KC Condo Tracker

Remaining 15 Santa Fe Place Condominiums to be auctioned

October 7th, 2010 10:21 AM by AJ Gentry

More and more developers are turning to auctions to move their remaining inventories. As always, I will play the "good cop, bad cop" for you on this blog. Here is a checklist when thinking of purchasing any auction condominium property.

  • Get your preapproval letter ready or have the cash to purchase in an accessible bank account.
  • Tour the property or properties with your Accredited Buyer Representative (like myself).
  • You might want to have the property inspected before the auction. These properties usually sell "as is".
  • Have your Accredited Buyer Representative run a comparable market analysis to determine the market value of the property of interest. Sometimes people get caught up in auctions and overbid up to what the property was listed for in the past year plus! Not really a "deal".
  • Have a couple of units in mind that you would like to purchase as a back up plan if there are several up for auction.
  • Have your Accredited Buyer Representative register you before the auction.
  • Attend the auction with your Accredited Buyer Representative.
  • Bid
  • Close
  • Welcome Home

There are many more steps in between but this is an overview. If you have questions, ask!

Santa Fe Place is located on roughly 1.5 acres in a great location at Crown Center. The community offers condos that mostly have balconies, good views, an inground pool, exercise room and a lush private garden area that can be enjoyed by all.

Please find the article from published by the KC Star found at http://economy.kansascity.com/?q=node/8518 with the write up about the Sante Fe Condominiums, written by Kevin Collison. Thanks for reporting such great articles and news, Kevin!

Crown Center condos set for November auction

By Kevin Collison

The owner of the Santa Fe Place condominium development has decided to auction the remaining 15 units, an indication of lingering weakness in the local condo market.

Crown Center Redevelopment Corp. converted the former seven-story apartment building at 2525 Main St. into condos in 2005 and has sold 95 units to date. But the sluggish pace selling the remaining units has prompted the firm to hire Cates Auction & Realty to hold a public auction Nov. 20 at the Hyatt Regency Crown Center hotel.

“Like many areas of the country, the Kansas City condo market has changed dramatically in the last two years with the supply exceeding demand,” a statement from Cates said.

“Recognizing that this imbalance is likely to exist for the foreseeable future, Crown Center made the strategic decision to employ the auction method of sale to liquidate the remaining properties by the end of the year.”

Minimum bids for the condos will be 50 percent of their last list prices. That makes the minimums $49,500 for a one-bedroom condo and $134,500 for the larger units, including some fully furnished models. The condos will be available for viewing the two weekends before the auction from 1 p.m. to 3 p.m.

Auctions have been used at least twice in recent years to close out condominium projects.

In 2006, the last seven units in the Western Auto Lofts on Grand Boulevard a few blocks north of Crown Center were sold that way, and last spring 42 condos were auctioned at the Mill Creek Terrace development near Country Club Plaza.

To reach Kevin Collison, development reporter, call 816-234-4289 or send e-mail to kcollison@kcstar.com.

Posted in:General
Posted by AJ Gentry on October 7th, 2010 10:21 AM



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