Forty new condominiums in B.C.'s Columbia Valley are for sale in a U.S.-style auction in Calgary this weekend.
The condos in southeastern B.C. are near the Alberta border. The Windermere Pointe development at Lake Windermere, in Invermere, was completed just as the recession hit in 2008.
But developer Doug McIntosh said initial sales didn't meet expectations.
"Things were very slow in '08, '09," he said. "[There were] lots of potential buyers but not enough confidence for a second home."
So McIntosh and his company decided to do something very American. They hired an auction house from California and put unsold condos up for bidding Saturday.
The auction was to take place until 6 p.m. at 110 10th Ave. NW in Calgary.
"We pondered our slow sales in the spring and made a decision to seek out an organization that would be proactive in the market place. Results have been exceptional," he said.
Developers say the auction could be an indicator of whether the real estate market and economy are truly on the mend.
"I'm told real estate is coming back. Interest rates are low, and so there is an opportunity for people to buy right now," McIntosh said.
The success of the auction may say more about Alberta's real estate market than B.C.'s, as it is mostly Albertans who own second homes in the Lake Windermere area.
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