Condo prices will start at $95,000 at auction

J. Scott Trubey/Staff
A car drives by The Landing at River Club condos in North Augusta. The development's owners will hold an auction March 12 to sell 25 units. The condos were completed more than a year ago.

NORTH AUGUSTA --- What would you pay for a condo next to a golf course along the Savannah River?

 

Several in North Augusta start at $95,000.

Grampian Hills Development LLC, the owner of The Landing at River Club condos in North Augusta, is hoping the prices are right to clear their hands of some excess inventory.

Twenty-five of The Landing's 48 units next to The River Golf Club will be up for auction at 6 p.m. March 12 at the North Augusta Community Center on Brookside Avenue.

The condos, which peek over the guard rail on the 13th Street Bridge, were completed more than a year ago, said Brandon Howe, an auctioneer for Terry Howe and Associates Inc., the firm holding the auction.

"I don't think this (auction) is indicative of a market slowdown," Mr. Howe said Friday. "It's just that the developer needs to move on to other things and maybe they weren't moving as fast as they would like."

Messages left for Edward Pendarvis, principal of Grampian Hills Development, were not immediately returned Friday.

Open houses will be held from 2-5 p.m. today and Sunday. Additional open houses will be held from 2-5 p.m. March 8-9 and the day of the auction.

On Friday, several curious motorists drove by the buildings as Landing resident Samantha Goldman and her son stood outside their condo. She said only about a half-dozen families live in the development.

"It would be nice to have some more neighbors," the Augusta State University student said. Mrs. Goldman, whose family has lived in the condo about four months, said they were attracted to the area by the river and golf course.

One and two-bedroom condos that previously sold for between $119,000 and $149,000 will open for bids at $95,000, according to the auction house Web site, www.terryhowe.com. Three-bedroom units that had listed in the low-to-mid 200s will open at $142,500, and condos once priced in the high 200s and low 300s will open at $175,000.

Two garages and two boat slips will also be up for bids.

Evans resident Timothy Heard, who toured the area Friday, said the Landing might make for a good investment as a Masters Week rental property.

Though the bidding starts at $95,000 for some properties, Mr. Heard said he didn't expect the price to stay that low.

"I don't think one will sell for $95,000, but that's attractive bait," he said.

If the condos don't sell out, Mr. Howe said no additional auctions will be held.

Reach J. Scott Trubey at (706) 823-3424 or scott.trubey@augustachronicle.com.

LOOK BEFORE BUYING

OPEN HOUSES

WHEN: 2-5 p.m. today, Sunday, March 8-9 and March 12

WHERE: Landing at River Club condos in North Augusta

AUCTION

WHEN: 6 p.m. March 12

WHERE: North Augusta Community Center on Brookside Avenue

TO VIEW AN inventory of homes, visit www.terryhowe.com/auctions/2008_landing">style="bold">www.terryhowe.com/auctions/2008_landing

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