It's not every day that condos in the same complex are sold off at two simultaneous auctions, so some of you naturally wondered what came of the dueling events for the Bahia Vista condos in Ocean City.
All sold, the auctioneers report. Eleven of the new condos went on the block at the Grand Hotel in Ocean City, handled by Marshall Auctions, and nine others were auctioned off at the Loews Annapolis Hotel by Max Spann Real Estate & Auction Co.
Max Spann reports that its units went for $396,000 to $561,000. Marshall says its units went for $315,000 to $445,000 -- noting, in a bit of after-auction ribbing, that its buyers paid no premium on top of that. (As is typical at auctions, Max Spann added a 10 percent "buyer's premium" to the sales price.)
Why two auctions? Because the partnership that developed the condos split up. One of the partners went with Marshall. The rest, with Max Spann.
"That has never come up in our four generations of auctioning," Max Spann Jr. said when I asked if he'd ever seen anything like it. "I was actually out at a winter symposium for the National Auctioneers Association, lecturing, and no one had ever heard of it. So it's a new one on me."
Spiro Buas, who signed on with Marshall Auctions, said he decided it was the way to go after he saw another Ocean City property auctioned off. He suspects his ex-partners got the same idea at the same time, since they were there, too. They went that route without discussing it with him, he said.
"I said, 'Well, that's my opportunity. They've got their date set, they've got their time set, they've got their venue set. The fairest thing for me to do is have an auction at the same day, same time,'" Buas said. "I think I produced ... super terms for the buyers to try to persuade them to come to my auction."
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