9 bungalows sold at `e’-auction

first_imgPASADENA – All nine historic Vista del Arroyo bungalows were sold Sunday after going under the virtual hammer in an electronic auction, developer Andy Sands said. “We sold out, and people were thrilled” by the system, Sands said Monday. “It was very civilized, relative to your typical vocal auction.” Computer screens were set up in two different rooms, bidders were treated to food and drinks, a master of ceremonies helped things along and a team from Intelligent Market Systems kept the system running smoothly, he said. “It was a full house,” Sands said. They were built between 1920 and 1938 on Grand Avenue for wealthy out-of-towners as part of the grounds of the Vista Del Arroyo Hotel, now the Ninth Circuit Court of Appeals. They survived decades of neglect, squatters, arson, graffiti and the elements that left them basically derelict. Over the years, several unsuccessful attempts were made to develop the site on the rim of the Arroyo Seco – including demolishing the bungalows – before partners Sands, of Concert Realty Partners, and Timothy Lefevre of Lefevre Corp. acquired the property in early 2006. “We’re very pleased, the project was well received,” Sands said. “More than 600 people came through. They liked the product, liked that they were a spacious blend of historic units rebuilt with modern amenities, and they liked the community feel, with the gated entry and secure (underground) parking.” Sands said the next phase of the project, Bridgeview Terrace, is ready to go on the market. Prices for the five newly constructed flats and townhouses have not been fixed yet, Sands said, He’s not sure yet if this phase will be sold using the same auction system. “It is expensive to market, the advertising, the setup of the event and all,” Sands said. “But just because it’s expensive, that’s not a reason not to do it again.” Sunday’s auction went “without a single hiccup” he said. “We’re very pleased. It was a little stressful since we didn’t know what would happen – it’s behind us and the results were outstanding.” [email protected] (626) 578-6300, Ext. 4482160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREStriving toward a more perfect me: Doug McIntyre Using technology devised by Caltech economics professor Charles Plott, bidders could monitor the auction, simultaneously put in offers on any house and switch to another if they were outbid. Potential buyers came to two earlier tutorial sessions on the bidding system, Sands said, and although most customers were on-site Sunday, some bought their houses online. The top price was for the two-story Myron Hunt house at 11 S. Grand Ave., which went for $1,360,000. The two-bedroom, two-bath house – complete with library and butler’s pantry – was listed with a minimum bid of $1,260,000 and had an asking price of $1,950,000. Some houses on the three-acre development sold at the minimum bids, Sands said, and others went for up to 20 percent over. Prices started at $790,000. A mix of free-standing and attached houses in a courtyard setting, the bungalows were listed on the national Register of Historic Places in 1981. last_img read more