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LOS ANGELES-The auction of all 55 units that were up for sale at the Market Lofts project in Downtown L.A. generated $21.6 million in sales, according to Beverly Hills-based Kennedy Wilson Auction Group. The property is at 645 W. Ninth St. and is a project of the Hollywood-based CIM Group and Marina Del Rey-based Lee Homes.

More than 1,000 bidders attended the auction at the Westin Bonaventure Hotel in Downtown L.A., according to Kennedy Wilson. The units included condos of one and two bedrooms ranging from 754 square feet to 1,588 square feet. Bidding started at a low of $140,000 for a one-bedroom unit and $295,000 for a two-bedroom condo. The lofts, which were previously priced up to $885,000, sold in less than two and a half hours, Kennedy Wilson reports.

Rhett Winchell, president of Kennedy Wilson’s Auction Group, comments that the sales reflected “a new normal in home buying” and “a vibrant Downtown Los Angeles market.”

The Market Lofts project, at Ninth and Flower streets in the South Park district, is a mixed-use development featuring 267 condominiums atop 56,000 square feet of retail amenities, including the area’s first full-service supermarket, a Ralphs grocery store. When CIM in 2001 bought the properties that were later transformed into the Market Lofts, they included a vacant office building, an unused parking facility and several surface parking lots south of Los Angeles’ Central Business District, according to the Hollywood-based developer’s web site.

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