12 Centrum units sold in auction

Posted on 24 May 2007 at 8:29pm
By David Webb Staff Writer

“‘Multiple’ sealed bids on 3-story penthouse rejected, spokesman says

A condominium auction at the Centrum building often described as the crown jewel of Oak Lawn on May 20 liquidated 12 units, according to an auction company representative.

Alan Kravets, president of Sheldon Good & Co., said the buyers got great deals on the high-rise condominiums in one of Oak Lawn’s most prestigious buildings.

“The auction went very well for the buyers,” Kravets said. “The sellers were happy to sell a whole bunch of units. It was a classic case of where the sellers gave up the cost to carry and passed on to the buyers who got some good deals.”

Kravets said there are contingency contracts on another five units. A sealed bid auction failed to dispose of a three-story penthouse featuring five terraces.

“We received multiple bids, but they were rejected,” Kravets said.

Mark Shekter, a real estate broker who has an office in the building and also lives in one of the condominiums, said he was impressed by the way the auction company handled the sale.

“I have never been to anything so phenomenal as that,” Shekter said. “The Sheldon Good Co. is absolutely magnificent. They could milk a cow to the last drop.”

Shekter said the one- and two-bedroom units were sold for prices ranging from $300,000 to $700,000, which represented about a 30 percent decrease from the original retail prices. Eleven of the units were sold to investors who plan to rent out the units, he said.

The condominiums originally sold for $500,000 to $2 million.

Shekter, who originally expressed dismay about the owner’s plans to sell the condominiums at auction, described his feelings about the sale as being in the “middle” now.

“It could have been worse,” Shekter said. “It could have been better.”

Kravets said there are remaining units to be sold, and that offers could still be made to the auction house.

“Now is a wonderful time if anyone is interested in talking to us about one of the units that was not sold because ultimately, they are going to reprice them and put them for sale at full retail,” Kravets said.

The Centrum building’s investors, Centennial Real Estate Corp. of Dallas and GEM Realty Capital of Chicago, announced the auction in April. The investors bought the 20-year-old rental condominiums in 2005 and renovated them for sale.

After selling only eight of the 35 condominiums, the investors said they decided to hold the auction to sell out quickly.

E-mail webb@dallasvoice.com

This article appeared in the Dallas Voice print edition, May 25, 2007.

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