Austin Loft Auction a Success

Austin Loft Auction a Success BEVERLY HILLS, CA - Kennedy Wilson Auction Group, a division of the international real estate services and investment firm Kennedy Wilson, conducted an auction of 20 townhome-style loft condos at Bel Air in Austin's Lower Congress District. Bel Air is a symbol of modern urban living and progressive design in the heart of the Texas capitol. The one and two-bedroom floor plans offer upscale amenities and are only minutes from Downtown. The auction was held at the Hilton Austin Downtown, and over 300 people attended the sale. Aggressive bidding and excitement filled the air as prospective buyers bid for their favorite condo.

This one day event represented the second highly successful auction conducted by Kennedy Wilson in Austin following the sale of Brazos Place, 19 luxury condominiums in downtown Austin on May 17, 2009.

Bidding started at $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 rooftop decks). These innovative mid-century retro designed condos were previously priced $273,000 to $399,900, so successful bidders had an excellent chance of realizing truly incredible savings!

"Kennedy Wilson's dynamic auction program stimulates the market, creates demand, establishes a fair value for each home and results in a win-win for the buyers and the seller," said Rhett Winchell, president of the Kennedy Wilson Auction Group. "This sale was 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. The auction of the 20 remaining condos was a rare window of opportunity for anyone looking to live in the City's burgeoning Lower Congress," continued Winchell.

Bel Air is an 83-unit, 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.

Founded in 1977, Kennedy Wilson is a real estate services and investment firm headquartered in Beverly Hills, CA, with 20 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

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