Unable to find a buyer for a financially troubled luxury, high-rise condominium development in Glendale, Crocker National Bank has agreed to sell units individually, many at greatly reduced prices.
The auction of 48 condominiums in the 15-story Monterey Island complex will be the first of its kind in Southern California, said public relations agent Leo McElroy, who is representing the marketing firm conducting the auction. Two similar auctions have been held in Northern California, he said.
The 88-unit complex at 222 Monterey Road, next to the Ventura Freeway, has been largely vacant since it was completed two years ago.
R. Thomas Ashley, a Newport Beach marketing firm, announced Tuesday that Crocker Bank has authorized price reductions on the units to be auctioned on Aug. 11. Minimum bids range from $130,000 for a small, two-bedroom unit on the fourth floor to $252,000 for a large, three-bedroom unit on the top floor. The units originally went on the market in 1983 at prices ranging from $215,000 to $490,000.
In an attempt to attract buyers, prices were lowered to $200,000 to $400,000 before the sales office was closed in February, 1984. Crocker Bank, which held the construction loan on the tower, assumed ownership last September in a settlement negotiated with the developers, Watt-Howard Co.