CIM/Lee Homes will count on real estate auction firm, Kennedy Wilson, to blow out the last fourteen lofts of their West Hollywood 'architectural sensation' in a 'private urban sanctuary' on the corner of Santa Monica Blvd. and Hancock Ave. The remaining Hancock Lofts homes, originally priced between $894K to just over $1.3 million, will hit the auction block with starting bids ranging from $395K to $495K.Single level units as well as town homes are available, ranging from 1043-1585 sq. ft. Auction registration for this weekend's auction must be completed no later than this Thursday, 4/22. Meanwhile, the developer of the Downtown El Dorado project has been unable to obtain their temporary Certificate of Occupancy from the city. Now, the
scheduled April 25th auction of the building has been put on hold until the water line feeding the building's sprinkler system is fixed.
Chances are that the auction won't be rescheduled in time for buyers to take advantage of the last remaining days of the $8,000 first-time homebuyer tax credit program. The program requires that buyers must be under contract to purchase a new residence by April 30th, 2010.
'A sampling of starting bid prices: An 850-square foot one-bedroom will start at $245,000; a 1,190 square foot one-bedroom, two bath will start at $335,000; a two-bedroom, 1,400 square foot unit will start at $395,000. The most expensive unit, a 1,700 square foot three-bedroom with a private roofdeck will have a starting bid of $595,000.'
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