It wasn’t the price- escalating frenetic event developers likely hoped for, but today buyers purchased 63 of Rowan Loft's 79 available units during a nearly three-hour auction. Tonight, those buyers (who were all pre-qualified) are in so-called "escrow rooms" at the Spring Street development, filling out paperwork. While that 63 number is likely to change (and the official results will be announced tomorrow) because it's expected that some buyers will drop out, it's an important benchmark because developers said that if they didn't sell at least 60 units today, they would change the building to a rental. (The auction was launched to satisfy the lenders, which required that at least 50% of the property be sold before closings could begin.) Additionally, developers say they'll approach those who lost out on bids to see if they are interested in other units. The most expensive unit sold today was penthouse that was originally priced at $785,000--it sold for $534,000. The minimum bid on that unit was $490,000. The three least expensive units sold for $207,000--two were originally priced at $335,000 and one at $317,900, respectively, and had minimum bids of $195,000. About 400 people attended today's auction. We'll post more tomorrow, but here's how Kevin Roache, 30, a Los Feliz resident who placed the winning bid on a one-bedroom, one-bath unit, described the event: "Not as frenzied as I thought it would be. It's calm and collected." UDPATE: The official results were just released and 63 units were sold (as originally reported) for a total $21.8 million in sales.
This is a photo of one of the giant screens in the bidding room. This photo (it's been cut in two to fit on the site) was taken immediately after the bidding ended. What's shown in the graph is the unit, the winning bid, and the bidder's ID number. You'll see that all but 16 units sold. Square footage on specific units can be seen in this graph.