

Congratulations to the winning bidders and I look forward to seeing the re-developed properties!


One response to “DHCD Real Estate Auction Highlight Reel (VIDEO)”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: