Not all real estate auctions are distress sales. Take this Long Beach oceanfront townhouse, which goes on the block June 12 with a starting bid of $650,000.
The owner, who has relocated elsewhere, put the 2,600-square-foot triplex on the market about two years ago for $1,349,000 million. Rather than hang on to it and rent it out for another summer, he decided to try something different — a marketing auction.
“This is a substantially growing industry for us,” says Richard Maltz, vice president of the Real Estate Auction Division of David R. Maltz & Co., in Plainview. “If you have realistic expectations and aren’t under water, we create a forum where you can close in 30 to 45 days from the contract signing.”
The townhouse has two oceanfront balconies and a cabana with a full bathroom and sitting area. The first floor contains living areas, including a den with a gas fireplace as well as an eat-in kitchen, bar area, half-bath and laundry area. The second floor includes three bedrooms and two bathrooms. The master suite features an electric fireplace, a walk-in closet, loft and access to the terrace. (The other terrace is off the living room.) Amenities include a surround sound system, central air conditioning and two parking spots, including one in a garage.
The auction will take place at the Holiday Inn Hotel in Plainview at 11 am. Registration begins at 10 am. Bidders are required to bring a $65,000 bank check to register, Maltz says. Participants can view the apartment during an open house scheduled from 5 to 7 p.m. June 11.