An email marketing blast from the auction division of Kennedy Wilson just announced a large, joint auction, a sale that is geared both towards investors (who can buy in bulk) and individual buyers. Planned for December 20th, this is like a greatest hits of struggling condo projects! Old friend Villas Del Encanto on Sunset Boulevard is there--KW is auctioning off the last 3 townhomes of the 14-unit project. You will remember that this development at 11937 W. Sunset Boulevard (then known as Las Ventanas) hit the market in summer 2008, offering three-bedrooms priced at $2.2 million. This is a sealed bid auction, so there are no minimum bid prices.
And here are the three other condo projects being offered: 7 Fountains, 1414 N. Harper, W. Hollywood (bulk sale of 20-unit leased courtyard condos); The 1420 Bundy, 1420 S. Bundy, 20 condos offered individually or bulk); Vista Del Arroyo, 40-44 Arroyo Blvd. Pasadena; (last 4 condos in a 30-unit re-development); Silver Spur Court at 963 Silver Spur, Rolling Hills Estates: (last 3 condos in an 18-unit ccomplex).
What's interesting is that Kennedy Wilson already had an auction for those last two projects--both those projects were financed by Corus, the loans were renegotiated and the projects had an auction in June. Another time around, it looks like.
· Courtyard Collection [KW]