Downtown Properties Holdings LLC hoped to auction 79 units last Sunday--enough to boost the number of units under contract to 50%. Auction pioneer William R. Stevenson considered it a viable goal, predicting all of the units could sell in as little as two hours at minimum prices as low as $195,000.
That prediction, however, proved overly optimistic. It took about three hours to sell 63 units, Stevenson said. Despite the slower than expected pace, Stevenson nonetheless said he was "thrilled" to move $21.8 million worth of real estate.
Stevenson is a partner with Downtown Properties, founder and former president of auction firm Kennedy-Wilson Inc. and president of Los Angeles-based Intelligent Market Systems LLC, the firm that conducted Sunday's auction. He's conducted numerous high-profile auctions including the $411-million sale of six Landmark Resorts golf courses and hotels for the Resolution Trust Corp. and a $200-million sale of long-term contracts for Shell Chemical.
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