Monday, January 26, 2009

Scottsdale Condos On Auction Block

Luxury brownstone condos in the heart of Scottsdale are going on the auction block on February 8. Artesia developer Starpointe Properties called on Kennedy & Wilson Auction Group to handle the sale of 20 condos. They're using the auction as a sort of Grand Opening, given the current sad state of the real estate market.

Artesia is a 44-acre mixed-use community that is expected to include retail, penthouses, brownstones and townhouses. It's located on Scottsdale Road just north of Indian Bend (7275 N Scottsdale Rd, postal code 85253)

Originally priced at $1.1 to $1.4 million, the published reserve prices for the condos range from $450,000 for 2,907 square feet, up to $695,000 for just over 3,000 square feet. Prices vary depending on view and location within the community.

Interested buyers & bidders must register before the auction. Below is a brief rundown of auction terms and conditions.

  • Auction begins at 1pm on February 8, at the Artesia Auction Information Office, 7293 N Scottsdale Road #104, Scottsdale 85253.

  • A "How To Buy At Auction" seminar is being held at the Artesia Auction Info Office on Saturday, January 31.

  • Homes are available for tour and inspection daily, and documents such as the public report are also available onsite.

  • Bidders may bring a Realtor with them. The Realtor must pre-register, by February 5 at the latest.

  • Bidders must present a $5,000 cashier's check to enter the auction site. If buyer successfully wins a bid on a property, the $5,000 goes towards the purchase price.

  • Buyers who plan to purchase using a mortgage must present a prequalification letter from their lender. The builder has arranged financing with Countrywide, FSB and Homeowner's Financial Group. Buyers don't have to use these lenders but must be prequalified through them.

  • Cash purchasers must bring proof of liquid funds to the auction, in addition to their $5,000 entry fee.

  • All purchases must close escrow by March 10, 2009.

You can see more information online at You can even use my login username:

Interested? I do recommend you get a Realtor to attend the auction with you (I'm free!), and help you tour and inspect the property well before the auction. Just because the builder says these condos were previously priced at $1.1 million and up doesn't mean they're currently worth that. In fact, they wouldn't be holding an auction if they were worth anything like that. The developer, Starpointe Properties, isn't in bankrupcty or even in financial distress that I know of. They're just using a public auction to (hopefully) sell a bunch of condos quickly.

Read the Arizona Republic's article about the auction here.