Downtown Austin condos up for auction

AUSTIN (KXAN) - Nearly 20 luxury condos and one custom penthouse at Brazos Place are going up for auction.

The closeout auction is the first one of its kind to be held in Austin and the real estate community is a-buzz. The auction happens on May 17.

Organizers said holding a builder's auction is a way to get all of the condos sold in one day. There are 19 condominiums for sale with 10 different floor plans.

While auctioning off condos may seem a little strange it is something taking place all throughout the country.

"I just came from Scottsdale, Arizona," said Debi Roks.

Monday, Debi Roks of Kennedy Wilson's Auction Group brought the auction signs to Austin. Roks travels from city to city holding inventory closeout auctions for builders who can not seem to sell.

"When they go into a project they have a certain timeline in mind for when they are going to sell these projects and the way the economy has gone they are not meeting those timelines," said Roks.

P.R.S. Development started converting the old Commodore Perry Hotel into condos in 2006.

According to real estate agent Fred Meyers there is a good chance shoppers could get a good deal.

"Real estate is based on supply and demand in a cycle when you have more supply then the prices will fluctuate," said Fred Meyers, CEO of Austin City Living.

Brazos Place will be open every day from 11 a.m. to 6 p.m. before the auction May 17.

Starting bids are set from $80,000. There are one and two bedroom condos with 10 different floor plans and are up to 1,399 square feet. The condos were priced from $199,000 to $519,900.

Brazos Place's fully customizable penthouse is also up for auction. The penthouse offers outdoor patios and 360-degree views of the Austin cityscape. Previously priced at $1,575,000 the penthouse is listed at the auction with an ultra-low $600,000 Starting Bid.

Rhett Winchell, President of Kennedy Wilson's Auction Group, describes the May 17 inventory closeout auction as "the first great condominium auction in Austin."

Brazos Place contains 74 condos in total, but only 19 condos, plus the penthouse, are up for the auction.

The seller has arranged with Bank of America mortgage to offer successful auction bidders a choice of excellent financing programs to best suit their needs. Auction-day purchasers may be eligible for a credit up to $3,000 toward closing costs or interest rates. Buyers who close escrow within 30 days of the auction must, however, arrange financing from Bank of America.

Brazos Place is located in the downtown business district. Brazos Place was formerly the Commodore Perry Hotel.

The late President John F. Kennedy was scheduled to attend an afternoon reception sponsored by the State Democratic Executive Committee at the Commodore Perry Hotel on Friday, Nov. 22, 1963. Unfortunately, the tragic events in Dallas earlier that day meant the President's visit to Austin never came to pass.