• Auction motivation: Developer wanted to
  accelerate sales and close out development.
• 221 total garden style units.
• Resort style amenities.
• $11 million in sales in 75 minutes.
• Sold all 40 units listed for auction.
• 160 registered and pre-approved bidders.
• 1,300 prospect visits to the site over 3 week marketing period.
• Over 5,000 web site visits.
• Average sale price achieved at auction was 28%
  higher than minimum bid prices.
• Average sale price of $275,000 was 76% of
  previous sales price.
• Sold remaining 13 units within several weeks of
  the auction for a total of 53 sold.
• Total marketing costs of less than $175,000.

www.thefitzatrockville.com

• Auction motivation: Developer wanted to accelerate sales and close out development.
• Previous conventional marketing program yielded only 5
  sales in 6 months.
• Average unit sales price of $165,000 ($148 psf) is 85%
  of average sales prices for prior 2008 conventional sales.
• 11 units listed on auction day were sold at an average
  price of $165,000 per unit, 88% of previous asking prices.
  Auction Case Study - THE ENCLAVE AT BRIARCLIFF, ATLANTA, GA price of $165,000 per unit, 88% of previous asking prices.
• New pricing post-auction was established at prices 10% higher than auction prices. There have been 26 post-
  auction sales at the property in a 7 day period at an
  average price of $169,000.
• Realized price points are in-line with estimates
  established at launch of accelerated marketing program.
• Achieved targeted revenue goals established by owners.
• First condo auction to incorporate online bidding, which
  was utilized by buyers.