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Condominium Foreclosures Being Auctioned in Houston

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By : John Cutts    99 or more times read
Twenty seven units of condominium foreclosures from the beachfront building of Palisade Palms in Houston, Texas are being auctioned by developers. The units being sold account for almost ten percent of the occupancy of the two tower buildings located at the East Beach of Galveston.

Despite the latest national statistics showing that sales of real estate all around the country have gained strength, a big number of Houston pre foreclosures and foreclosed properties are still available to buyers interested in foreclosed structures.

The units, along with other properties being offered at Texas foreclosure auctions, came into the market due to a strong storm that hit the area. According to real estate observers, majority of the houses were already sold before Hurricane Ike hit the region. More pieces of real estate followed and were offered for sale when the financial market turmoil reached the state.

Developers of the condominium foreclosures revealed that the auction is being conducted to sell off their excess inventories in one day. Some of the units included in the auction are priced as much as $1.3 million, while majority have initial bid prices of $125,000 to $380,000.

For people who want to buy foreclosed houses for sale and are finding the condominium units too pricey, other auctions of foreclosed dwellings are being held in Houston, including the one at Mount Royal Circle. Homes at this particular auction have starting bids of $99,000 according to the people who are handling the auction.

These properties were originally priced at $405,000. Auctioneers have added that a lot of good deals can be had at the Mount Royal auction. RED Group, a company that auctions properties in foreclosures, has revealed that business has been good for foreclosure selling. The company reported that it has so far sold properties worth $1 billion in 2010.

RED has predicted that almost seven million foreclosed properties will further hit the market before the current year is over. The company has stated that 2010 has become a year for foreclosure auctions, with buyers being given more chances of owning low-priced houses.

According to realtors, although national home sales numbers showed that a lot of buyers have already made real estate purchases, a number of significant deals are still being offered in the Houston area, including the condominium foreclosures at the Palisade Palms.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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