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West Ocean Two Hopes You'll Paddle Up Again

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Citi Property Investors, a real estate investment entity that is part of Citi Group, held an auction earlier this year to sell off 39 condos in West Ocean Two, a 114-unit new tower off Ocean Boulevard in Long Beach. Back in October, they told us they got bids on 33 of 39 of the units, but that they weren't sure how many would close escrow. Now they're telling the Los Angles Times that 33 units sold--and now they're back for round 2. After a reschedule, the auction will take place this Monday, and the units will sell for "whatever the collective public thinks it's worth is what it will sell for," Citi Property Investors' David Parsky tells the LA Times' Peter Hong. Meanwhile, it looks like the minimum bids have dropped: $275,000 was the opening bid on a roughly 800 square foot unit at the first auction; now there's an opening bid of $195,000 on a unit that's about the same size. Will there be a third auction?
· More Long Beach condos to be auctioned Monday [LA Times]