The advertisement in the Sunday Inquirer piqued our interest. There was to be an auction that very afternoon of 50 condominiums at 700 First Avenue in Avalon, the site of the Avalon Hotel. I had spent many summers in Avalon as a piano player at the Princeton, and I was curious, if not interested. My wife is from Sea Isle, and she felt similarly. So, on a beautiful September day in 1994, we drove the 70 miles from Haddonfield to Avalon, not knowing what we were getting into.
When we arrived, the large parking lot was full, and we had to park on the street. The auction was being held inside the ground-floor parking garage, and a great many chairs were lined up facing a small platform with a desk and a microphone. Many people were scurrying about the complex, exploring the 50 units and the restaurant. In all, some 400 active bidders were anxiously awaiting the start of the auction, and even more onlookers crowded the nearly full garage. Unbelievably, a band was playing in the middle of the chaos, “On the Way to Cape May,” etc. It was an amazing sight.
My wife and I had never attended an auction. We found out we needed a fairly large check just to become a bidder, but we thought we could borrow a check from my wife’s mom in Sea Isle. The enthusiasm and excitement of the crowd was infectious. I spoke to the auctioneer, and he graciously permitted me to bid, pending deposit of a check later that day. The auction soon began.
“The bidding process will go like this,” said the auctioneer. “There are 50 units and one restaurant up for bid. Originally, only 10 units were to sell for no reserve. But now, based on the enthusiasm of the many folks here, the owner of the Avalon has removed the reserve on ALL the units.” A huge burst of applause followed… the person sitting next to me filled me in on how the reserve worked.
“We will start the bidding at $100,000. When the bidding stops, the high bidder can choose the unit they want. Additional bidders can also jump on that bid and choose their unit. If no one tags along with the winning bid, the process will begin again at $100,000.”
The first bids moved quickly through 110s and 120s, with the winning bid peaking at $150,000. The selected unit was on the top floor, a corner unit with a breath-taking view of Townsend’s Inlet and Atlantic City. Everyone considered this the premier unit.
The bidding began again in earnest, and I looked over at my wife. She was wide-eyed, smiling, as we decided she should take a quick look to see if there is a unit she liked. A few minutes later she returned with an even bigger smile. We bought the unit right next to the one that sold first. Holy cow! Just like that, we were owners of an Avalon property!
We settled on our unit on Dec. 26. We celebrated that night with our dog and a bottle of champagne in our new Avalon home. My wife and I had given each other an incredible Christmas gift, and we toasted to many future years of wonderful summers, incredible friendships, and memories that only Avalon can give.
Knight writes from Avalon.
