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    5524 Pennington Place

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    5524 Pennington Place

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Armada Hoffler to auction off 16 remaining condos at Virginia Beach development

UPDATE Nov 2011

More condos sold at the Westin Virginia Beach Town Center Residences auction in about 30 minutes Sunday than during the past two years.

Armada Hoffler, the 38-story tower’s developer, hired an auctioneer to sell 18 of the 24 unsold condos at the Westin residences in a bid to stir up interest and find buyers.

Winning bids ranged from $181,000 for a one-bedroom unit to $750,000 for a penthouse suite..

Altogether, sales from the auction amounted to more than $7.5 million, he said.

The auction also spurred interest from potential buyers for some of the building’s remaining units. As a result, the developer is close to reaching a deal for at least one more of the penthouse units.

"The competition was genuinely great for every unit we put up there," he said.

searchCondos 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 had stagnated, with just eight more units selling in the two years before the auction.

An estimated  150 people attended the auction Sunday, with between 60 and 70 people bidding.

Westin @ Town Center Va BeachArmada 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.

search homes in this neighborhood in hampton roads or williamsburgThe 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.

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