Hancock Lofts to be Auctioned - 901 Hancock Ave, West Hollywood, CA 90069
Surprise, surprise .... The Hancock Lofts in West Hollywood will be auctioned off on Sunday April 25, 2010.
I first blogged about these units in May 2008. At that time prices were unavailable.
In May 2009 I blogged about these units again, commenting that at $900 per sq ft, I felt the prices were "lofty" and that it would be interesting to see how the market would respond.
With prices starting at $895,000 for a one-bed one-bath unit, buyers were not enthusiastic about these units and they languished on the market unsold.
I repeatedly left messages for the on-site sales representative .... but never had the courtesy of a return call. I received one random email a few months ago saying the prices were being reduced. I replied stating that I believed the prices were still at least 25% above market .... but I never heard back from the sale representative.
When last I spoke to the on-site sales representative (over a year ago) I was told that 2 units were sold. To date, no units have been transferred and I haven't heard of any additional units being sold.
Since the development has 31 units, I'm curious as to why the auction website states that only 14 units will be auctioned.
These units are really nice - I like them and would certainly recommend them to prospective buyers - especially now that the Developer has finally taken note of the market conditions.
Something that's puzzled me over the entire period that the units weren't selling - they were never listed on the MLS ..... a fact that I'm certain hurt the marketing of these condos.
Originally priced from $895,000 to around $1.5 Million, auction prices will start from $395,000 - $595,000.
Photos courtesy of the Hancock Lofts Auction website.
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