Schnizter West managing partner Dan Ivanoff describes the auction process at this point in the economic cycle as "the best method to efficiently sell a large number of homes in a short amount of time." He did not detail why the units need to be sold in a short amount of time and could not immediately be reached Tuesday afternoon for comment.

"Schnitzer West is trusting the market to deliver a fair value for its ready-to-move-in inventory," AMP executive Ken Stevens says in a prepared statement. The Auctions for both communities will be held on September 27 at the Grand Hyatt.

Gallery is a high-rise condominium tower located a short ways north of the Downtown core. The minimum bids for Gallery units are $195,000 for one-bed, one-bath units totaling 603 square feet and $325,000 for two-bed, two-bath units. The two unit types were initially priced as high as $499,000 and $900,000, respectively.

Brix is comprised of two-story lofts and flats just off Broadway, the main north-south commercial drag running through the Capitol Hill neighborhood. Units range from 600-square-foot, one-bedroom units to 1,200-square-foot, two-plus-bedroom units. The respective minimum bids are $165,000 and $295,000. Initial list prices for the two unit types were $435,000 and $640,000, respectively.