Atlanta Condos Plummet in Price at Auction

WXIA-TV Atlanta reports:

One couple got a $500,000 condo for $300,000. Just five minutes later, another man got the same model for just $278,000.

Hundreds of people showed up at the Sheraton Hotel in Buckhead to bid on condos at the View at Chastain.

The condo tower auctioned off 58 remaining condos. It was not a distress sale, but a way to simply sell condos.

Right now there are 9,000 condos for sale in the city of Atlanta and plans in the works for 17,000 more. Owners can share stories of how difficult it can be to sell a condo.

While analysts say the burst of the housing bubble does not include Atlanta, when it comes to condos there is no denying there is a glut on the market. So why do investors keep building thousands more when the existing buildings aren't even filled? They're counting on more people from the suburbs to flee the traffic and choose urban living.

You've got to love the last line.