There's a report in on the results of last weekend's Playa Del Court in Playa Del Rey. Readers will remember that the auction for the 41-unit complex was held on the first level of the subterranean garage of the development. We hear that yes, there was an open bar and music during the auction, and as a commenter pointed out, condo auctions in garages may just be the new rave. As far as hard numbers, here's what Dan C. Lee, who works at auction company Intellimarket (the same firm that did the auction for the downtown Rowan project) reports. According to Lee, 39 homes sold and the average condo was bid up approximately $60,000. You'll recall that the minimum bid on a 1,212 square foot two-bedroom was $375,000, while the bid on a 2,239-square foot three-bedroom, three-bath was $685,000. His full email report after the jump.
Writes Dan: "We had over 400 people attend and sold 39 of 41 homes. Two of the larger 2200SF+ homes didn’t sell. The condo with the least amount of bidding was still bid up $18,800 from the starting price. We had several homes that got bid up over $100K, including one that got bid up $121,700. Our average condo was bid up approximately $60,000. Nearly everyone we spoke to, buyers, brokers, the seller, the lender, even non-winning buyers, had a great “buying experience” (at least according to the feedback forms we collected). They liked the fact it wasn’t the type of auction that everyone typically thinks of. We even had some of our auction competitors who attended, complement the system, event, and success. I’ve attached an image of the “parking lot” pre-auction." UPDATE: When the info becomes available, the actual number of units that closed sales will eventually be added to this post (there have been varying reports of success in terms of the actual number of units closed at these auctions).
· Head to the Garage: Playa Del Court Auction Coming [Curbed LA]