Yesterday, developer SECK announced a big auction for 655 Hope, and today, we inspect the prices and photos. And you can download floor plans off the official web site. Meanwhile, a reader wrote in, asking what the "unpublished reserve price" meant. That means the developer can reject the final bid price. And there's this fine print: "Except where prohibited by law, the Auctioneer may, on behalf of seller, bid at any time up to the amount of the unpublished reserve price for each home." Translation: The seller can also bid on properties. So that guy shouting $250,000 next to you may actually be a guy hired by the seller. Or the auctioneer shouting out the bids can actually skip a price increment. Not that we're suggesting that sort of thing will happen at this auction, but auction experts say it can take place. Rhett Winchell, President of Kennedy Wilson Auctions, says that such language in terms of that fine print is standard. "We don’t do that and we don’t plan to do that [at this auction]," he said of such behavior. UPDATE: HOAs! They are roughly $500-$600 a month, according to Winchell.
Filed under:
Loading comments...