Absolute auctions the 'new' way to sell condos - WLOX.com - The News for South Mississippi

Absolute auctions the 'new' way to sell condos


By Doug Walker – bio | email

JACKSON COUNTY, MS (WLOX) - Welcome to the Harbor Landing Condominiums in Jackson County's Gulf Park Estates. The units sit on the quiet waters of Simmons Bayou, which leads to the gulf. Owners enjoy the use of a swimming pool and spa, along with their own boat slip in the marina. 

Ella Maisch has lived at Harbor Landing for three years and may soon have new neighbors.  She said they'll enjoy the peace and tranquility.  

"I love the birds and the pelicans and all the sea life," Maisch said. "Even sometimes you'll see fish jumping and people fishing and it's just nice to be by."  

While the condo market has decreased on the Mississippi Gulf Coast, one thing that has increased is the use of absolute auctions. In other words, you make a bid. If it's the highest, no matter the amount, the condo is yours. 

"It's a good way to sell a lot of property in one day," Margaret Segrest of J.P. King Auctions said, "Whereas condominiums and homes and even commercial properties can often be on market for years before being sold." 

Segrest's job for the next week is showing off the property and satisfying the curious.  

"I'll be on site each day,10 to 6 each day, to have the property open to show it to people and to answer any questions about fees and taxes."

So what will people pay for a condo at an absolute auction?  That is anyone's guess, according to Segrest  

"You cannot predict what the people under that tent will do that day," Segrest said.  "I've only been here a couple of days and they haven't really been telling me what they are willing to spend." 

But if past coast auctions are any indications, there will be plenty of people willing to spend once the auction begins.

The auction will be held on Saturday, March 27, at 11am at Harbor Landing.  A total of 14 units will be up for sale, including 10 that will be sold under absolute auction.  That means no minimum bid and no reserves. Click here to learn more about the auction and the property.

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