If their plans pan out, John and Judith Mehrens soon will own a waterfront condominium in a brand-new Bremerton complex that’s currently advertising units starting at $109,000. But they’ll have to be on their toes because this isn’t your typical real-estate transaction.

Instead, 28 units in a project called The 400 will be auctioned off to the highest bidders April 20 in an eBay-like experience: unbelievably low starting prices followed by last-minute bidding frenzies if the goods strike the public’s fancy.

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