NORTH AUGUSTA --- Nine of 25 available condominiums in a development overlooking the Savannah River and The River Golf Club sold at auction Wednesday.
The nine units, a garage and a boat slip were sold for $1,366,860 -- a total that included a 10 percent auction house premium -- before the developer closed bidding after about two hours.
Terry Howe and Associates held the auction for Grampian Hills Development LLC, the owner of The Landing at River Club condos. The remaining 16 units will be listed for sale next week.
Auctioneer Brandon Howe said Wednesday's transactions surpassed his expectations, and a few additional units might sell within the next few days.
"Everything that was bid on was sold," he said. "We don't always expect to sell all of them."
Evans resident Timothy Heard bought a two-bedroom, two-bath condo with views of the river and the golf course for $110,000, including the $10,000 auction house premium. He said he bought the property as an investment.
"It's 1,132 square feet, that's less than $1,000 per square-foot; and the location, I think it's a great deal," he said.
It was the second time units in the development had been up for auction.
All 48 condos in The Landing originally sold in a pre-construction auction in 2006, according to reports in The Augusta Chronicle. But many buyers exercised a clause in their contract and pulled out before the community was completed, city leaders said.
One- and two-bedroom condos that were listed before Wednesday's auction between $119,000 and $149,000 opened for bids at $95,000. Three-bedroom units that had listed in the low-to-mid 200s opened at $142,500, and condos once priced in the high 200s and low 300s opened at $175,000.
The townhomes, many of which nestle against the 13th Street Bridge, conform to the buffering required of the zoning in the area, North Augusta City Councilman Jason Whinghter said. He said the property had been zoned for a hotel, but a market study didn't support the facility.
"(The development) made sense economically in a lot of ways, but it's unfortunate it came to this point," he said.
Reach J. Scott Trubey at (706) 823-3424 or email@example.com.
Prices on the condos will be reset, and the remaining 16 unsold units, a boat slip and a garage will return to market beginning next week, said Brandon Howe, an auctioneer with Terry Howe and Associates.