Your weekly condo auction update: New development Playa Del Court will auction off its 41 units on May 31, setting minimum bids at about $300 a square foot. For instance, the minimum bid on a 1,212 square foot two-bedroom is $375,000, while the bid on a 2,239-square foot three-bedroom, three-bath is $685,000. Located at 8238 Manchester Avenue in Playa Del Rey, the project was developed by El Segundo-based GTO Development, the same folks behind the Venice Art Lofts on Main Street. The development hit the market in November, but no units sold, so the development was taken off the market early this year. Meanwhile, here's the best part about the auction: It's being held on the first level of the subterranean garage of the development. If that sounds a little bleak, well, we're told there will be music and it'll be festive. Plus, it's best to have an auction at the development, explains Dan C. Lee, who works at auction company Intellimarket, the firm handling the auction: "People will send their spouse to the unit to check it out while the auction is going on, so we like to have [the event] on site." Plus, easy to park!
· Playa Del Court Auction [Official Site]