Armada Hoffler, a commercial real estate development and construction company, will auction off the remaining condominiums at The Residences at The Westin Virginia Beach Town Center, located in Virginia’s tallest building.
Accelerated Marketing will auction off 16 condos with access to four-star hotel services available through the Westin at the Town Center development. Minimum bids will range from $140,000 to $795,000.
The auction is scheduled for Nov. 13 at 2 p.m. at The Westin Virginia Beach Town Center hotel in Virginia Beach.
"We’re under absolutely no pressure to sell units," said Lou Haddad, Armada Hoffler’s president and CEO.
Condos in the tower, the tallest building in Virginia, sold strongly after it opened in 2007. By March 2009, the developer had sold 88 of the building’s 120 units. Since then, sales have stagnated, with just eight more units selling in the past two years.
The most recent asking prices for the 16 units range from $258,400 for a 750-square-foot, one-bedroom condo to $1.7 million for a 2,739-square-foot penthouse.
The condos scheduled for auction include five one-bedroom homes with minimum bids of $140,000 to $220,000; eight two-bedroom homes with minimum bids ranging from $250,000 to $385,000; and three penthouses from minimum bids ranging from $640,000 to $795,000, the prices are up to 56 percent below the last asking prices.
Under this auction arrangement, there are no hidden reserves or buyer’s premiums. Armada Hoffler said advanced registration is required and financing is available for qualified buyers. The auction information center and model homes will be open to preview daily through Nov. 12.