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More Auction Fever: South Pasadena's Ostrich Farm Results

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A couple of readers have sent in emails asking about the results of Sunday's auction of the Ostrich Farm Lofts, a 53-unit building located at 1010 Sycamore Avenue in the old Cawston Ostrich Farm, an event that attempted to move the 24 live/work units (the auction page stated prices would start at $179,000). The auction was held at the Pasadena Hilton. Here's what Joseph Belaluz, sales rep at the Ostrich Farm, says about Sunday's event: "The auction went very well. Of the 24, we sold 21, so we have three left...there was a crowd of about 400." According to Belaluz, the units sold from $350,000-$650,000. In terms of the actual process, winning bidders had to put down $5,000, as well as 5 percent of the unit purchase price (the $5,000 went towards the deposit price) after the auction closed. For those still interested in, there are three units left: Two units that are 2,165 square feet and are priced $675,000; the other unit is slightly smaller and the square footage is 2,100 and the asking price is $660,000." This auction follow that Rowan auction in downtown LA, and the developers should be announcing that results of that auction (ie how many units closed) any day now.
· Another week, Another Auction [Curbed LA]
· Ostrich Farm Lofts [Official Site]