BEVERLLY HILLS, CA - Excited homebuyers, realtors and real estate investors will be circling August 9 on their calendars, because Kennedy Wilson Auction Group is preparing to auction 25 townhome-style loft condos at Bel Air in Austin's Lower Congress (LoCo) District. Use green ink to do the circling - both for the huge potential savings being offered and for the commercial grade green construction that has made Bel Air a symbol of modern urban living and progressive design in the heart of the Texas capitol.
Bidding is set to start at an astonishingly low range from $90,000 to $130,000 on 1- and 2-bedroom condos spread over 4 different floor plans and offering up to 2,633 square feet of living space (including garages and roof top decks). These innovative mid-century retro designed condos were previously priced $273,000 to $399,900, so successful bidders have an excellent chance of realizing truly incredible savings!
Rhett Winchell, President of Beverly Hills-based Kennedy Wilson's Auction Group, describes the August 9 auction announcement as "a wake-up call for homebuyers who've been looking to locate near downtown Austin, but have been shut out due to the combination of high prices and strong demand." Winchell goes on to state that "the last 25 condos out of 83 total units are up for auction, this is a rare window of opportunity for anyone looking to live life large in LoCo!"
The seller has arranged with Colonial National Mortgage to offer successful bidders a choice of excellent financing programs specially designed to suit the needs of younger buyers. FHA financing is available with as little as 3.5% down! Auction day purchasers are also eligible for a "Special Incentive," in which the seller will credit up to $2,000 toward non-recurring closing costs at the close of escrow to buyers who arrange financing from Colonial National Mortgage and who close escrow within thirty calendar days of the auction.
Bel Air is an 83-unit commercial grade, loft-style townhome community combining long term value and green living. Aware of the limitations and low-tech approach of conventional wood frame construction, Bel Air incorporates innovation and cutting edge design that emphasizes the functionality and aesthetic beauty of exposed commercial materials and finishes in a residential context.
While enjoying easy access to Austin's famous sights & sounds, residents can easily escape to private rooftop decks ideal for open air lounging, socializing and exercising. Green construction techniques utilizing recycled steel and concrete, tankless water heaters, low E double pane windows, and more make Bel Air especially appealing to environmentally conscious homebuyers looking for a greener way to live in an urban setting.
These uniquely appointed condominiums feature spacious, loft-style floor plans and retro design features including concrete floors, high ceilings and exposed ductwork that are appreciated by young professionals who are flocking to urban locations. Bel Air also offers residents individual private direct-access garages providing welcome extra storage space - a rare and desirable feature not available in many urban condominium developments. Inside, a variety of attractive decor features really make Bel Air stand out from the crowd.
Kennedy Wilson's inventory closeout auction for 25 townhome-style condominiums at Bel Air begins at 1PM on Sunday, August 9, 2009 at the Hilton Austin Downtown, 500 East 4th St., Austin, TX 78701. Kennedy Wilson will be hosting a "How to Buy" informational seminar beginning 1PM on Sunday, August 2 at the Bel Air Auction Information Office located in Unit T1. Registered bidders can familiarize themselves with the auction process, terms & conditions and registration procedures, closing with a live practice auction hosted by an actual Kennedy Wilson auctioneer!
A specially designed auction web service portal has been set up for registered bidders who may be unable to attend in person but still want to participate in online bidding! To learn more about Kennedy Wilson's online auction and the auction itself, please visit the Bel Air Auction Information Office, open daily from 11AM to 6PM at 4801 South Congress Avenue, Austin, TX 78745, or phone 512-448-4088. Keep in mind that the registration deadline is Thursday, August 6. Further information is available via the auction website at www.theBelAirAuction.com.
Founded in 1977, Kennedy Wilson is a real estate services and investment firm headquartered in Beverly Hills, CA, with 21 offices throughout the U.S. and Japan. It seeks opportunities in partnership with clients in pursuit of above-market investor returns and higher real estate values. Kennedy Wilson Auction Group has been a leading force in the auction industry since 1977. Since inception, the Kennedy Wilson Auction Group has conducted many successful auctions of condominiums and single-family homes throughout the United States, Europe and Asia. It conducts ballroom style, site-to-site, and on-line auctions for all types of real estate.
Source: Kennedy Wilson Auction Group