The Hudson Condominiums--25 new, two-bedroom, two-bath units near Hancock Park--will be auctioned today with bids starting at $120,000.
"We have had 3,200 inquiries with a ratio of 8 to 1 (eight possible buyers for each condo)," said Leslie Manabe of Kennedy-Wilson, the auctioneer, last week. "So we expect the units to sell at an average (price) of $175,000."
The furnished model also will be sold, including the furnishings.
Bidders are required to register before the 2 p.m. auction at 828 N. Hudson Ave., about 1 1/2 blocks north of Melrose Avenue and six blocks east of Highland Avenue. The on-site information office, in Unit No. 110, opens at 11 a.m.
Registrants must provide banking information and a $2,500 cashier's check, traveler's check, certified check, money order ("Cash Equivalent") or $2,500 in cash.
Auction-day registrants will be limited to the purchase of one condominium.
Condos will not necessarily be auctioned in the order in which they appear in the catalogue. The order of the bidding will be announced before the auction.
If a bidder is successful, the $2,500 will go towards the 5% deposit required on auction day. A personal check for the balance will be deposited in escrow.
Escrow will be opened on the site, with Pacific Sunbelt Mortgage Corp. providing financial services to buyers.
Ninety percent financing will be available to owner-occupants only. Eighty percent financing will also be offered. Both types will be fully amortized over 30 years and secured by a first deed of trust.
Adjustable, 15-year loans are also available.
Financing will be at a fixed rate, set on auction day and guaranteed for 45 days. Kennedy-Wilson generally closes 80% of its auction transactions within 45 days, Manabe said.
"It's basically a one-day process," she said, "and Kennedy-Wilson has a closing department to monitor the sale until it closes."
The condominiums were developed by WS Partners, according to other sources.
The units have one- and two-level floor plans varying in size from about 1,170 to 1,330 square feet.
A Mediterranean design style was used with mosaic-patterned tile work, courtyards, patios, outdoor dining areas and a fountain.
Many of the condos have city and downtown views from private sun decks or balconies.
The units also have arched entries, molded fireplaces and high ceilings. Many have French doors.
Homes have either hardwood floors or wall-to-wall carpeting, central air conditioning, walk-in closets and kitchens featuring floor tile, built-in cabinets and tiled counters.