14 of the properties in the City Homes development between the River Market and Columbus Park will be auctioned on June 10.
4 units will be offered individually and a block of 10 will be sold together.
The properties are being sold in various states of completion. Could be a good opportunity for someone to snag a deal and be able to personalize their space.
More details can be found here: http://www.natcomauctions.com/auction_list.php
City Homes Auction
Re: City Homes Auction
It was one of the most bizarre RE auctions I've ever seen and I've seen several. They "sold" each one individually, "pausing" the bid at the highest bidder. Then they allowed people to re-open any bid with a minimum raise, and also let people re-open by combining units. It was very confusing and the auctioneers were very slick. By the time it was over, nearly 2 hours later, the original "paused" bids had turned into nearly double the price "sold" bids.
It's difficult to say the cost, since there were two combination winning bids:
$515,000 for 2 finished (they aren't really finished, but close) and two unfinished;
3 unfinished units in the NW corner for $270,000;
one unfinished one for $125,000;
another unfinished one for $127,500;
another unfinished one (2nd one in/E from NW corner) for $89,000;
one "finished" one for $172,500.
It's difficult to say the cost, since there were two combination winning bids:
$515,000 for 2 finished (they aren't really finished, but close) and two unfinished;
3 unfinished units in the NW corner for $270,000;
one unfinished one for $125,000;
another unfinished one for $127,500;
another unfinished one (2nd one in/E from NW corner) for $89,000;
one "finished" one for $172,500.
"Hit it, lick it, split it and quit it." -James Brown
Re: City Homes Auction
wonder if they were purchased by investors/flippers or owners intending to occupy.
the mill creek terrace auction appeared to be mostly buyers who occupied or if not, they were quickly occupied in the end. good to see those condos fully functioning now.
the mill creek terrace auction appeared to be mostly buyers who occupied or if not, they were quickly occupied in the end. good to see those condos fully functioning now.
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FangKC
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Re: City Homes Auction
I'm going to wager a guess and say, that in addition to the poor credit markets and real estate meltdown, that these homes didn't sell quickly because of the exterior design. They never appealed to me, and I never liked their boxy plain appearance set on alleys.
I never thought they fit in well, and I don't like how they turn their mostly blank exterior walls to 5th Street and Missouri Avenue. I never thought the design helped re-establish a pleasing street experience to that part of the River Market.
I never thought they fit in well, and I don't like how they turn their mostly blank exterior walls to 5th Street and Missouri Avenue. I never thought the design helped re-establish a pleasing street experience to that part of the River Market.
There is no fifth destination.