WINSTON-SALEM, N.C. – If you're shopping for a new home or at the potential to make a profit in today's struggling real estate market, you may be in luck. Twenty-one luxury condominiums will be auctioned off in Winston-Salem this weekend.
One Park Vista features eight stories of upscale living. However, the high-end condos aren't selling.
"I think that they were overpriced for the market," said Joy English.
English is one of dozens of people taking a closer look at One Park Vista, especially now that the builder will auction the 21 remaining units.
"Everyone wants to get a fantastic deal. No one wants to pay retail for anything these days," said English.
The property was build in 2008 in the heart of downtown Winston-Salem. So far, not even half of the units have been sold.
"I recently sold a home in Winston-Salem and I had the same type of thing, people wanting to get something for a steal," said English.
Jason Dolph agrees.
"Economic fears or uncertainties are certainly keeping a number of buyers away but certainly there are buyers out there but it's just hard for them to make a decision in today's market,' said Dolph.
Dolph is the auction manager for the property.
"The auction let's them know that, hey, there's going to be a sale on this day and it's going to be up to the market to determine the prices and hopefully it gives them an incentive to purchase," said Dolph.
There are 20 two and three bedroom units and one penthouse on the auction block. The condos were originally priced between $330,000 and $1.1 million. Now, qualified sellers may be able to move in for much less. The suggested opening bid is just $75,000.
"We expect to sell out of all units and we believe that can be obtainable," said Dolph.
Click here for more information on the auction.