E-mail Story
Print Friendly
Send E-mail
Reprint story
Journal North: Home | Sports | Opinion | Obits | Entertainment
Monday, September 28, 2009
Zocalo Condominiums Will Go on Auction Block on Sunday
By Phil Parker
Journal Staff Writer
Condos in the Zocalo development on Santa Fe's northeast side will be on the block during a one-day auction Sunday, at prices being touted as 60 percent less than for what the units would normally sell.
Starting bids on the 24 casita-style condominiums available will range between $90,000 and $115,000, according to Rhett Winchell, president of Kennedy Wilson Auction Group, which is running the sale. But, he said, a winning bid that low may not meet the reserve.
Developers of Zocalo said the lagging American economy is the reason for a one-day sale-a-thon.
"To the seller this is very positive because they can sell out their inventory in one day," Winchell said.
Condos in Zocalo were designed by Mexican architect Ricardo Legoretta, who also designed the Thornburg Campus. Several condo owners in the development said the architecture is one of the best things about living there. One resident described the condos' interiors as "a mix of Southwest and Asian sensibilities."
But there is some concern about what the auction could mean for the value of their own homes.
"The worst thing about this is the potential to offset the future value of our place," said Dante Brebner, who has lived in Zocalo for five years. "But the quicker they get those sold the sooner they'll finish that phase."
Zocalo is split into phases, and most of the condos up for auction are part of phase four. Once the phase four condos are sold and the economy rebounds, developer Don Tishman is planning on adding another phase, for which space has already been fenced off.
"We believe once the current inventory of new units is sold that values of all units throughout Zocalo will rise as supply and demand will be in favorable balance," said a spokesperson for Tishman.
This auction may be the only hope to unload the phase-four units. Brebner said earlier this year he tried to sell his condo with no luck.
"The market's frozen," he said.
Potential bidders at the auction must preregister at the Zocalo office, 1301 Avenida Rincon, by 6 p.m. Thursday. Every bidder must be prequalified.
The auction takes place Sunday at 1 p.m. at the Bishop's Lodge Resort and Spa, 1297 Bishop's Lodge Road.
Winchell estimates the entire auction will take about an hour, with units selling "every couple minutes."
You also can send comments via our comment form
|
|
