Name your price at beach-front condo auction
by Brad Woodard / 11 News
khou.com
Posted on May 10, 2010 at 8:28 PM
Updated Monday, May 10 at 8:29 PM
GALVESTON – A high rise condominium development on Galveston’s East Beach is
taking a creative approach to ease the burden in today’s struggling market.
At the Palisade Palms the surroundings are posh, the amenities are top notch and with
sweeping views of the gulf, you might assume a unit is out of your range. Maybe you
shouldn’t assume.
On June 6, 27 condos will be auctioned off as part of an inventory reduction, and for
that one day it will be buyer, not the seller, who determines market value.
“Sounds good to me,” says Barbara Arnold, who currently rents a home on the island.
“It’s a little scary, because I’ve never been to an auction, but I’m willing to
try.”Organizers said tell us this is the new norm in Real Estate.
“The towers have been very successful in selling in the past,” says Deanna Sybrant, a
project manager for the Kennedy Wilson Auction Group. “Prior to hurricane Ike, they
sold more than 187 units. The hurricane came in, and there was a little bit of a decline
in sales. Then the financial market took a hit. It’s been slow selling since.”
Starting bids will range from $125,000 to $375,000, which isn’t exactly chump change.
But consider this: the most expensive condos in the development, penthouses, were
previously priced at $1.3 million.
“It’s a win-win situation for everyone involved,” says Sybrant. “Sellers are selling the
homes all in one day, and buyers are choosing their sales price.”
The auction, which is expected to last only an hour, will take place on Sunday, June 6, at
The Omni Houston Galleria in Houston. Start time is 1 PM, and early registration is
The Omni Houston Galleria in Houston. Start time your journey www.mckenziedrake.com

I just got home from spending a relaxing weekend in Galveston.  A friend of mine recently purchased a two bedroom two bath condo at Palisade Palms on Galvestons East Beach, and let us borrow it for the weekend.   It was absolutely incredible, no detail was overlooked when the Falcon Group built these two towers.  The beach front residences boast an oppulent entry, coffee bar, gameroom/media center, a state of the art fitness center, tennis courts, and a swimming pool with enough lounge chairs for everyone!

The location of the building is perfect!  It is a short drive to Galvestons historic downtown strand district.  We ate at some of our favortie restaurants on the island: Rudy & Pacos, Mosquito Cafe and the steakhouse inside the San Luis Hotel.  It is exactly 3 miles from the front door of Palisades to the Starbucks off the strand, if you are up for a morning jog!

Galveston in my opinion is better than ever after IKE.  Yes, there are still a few blue tarps on roofs scattered aroud town, but for the most part Galveston looks GREAT!  It is amazing to see the plaques at many of the shopping and dining establishements denoting how high the water rose during hurricane IKE.

If you are looking to rent a place in Galveston over the summer, or even buy a place…. I would strongly suggest taking a look at Palisade Palms - You will be impressed -  Check out my website for listings:  http://www.mckenziedrake.com