Sep
23

Broadway Station Condos Up For Auction

By
September 23, 2008

At least 40 condos at the Broadway Station development are slated to be auctioned off on Saturday.

Developers of the 264-unit condo complex decided to auction off the one-, two- and three-bedroom units because they were looking for an efficient way to find buyers for the remaining unsold units there.

“Like a lot of developers since the market has slowed down, they’re looking to cash out and take their equity out of this development to develop other properties in the country,” said Craig King, president and CEO of J.P. King, the real estate auction marketing firm handling the auction.

There are 87 unsold condos at the complex on 38th Avenue North in Myrtle Beach.

The developer, Atlanta-based Lane Co., has committed to sell 40 units to top bidders, and the remaining 47 will be sold if the bids on them are high enough, King said.

The complex was built in 1999, Lane Co. acquired it in 2005 and did some renovations that were finished in 2006, according to company spokeswoman Terri Thornton.

The auction will be held at 11 a.m. at The Sheraton Myrtle Beach. People who want more information can contact J.P. King at 800-558-5464 or visit its Web site at http://www.jpking.com/

LINK TO ARTICLE HERE:

http://www.myrtlebeachonline.com/business/story/604901.html
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