Once bankrupt condos set for auction

EAST GREENWICH – Residences at a luxury condominium complex sold at foreclosure last year head to the auction block later this month.
Bids for the units at Vistas on the Trail are slated to start at $180,000, auction company Velocity Marketing Services said last week. A holding company formed by Summit Investment Management is putting the condos up for sale.
The Denver-based investment firm specializes in acquiring and resolving non-performing commercial loans and other assets, according to its website.
Velocity Marketing Service CEO Sue Hawke said the firm purchased the condo complex in March 2010 at a foreclosure sale. Ten months later the developer of the complex, Vistas on the Trail Ltd., filed for bankruptcy, saying it had $11.2 million in debt and less than $50,000 in assets at the time, according to court records.
The Vistas on the Trail auction is expected to include the auction of two and three bedroom units with starting prices ranging $180,000 to $225,000 depending on the condo’s size. Velocity Marketing Services said the prices represented a 40 percent to 49 percent discount from the initial list prices.
The condos include ceilings 9 to 10 feet high, fireplaces, balconies and hardwood flooring, the auctioneer said.
The auction on April 17 will start at 2 p.m. at the Crowne Plaza Hotel Providence-Warwick Airport in Warwick with tours of the homes available in the days leading up to the auction.
For more information, visit www.vistasauction.com.