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Another Auction: Koreatown Condos, 1/2 Off!

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We fear that the auction business will soon get even busier. Following that Ocean Two condo auction in Long Beach comes news that Maplewood Villas, a 20-unit new development at Maplewood and Wilton will hold a public auction on October 18th at the Bonaventure Hotel (noon start time). The opening bid prices are all half off the original price. So $495,000 is the starting bid (the home in the gallery--and please do note that excellent artist set-up--was originally listed at $950,000). Meanwhile, five units have sold at market rate since the building opened for sales in March--some of those units sold for prices in the $900,000s. Those people can't be happy now.
· 5057 W MAPLEWOOD Ave #102 [Redfin]
· Maplewood Villas [Official Site]
· West Ocean Two Auction: Developer Pleased But Mum [Curbed LA]