Very little time is left for those who want to take part in the Close-Out Auction at City Place, where the last 34 new townhomes and live/work lofts, located across the street from Main Place Mall, will be auctioned all at the same time on Sunday, March 27, 2011.
Bids starting from $295,000 have been set up to 34 percent off 2011 prices, which represents a savings of at least $125,000 on over one-third of the residences. Creating an unprecedented purchase opportunity, the townhome starting bids range from just $136 to $171 per square foot, while the live/work loft minimums are all under $220 per square foot.
Only registered bidders who have been pre-qualified by the preferred lender will be able to participate. An open and fully transparent process facilitates maximum bidding flexibility and there are no hidden minimums or owner reserves nor any post-auction, backroom negotiations.
“Intellimarket’s unique, simultaneous auction process eliminates the stresses and inequities inherent within traditional sequential auctions by putting the bidders, rather than the auctioneer, in control,”
explained Colleen Lakshin, the City Place auction manager.
Utilizing proprietary software, developed by CalTech professor Dr. Charles Plott, large screen monitors display the real-time status of the bidding on all of the residences. With every new bid, the auction clock resets, giving participants ample time to evaluate their positions and, if outbid, either raise that amount or bid on a different residence.
Excellent financing at today’s low rates makes buying during the City Place auction even more affordable. Low homeowners association dues and no Mello Roos assessments underscore the long-term savings.
Additionally, both preferred lenders – Wells Fargo and Bank of America – are offering $1,500 off closing costs and the Seller is providing an additional $1,000 incentive for those who close escrow before the April 29 deadline. Broadening the reach of this one-day event, 2.5% broker co-operation is extended to qualified agents who accompany their clients on their first visit.
Showcased by soaring volumes and multiple living levels, 23 brownstone-inspired townhomes and 11 live/work lofts are included in the Close-Out Auction of City Place in Santa Ana. Minimum bids from $295,000 represent discounts of up to 34% off 2011 prices for this March 27 live auction event.
Opening the door to home ownership for renters, first-time buyers and business owners, the last of the new City Place residences includes 23 brownstone-inspired townhomes and 11 live/work lofts. Nearly
all of The Lofts are keynoted by street frontages and many face an adjoining retail center with a market, several restaurants, a bank and other services.
Designed by the award-winning architect Steven Ehrlich The Lofts plans are sized from approximately 1,595 up to 1,825 square feet. Augmenting the first floor office or business space, the second floor living and entertaining areas are showcased by soaring volumes and roll-up garage-door style windows that bring the outdoors and the views literally inside of each home. Sequestered on the third floor are generously proportioned master suites.
Encompassing from approximately 1,819 to 2,494 square feet, The Parks townhomes feature two or three bedrooms and, in most homes, extra loft-style open areas. For those who prefer casual entertaining and dining, some plans incorporate great room configurations, while others separate the
See CITY PLACE, page 22