New Chattanooga Downtown Condos to Be Auctioned

[Hankster]

The new 2nd Phase Parkview at Museum Bluffs Condo project will be sold at auction on May 16th. Up to 75 of the 107 planned units are to be sold then with open minimum bids from $95,000 for 608 sq ft units to $297,500 for 1,681 sq ft units. This is a new way to seel condos, and I'm not sure that this has happened anywhere in Tennessee before. Construction is expected to start by mid-August this year and is expected to last 14 to 18 months. This is the 2nd Phase of the Museum Bluffs project along Chattanooga's downtown waterfront. Here's a link to the Museum Bluff website annoucing the sale:

Parkview at Museum Bluffs

Here's some renderings of the project. IMO, they look great!

[HABANERO7]

So what is the difference between the auction vs a real sale? Why would they decide to do it with this one building? It seems like a lot of trouble to go to, but it is drawing attention that it might not have if they did a conventional sale.

[Hankster]

So what is the difference between the auction vs a real sale? Why would they decide to do it with this one building? It seems like a lot of trouble to go to, but it is drawing attention that it might not have if they did a conventional sale.

I don't know for sure, but I would guess that the selling expenses would be much lower, and they sell all at once allowing the project to be built sooner. Also, in this "hot" condo market which currently exists in Tennessee, they may think that they might sell at higher prices once the bidding process begins. I wonder if developers in other "hot" condo markets like Nashville will take note and use this process there too. The 22 story Icon there sold out in 24 hours. If they were all auctioned, I wonder if they would have gotten higher prices.

[DruidCity]

$95,000 sounds interesting for such a prime location.

How does that compare with the prices of other condos in that part of town ?

[Hankster]

$95,000 sounds interesting for such a prime location.

How does that compare with the prices of other condos in that part of town ?

$95,000 is very reasonably priced for a condo in this very prime area. The location just couldn't be better. It is for the smallest condo which is, at most, 700 Sq Ft. I think the demand for these will be great, and I expect the bidding to go quite a bit above the $95,000 mark. If anyone gets one for that, it would be an absolute steal!

[Hankster]

The auction was held yesterday and it was very successful! The auctioneers sold 75 condos for $19 Million out of a total of 107 condos in the building.Construction is expected to begin in mid-August. The condo market in downtown Chattanooga is hot!

[smurf]

The auction was held yesterday and it was very successful! The auctioneers sold 75 condos for $19 Million out of a total of 107 condos in the building.Construction is expected to begin in mid-August. The condo market in downtown Chattanooga is hot!

Do note however, that only 75 were to be auctioned, I bet all 107 would've been sold if they had been offered. The average price would've been around $253k. Which is well over the cost of the cheapest ones and just 40k lower than that most expensive ones (which probably sold for much more). My suspicion was it was the company "testing the waters" of the condo market for maybe future developments while making a pretty penny as well?

[Hankster]

Do note however, that only 75 were to be auctioned, I bet all 107 would've been sold if they had been offered. The average price would've been around $253k. Which is well over the cost of the cheapest ones and just 40k lower than that most expensive ones (which probably sold for much more). My suspicion was it was the company "testing the waters" of the condo market for maybe future developments while making a pretty penny as well?

All very good points. I'm guessing we'll see more projects like this one because of the tremendous success of the auction.

[HABANERO7]

Auctions have become very popular over the last few years to unload lots of things. You see many large tracts taking that approach these days. There was some commercial land available around Exit 20 in Cleveland that normally would have been sold the conventional way, but they opted for the auction option and did very well. As a matter of fact the land had been sitting for a few years for sale the conventional way while action since the auction last fall has been busy. There are currently a few acres over there with site plans beginning to develop. I think you are right Hankster, we just might see the auction option begin to catch on in a big way even in the condo market.

[Auction]

I work for the Company that marketed Parkview @ Museum Bluffs. Great observations above. The success of the project for one proves that our method works. More importantly, it proves what a fantastic city you all have in Chattanooga. I firmly believe that this is just the beginning for you guys. Downtown Chattanooga has SO much to offer for all ages, you really should be proud of the work done to make Chattanooga such an inviting place. I have spent the last few months in your city and I have found the people to be some of the most polite I have ever met. Good Luck!

