655 Hope via Angelenic
And....another one. Downtown's 655 Hope, that emerald-colored building at the corner of Hope Street and 7th Street will be auctioned off on April 18th, exactly one week before that El Dorado auction takes place. Kennedy Wilson is running the event, which'll offer 45 units with starting bids from $165,000. Delayed by construction issues and relatively quiet in terms of marketing, the 80-unit project, a conversion of a former office building, has always been a bit of a mystery. If you want to see what the inside of this green tower looks like, here's an impromptu tour. As for the timing of this auction, it's likely 655 Hope developer SECK wants buyers to get in before that first-time tax buyer credit expires on April 30th, 2010. Meanwhile, let's consider the long-term effects of all these auctions, shall we? It's going to be a very long time before cranes arrive in downtown and new condo buildings are built. Meanwhile, these auctions only speed up the absorption process, and in a year or two, buyers looking for new units are going to have very limited options (beside re-sales). In other words, this is the last hurrah for some time in terms of shiny new condos.
· Inside 655 Hope [Curbed LA]