Raleigh condos that once cost more than $200,000 sold for much less than that at an auction Sunday.

More than 30 condos at Meadow Wood Park, located at 2814 Atlantic Avenue in Raleigh, were sold through the auction. The developer lost the properties through foreclosure.

More than 100 people registered to bid on the condos.

Bids for two-bedrooms started at $95,000.But the first condo sold for $196,000.

The prices dropped from there. About two hours into the auction, a two-bedroom sold for $116,000.

"Certainly the people in the first building who bought when the buildings were new, before the builder went under... certainly would not be happy to see the prices that went today," said Jennifer Perkins, a broker who went to the auction.

Experts say the advantage for the bank is that it can sell in one day what might otherwise take one year. And they don't have to pay maintenance costs indefinitely.

Buyers can get bargains.

"I can't believe that we're actually going to be a condo owner," said David Schroeder, who bought a two-bedroom for $129,000, after shopping around for a condo for years.

By the end of the auction, only four condos were not sold. The bank was not willing to sell for less than $111,000.