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The Gavel Fell on Parksville Condos

Real Estate Agent with Century 21 South Island Realty

Something happened here on Vancouver Island in the real estate world that just doesn't happen very often here. It was a real estate auction.

A condo project in Parksville which completed about a year ago didn't completely sell out. It is 'The Onyx', an upscale development at Craig Bay. Reports are that its developer wanted to move on to his next project. But first he needed a way to sell the five remaining unsold units.

The words 'unreserved auction' would scare the daylights out of many owners, but not this developer. It was his way to move ahead, so he put it in the capable hands of Ritchie Bros.

The auction went ahead on Saturday, June 21. Reports are that about 200 people registered for the sale. It was all history in under an hour.

The developer was happy. And so were the buyers, who apparently got some very good deals, at prices substantially less than originally listed. 

Reports are that some of the other owners, those who bought at the pre-sale stage some time earlier, were concerned the auction would affect the value of their property. But the auction received broad advance publicity, so one might reasonably conclude it wasn't the auction that affected prices. More likely, it was just Mr. Market. 

Scott Magaw
The Bill Kennedy Team - Keller Williams Realty - Spartanburg, SC

Welcome to Active Rain!  This is a great site - you'll learn as much as you share (or if you're like me, you'll learn much more).  Check out some blogs and join some groups - you'll be hooked in no time!

If you ever need assistance in the Greenville SC area let me know!

Jun 27, 2008 12:08 PM
Pedro Gonzalez
ADT-Millennium Alarms Systems - Pico Rivera, CA
Home Security Systems- ADT authorized dealer.

Welcome to AR happy blogging! Great site careful this is very very addicting!

Jun 27, 2008 02:27 PM
Kelly Winch
Cascades Sotheby's International Realty - Sunriver, OR
Broker, CDPE

Welcome to Active Rain.  I'm sure you will find it to be a great site. 

Jun 27, 2008 05:07 PM
Stefan Geyer
SOA Realty - Aurora, CO

Interesting...thanks for your post, and welcome to Active Rain!

Jun 27, 2008 05:36 PM
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hi, welcome to Active Rain! I hope to see more of your blogs in the future. Learn from others, share your knowledge and experiences and enjoy yourself! Take care! ---Kirk.

Jun 27, 2008 06:39 PM
Crystal Corr
Keller Williams Greenville Central - Simpsonville, SC

Welcome to Active Rain. I hope you will enjoy it and learn from it as much as I do. Happy Blogging.

Jun 27, 2008 08:12 PM
Rick Sergison
EXP Realty of Canada Inc., Brokerage - Pickering, ON
Durham Region Real Estate Blog

I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here. I am from Charlottesville Virginia and using Active Rain has really increased my business!

My main blog on Active Rain is here: Charlottesville Real Estate Blog, not the link at the bottom of this post. 

I hope you will look into the many groups as there are some great group both local and broad based,.... 


Jun 29, 2008 01:22 AM
Ted Mackel
Keller Williams Realty Simi Valley - Simi Valley, CA
Simi Valley Real Estate Agent

Welcome to ActiveRain. There is an REO group here check it out.  Congratulations on your first post. Get around and check out the community, you'll quickly figure out how to supercharge your blogging skills.

Jun 29, 2008 08:01 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Duncan,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!


Jun 29, 2008 09:58 AM