It took less than two hours for Resource Real Estate to auction 30 condominiums at the University Town Center development in Hyattsville last month, according to information released by the company earlier this week.
The auction, which took place at the Greenbelt Marriot on Oct. 28, saw buyers spend more than $5 million to snatch up well apportioned condos at One Independence Plaza and Plaza Lofts 22. , hundreds of thousands of dollars off what they were going for when the buildings were completed in 2007 and 2008, before the economic downturn.
"We are pleased with Sunday’s results," Said Stephanie Wilkinson of Impact Real Estate Solutions. "This is a great foundation for a successful sell-out of these units in this community"
The larger One Independence Plaza, with a total of 112 residential units, 75 of which were already sold, saw 28 condominiums sold during the auction. Of those 28 auctioned, 21 were two bedroom units ranging from 1030 to 1130 square feet, seven were one bedroom units ranging from 603 to 698 square feet.
The smaller, Plaza Lofts 22–sometimes called the 'Toaster' by city officials for its rounded metal design–saw the first five of its 22 residences auctioned off. Before the late October auction, not a single condominium had been sold at Plaza Lofts 22.
Now, less than 11 condominums remain unsold at One Independence Plaza and18 condos remain unsold at Plaza Lofts 22. Resource Real Estate will be selling the remaining units through traditional marketing and sales efforts.