As with a lot of condos that I have been blogging about lately, Hancock Lofts was a former Hot Prop that I reviewed almost a year ago. The lofts are a new construction project in the heart of the Boy's Town section of West Hollywood, on the corner of Hancock and Santa Monica Blvd. Unfortunately for the project, they launched at the absolute worst time (Spring 2009) and started at such high pricing that the building became a joke between both agents and buyers alike. At the time, their pricing matrix was roughly $817/sq ft for your basic, least expensive unit (a 1 brw/ approx 1095 sq ft). To put that into perspective, Beverly Hills proper was selling somewhere between $600-$700/sq ft (with 700 being very high for a comparable condo). The bad news for the developers (CIM Group) is that they never were able to get the pricing right to actually sell any of these units. The good news for you is that there are now 14 units up for auction on April 25th starting at $395,000. At an auction, you never know how aggressive buyers will be. There is a good chance that you will be able to get an absolute steal, but because of the location and design elements it is quite possible that they'll end up going just below market value. You just never know!
To recap a bit about the project from my previous post what's cool about these units is that they do have the open feeling of a loft, but with separate sleep areas giving you the best of both worlds. Another aspect that I thought was unique is that the units have these balconies facing out to the street, but are covered by the exterior wood skins of the building offering you privacy but still bringing in light and street views. From what the building rep was telling me, polished concrete floors are standard features, but you can upgrade to hardwood (side note: since I wrote this the units will be sold as is for the auction)for a fee. Some of the standard features within the units include: anodized aluminum windows, internal wiring for plasma/cable/dsl, slab countertops, Miele appliances, Jenn Air stainless fridge, glass tile bathrooms (these tiles are super chic with this iridescent patterns), huge master walk in, and pre wired ventless laundry hook ups. They also have a beautiful swimming pool (which is very rare for new construction in the area - in fact, I believe they are the only one that does have a pool with the exception of the sold out Westmount Oasis which doesn't really count), fire pit, BBQ area, and cabanas set against a scenic West Hollywood background. One other nice feature is there is substantial guest parking.
Here's the skinny on how the auction will work:
Especially for those looking for investments, this could be an exciting opportunity. If you are purchasing to lease out (my very loose prediction for a 1br would be somewhere around the $3000/month mark, give or take - please note that the leasing market has been in a constant state of flux over the last 6 months in addition to my magical crystal ball being in the shop for a tune up so there are no guarantees) I'd probably go for the lesser expensive units as to make it more accessible to wider audience of lessees. My friend lives at 801 Fairfax and pays close to $2000 month. Hanock would be considered a more desisarable location, the finishes are much higher quality, and it does have a pool.
Please feel free to let me know if you have any questions. I spent quite a long time on the phone with the auction house, so I have a good handle on how this all works! I'll see you with paddle in hand 
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