More on that Rowan Lofts Auction

Having spent a little more time on the auction site for Rowan Lofts, that downtown development that will sell 79 units at auction on February 8th, here's what to know. 1. Why an auction? The web site states that lenders are requiring that at least "50% of the building be sold before any escrow can close." 2. 79 lofts (it's a 206-unit building) will be up for auction. 3. The minimum bid on the cheapest units is $195,000, while the minimum bid on the most expensive unit is $490,000 (the unit was priced at $775,900). 4. As reader Starchy pointed out, there's this clause: "In the event that fewer than 60 lofts are sold at the auction, or fewer than 60 buyers are able to qualify for financing within 15 days of the auction, Seller reserves the right to cancel all auction sales and return all deposits to auction buyers." That seems to be the tricky part--how many people will easily be able to qualify for a mortgage? 5. Bidding process: "Offers must be a minimum of $2,000 higher than the previous high bid for a Loft." Previous story here.