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.
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!
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.