Buyers working from an Internet cafe in South Africa during a break from a vacation bought a 20-unit townhouse property in Reno through an online auction.
The townhouse complex at 1355 Cordone Ave. was purchased for $1.425 million by the Victor and Eyve Szanto Trust of Zephyr Cove.
They bought the property through an Auction.com sale from Ocwen Loan Servicing, a special servicer representing Fannie Mae.
Floyd Rowley of Johnson Group, a commercial real estate brokerage in Reno, said the sales price of $71,250 a unit is a reflection on the property's location and the large size of the townhouse units.
Equally important, he said, was the strength of bidding in the online auction.
Rowley had completed a broker price opinion for Ocwen Loan Servicing that was used to establish a reserve price in the auction.
Bidding started at $400,000 and climbed to $700,000 within the first day that the Auction.com sale was under way. Bids topped $1 million shortly before noon on the second day of the auction.
"A frenzy ensued. The bidding was extended for 30 minutes until the final bid was not topped," Rowley said.
