The sale marks Sheldon Good's first LoDo auction.
Unlike the auctions during the real estate depression in Denver of the late '80s and early '90s, this is not a distress situation. In fact, developer Bryan Barnes says he believes he could sell the units this year by conventional methods, but hopes the auction will save him several months of carrying costs, allowing him to move ahead on another nearby project.
Jim MacDonnell, who heads Sheldon Good's Denver office, agrees. Typically, he says, auctions net owners prices above wholesale costs, but below retail.
The units in the loft project originally were priced from $389,500 to $999,000. Four of them will be sold absolute, regardless of price. Units range in size from 988 sf to 2,443 sf. The suggested opening bid is $150,000.
"You have to think this neighborhood is only going to get better," MacDonnell tells GlobeSt.com, while standing on a balcony of one of the units overlooking the ballfield.
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