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Long Beach's West Ocean Two Auctioning Off 39 Condos

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As noted in comments last night, Citi Property Investors, a real estate investment entity that is part of Citi Group, is planning to auction off 39 condos in West Ocean Two, a 114-unit new tower off Ocean Boulevard in Long Beach. The auction takes place August 24th at the Hilton Long Beach. The minimum bid on a 834-square-foot unit that was previously listed at $534,000 is $275,000. "To the best of my knowledge, this is the first beachfront luxury high-rise condominium in Southern California that has gone to auction," David Parsky, principal at Citi Property Investors, tells us. Wow, when you put it like that, David....

According to Parksy, this kind of auction may be unusual, but "we think a lot of folks are sitting on the sidelines." Buyers are asked to tour the new units first; prices are listed below. And an important distinction! Citi Property Investors is the controlling owner of the building, not the lender.

· Auction Long Beach [Official Site] (quick registration required)