Kennedy Wilson Auction Group, a division of international real estate investment and services firm Kennedy Wilson (NYSE: KW), will conduct a grand opening auction for 45 luxury loft condominiums at 655 Hope, located at the corner of 7th and Hope St. The auction will take place at the Sheraton Los Angeles Downtown at 1 p.m. on Sunday, April 18, 2010.
“This auction hands buyers a golden opportunity to land the home of their dreams at an affordable price,” Rhett Winchell, president of Kennedy Wilson Auction Group, stated. “655 Hope is an exclusive residence that offers modern design and technology in addition to some amazing amenities.”
The 17-story former office tower was converted into residential units by the SECK Group, an international builder of luxury homes, who selected Kennedy Wilson to conduct the auction. The building’s sophisticated interior design includes hardwood floors, stainless appliances and floor-to-ceiling reflective glass windows that provide panoramic city views, and the building offers high-end amenities such as a roof deck entertainment area and wet bar, a sound-proof and climate-controlled community room, an on-site fitness center and a secured, indoor garage. The building is located two blocks from downtown’s first grocery store and sits atop the LA Metro. Additionally, the location is within a short distance from the Staples Center, MOCA, Walt Disney Concert Hall, L.A. Live, Nokia Theater and the Arts District.
Bids start from $165,000 for the one- and two-bedroom lofts, which were previously priced from $375,000 to $850,000. Successful bidders at the auction can choose from a range of financing programs through Bank of America, which is also offering a special incentive to auction day purchasers. Under the terms of this incentive, the seller will credit $1,500 toward non-recurring closing costs at the close of escrow to buyers who close escrow within 45 calendar days of the auction. Buyers should also be able to take advantage of the $8,000 federal tax credit that expires on April 30.
Kennedy Wilson will be hosting informational buyer seminars at 1:30 p.m. and 2 p.m. on Saturday, April 10 at 655 Hope. The deadline to register for the auction is April 15. For more information, go to www.655hopeauction.com.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 22 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com
