Friday, April 15, 2011

Other PCS Homes Auctions

As you know PCS Homes (Woodcreek Delmar MD) has other developments that also are being auctioned off. There are several in the Raleigh, NC. area. I picked this up from the Triangle Business Journal - by Amanda Jones Hoyle

Multiple townhouses and housing lots in three communities owned by PCS Homes in Raleigh and in Cary will be going on the auction block May 18 as part of a U.S. Bankruptcy Court authorized sale.

It’s an absolute auction with all sales final – regardless of the bid price, according to Sheldon Good & Co., the New York auction company that will be leading the event in May.

The properties to be auctioned include:

• Kingston at Wakefield Plantation in north Raleigh, six unsold townhouse units and 30 townhouse lots. The suggested opening bid for the subdivision is $150,000.

• Breezewood at Falls River in north Raleigh, three unsold townhouse units and 42 townhouse lots. The suggested opening bid is $250,000.

• Weatherfield near N.C. 55 in Cary, six partially built townhouse units, 18 finished lots and 137 unfinished lots. The suggested opening bid is $950,000.

The suggested opening bid for the unsold townhouse units is $50,000.

The auction will begin with registration at 12 p.m. at the Four Points Sheraton hotel at 1200 Claren Circle in Morrisville, which is located off Airport Boulevard. The auction will begin at 1 p.m.

PCS Homes of Millersville, Md., filed for Chapter 11 bankruptcy protection in September 2010. It had built hundreds of affordable townhouse and condominium units across Wake County since the company entered the Triangle market in 1999.

At the time of its bankruptcy filing, PCS was building homes in six Triangle communities. Most of the homes were priced between $117,000 and $212,000.

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