6/01/09 - As you know, over the weekend there was a large uaction at GSR for Residences at Riverwalk. The auction started out with a big surprise – a 6th unit was now going to be sold for at absolute auction.
The way the auction worked, the absolute units were bid on as a block. The winning bidder then got to choose which unit they wanted, the process repeated for the remaining absolute units. The first bidder got to select any of the “good” units that originally had a hidden reserve price, and bid $225,000 and took unit 1106 for $145/SF (1547 SF, 2/2.5). The second absolute unit went for $155,000 and took #610 for $99/SF. Third went for $105,000 and took #702 for $68/SF. Fourth, fifth and sixth absolute units all went for $70,000 and took #412, #304 and #1606. 412 went for $45/SF. 304 for $90/SF. And the mini penthouse 1606 for $161/sf.
Then bidding opened on the reserved price units. Same format – high bidder got his pick of units. Bidding topped out at $190,000 and selected penthouse 1604. The crowd then got a chance to equal that bid and select other units with no guarantees that the owner would approve the sales, and no one stepped forward. So the auction was halted, except for “negotiations”.
Then they unilaterally cancelled the auction for the Retail space and the development parcels (not sure if these were guaranteed to go to auction or not).