Green condos auctioned off

Dozens of potential home buyers packed a Hilton conference room, hoping to get a good deal as condominiums came up on the auction block. The "green" Bel-Air condos, originally priced from $273,000 - $399,000 had starting bids as low as $90,000.

"I hope it's easy," said Chris Saad, a 21 year-old college student buying his first home. "I've spent the last two weeks checking them out and I know what I want." Part of Saad's requirements included an area where his percussion band could play without bothering anyone else.

"They have terraces on the rooftop," he said. "It would be so cool to have practice up on the roof."

Before practice, however, comes preparation. In order to participate in a home auction, buyers must first secure financing for the amount they're willing to bid. They are also encouraged to check out the property and decide on the units they want, because there is little time for thought once in the auction room.

"They get the nerves going," said Saad, once he walked out of the auction room."Everybody is biting and attacking."

Another first time home buyer said the experience was surreal.

"I was calm until they said sold!" said Trinity O'Neal.

For first time homebuyers, the savings can mount up. Between the auction discounts and the federal tax breaks only available until the end of November, now is the time to get in on a buyer's market.

This isn't the first home auction in Austin, nor is it the last. On August 22nd, the Sage Condominiums will be auctioned off as well. If a buyer is interested, they need to check out what is required ahead of time, so they can walk in to the room as prepared as Saad.

"I bought a 2 bedroom condo for $161,000," he said. "It was the first bid I made and it's the place I wanted."