[Hankster]

I work for the Company that marketed Parkview @ Museum Bluffs. Great observations above. The success of the project for one proves that our method works. More importantly, it proves what a fantastic city you all have in Chattanooga. I firmly believe that this is just the beginning for you guys. Downtown Chattanooga has SO much to offer for all ages, you really should be proud of the work done to make Chattanooga such an inviting place. I have spent the last few months in your city and I have found the people to be some of the most polite I have ever met. Good Luck!

Thank you so much for the compliments. Do you think your company may auction another property here in Chattanooga in the future? Also, I'm just curious as to where you're from. Please visit our site to follow up with what's going on in the Chattanooga area.

[Auction]

Thank you so much for the compliments. Do you think your company may auction another property here in Chattanooga in the future? Also, I'm just curious as to where you're from. Please visit our site to follow up with what's going on in the Chattanooga area.

We are located in Greenville, SC. Many projects around the country utilize pre-construction methods. The closest method to our is the lottery system. We started our method in Downtown Greenville where we have sold over $100 million of Downtown Condos.

We do not currently have any plans for another project in Chattanooga. Typically, the success of one project leads to another. We would love to work in Chattanooga again.

[Hankster]

We are located in Greenville, SC. Many projects around the country utilize pre-construction methods. The closest method to our is the lottery system. We started our method in Downtown Greenville where we have sold over $100 million of Downtown Condos.

We do not currently have any plans for another project in Chattanooga. Typically, the success of one project leads to another. We would love to work in Chattanooga again.

Thanks for the update. We hope you come back to downtown Chattanooga again, too!

[flith]

The building permit is almost finished and site work is expected to begin in August. By October the parking garage should be under construction. First phase should be ready for occupancy by late 2007

[Hankster]

The building permit is almost finished and site work is expected to begin in August. By October the parking garage should be under construction. First phase should be ready for occupancy by late 2007

Thanks for the update. I'm very excited about this project, because it is large and will have a huge impact on the area. We will have the making of quite an urban neighborhood once this one in completed.

[AmandaHugginkiss]

The new 2nd Phase Parkview at Museum Bluffs Condo project will be sold at auction on May 16th. Up to 75 of the 107 planned units are to be sold then with open minimum bids from $95,000 for 608 sq ft units to $297,500 for 1,681 sq ft units. This is a new way to seel condos, and I'm not sure that this has happened anywhere in Tennessee before. Construction is expected to start by mid-August this year and is expected to last 14 to 18 months. This is the 2nd Phase of the Museum Bluffs project along Chattanooga's downtown waterfront. Here's a link to the Museum Bluff website annoucing the sale:

Parkview at Museum Bluffs

Here's some renderings of the project. IMO, they look great!

Nice looking development. IMO, "Chatt" is the best looking city in Tennessee. The scenery is nice..

[Hankster]

Nice looking development. IMO, "Chatt" is the best looking city in Tennessee. The scenery is nice..

Thanks for the compliment. The beautiful mountain scenery and being located on the banks of the Tennessee River make Chattanooga a gorgeous place to live. No wonder we're known as "The Scenic City".

[Hankster]

This project (Museum Bluffs Parkview) is beginning to near completion and it is spectacular, IMO. What a location it has between the Hunter Museum and the Aquarium. It shares it a Chattanooga park that run between it and it's sister project Museum Bluffs that forms one of the most beautiful urban spaces I've seen in any city. Enjoy.

[smeagolsfree]

Again, give us more smaller public art like this. Nashville could learn so so much from Chattanooga on how things should be done.

[Hankster]

Again, give more smaller public art like this. Nashville could learn so so much from Chattanooga on how things should be done.

[flith]

Again, give us more smaller public art like this. Nashville could learn so so much from Chattanooga on how things should be done.

[smeagolsfree]

Not bad. At least it doesn't look like a giant palm tree like the ones out west. This makes you look twice maybe three times.

[smurf]

Thats a pretty poor photoshop job. They could at least make it belivable.

[Hankster]

Thats a pretty poor photoshop job. They could at least make it belivable.