DOWNTOWN: Market Lofts, yet another downtown building to hold an auction, opened its doors to would-be auction bidders this weekend. Thick brochures were handed out, a web site with prices was launched. A rep for Market Lofts said that more than 100 people stopped by the sales office over the weekend. All the prices are after the jump, but here's an example: A 1,474 square foot two-bedroom originally listed at $779,500 (!) has a starting bid price of $260,000.
But keep in the mind the brochure also mentions that all the units have an unpublished reserve price. Given that some people may be getting a little leery of the auction process in light of the fact that the prices don't always seem so discounted, the folks at Kennedy-Wilson, the company running this event, promised to explain to us later in the week JUST EXACTLY HOW this auction will go down. There's also an auction seminar on Sunday, November 8th for buyers. Meanwhile, today the whole block was blitzed with marketing i.e. lots of red signs advertising the auction were placed around 9th and Flower. Even if the block looked like a car dealership lot, maybe it's time to enjoy these strange times. Real estate bottoms (and how much further will we go?) only come around every so often. [Curbed Staff]