This weekend: A flurry of condo and townhome auctions

Still sorting out your weekend plans? Maybe it’s time to snap up that discounted downtown loft.

Beverly Hills-based auction company Kennedy Wilson is closing out 55 units in the Market Lofts building with a session Saturday. The auction is part of a trend playing out across the region as fancy edifices put up during the boom years are now sitting vacant.

From The Times’ May 18 story on the subject:

Across Southern California, projects conceived during the housing boom, but completed after the bust, are sitting largely vacant. Developers are desperate to unload these units, but they face some particular challenges. Banks often won't provide mortgages to buyers in buildings that are less than 50% occupied, reducing the pool of eligible purchasers. Converting the projects to rentals means even steeper losses because the cash flow often won't cover a developer's construction costs.

The one- and two-bedroom lofts on sale this weekend are on West 9th Street and South Flower Street and are built in typical Brooklyn style with exposed, 9-foot ceilings. The lofts are constructed above a series of retail shops including Coffee Bean & Tea Leaf, Cold Stone Creamery and Quiznos Subs and a Ralphs grocery store.

Other amenities include a furnished lobby with three elevators, a landscaped deck, a swimming pool, a spa, a 20-seat screening room and a fitness center. Starting bids will run from $140,000 to $295,000 for properties previously priced from $438,500 to $888,761.

Check out the full details here. Those who want to register can still do so.

If downtown isn't your style, then 14 luxury townhomes are also on the block this Sunday at Hansen Villas in Pacoima. The auction will be at the Airtel Plaza Hotel in Van Nuys. More information is here.

And speaking of condominiums, the Evo condominium building threw itself a party Thursday night for residents on its sixth-floor pool terrace. The developers were celebrating their 200th condo sold. The 24-story tower is at West 12th Street and Grand Avenue downtown.

-- Alejandro Lazo

Photo: The Market Lofts in downtown L.A. Credit: Kennedy Wilson

Comments

[Downtown Bob]

Market Lofts auction was a zoo. Standing room only! There were more than 500 people who showed up to bid. Units seemed to sell for retail or slightly above. Range of successful bids was $292,000 to $522,000.

[NotBuyersMarketYet]

No thanks.