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CurbedWire: Sawtelle Rental, About that Market Lofts Auction

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WEST LA: You first met this under-construction project at Sawtelle and Mississippi back in August. But unlike all those other construction projects in this neighborhood, this one is a new rental building. It will feature eight, two-level lofts that are 1,200 square feet, as well as one two-level loft that's 2,400 square feet. Prices will be posted as soon as available.[Curbed Staff]

: Given that some people may be confused by what exactly happens at all these condo auctions, we asked Rhett Winchell, head of Kennedy Wilson Auction Group to tell us what bidders can expect from this Saturday's auction for downtown's Market Lofts. Here's the breakdown: Bidders have to register and pre-qualify, and bring a cashiers check for $5,000. Everyone gathers in a big room at the Bonaventure Hotel. "It's just like a traditional oral auction," says Winchell. Bidders hold up cards to indicate an interest in a unit (55 will be auctioned off), and increments are raised in amounts ranging from $1,000-$10,000. We also asked about that clause that says the seller has the right to reject the bid price. According to Winchell, it's not expected any offers will be rejected by developer Lee Homes/CIM Group. "They are very eager to close out," he says, adding that no offers were rejected at that other recent auction at The Dalton (different developer, but also a Kennedy Wilson auction). Open bar? DJ? (Because some auctions are more like big parties.) No and no, according to Winchell. But there are refreshments. [Curbed Staff]