Skyscape Condominiums, which has spent the last several years limping through the real estate downturn and unable to sell out the remaining units, has thrown in the towel and will Auction off the 26 remaining units, according to the Star-Tribune.
If you remember, about a year ago, about 72 units were purchased in one block from the original developer by a partnership that intended to sell out the remaining units – I guess we can assume they moved 45, and the remaining will hit the auction block on March 14th at the Graves 601 hotel.
The price-points are sure to draw attention:
“The starting bids? Less than half the list price. Minimum bids start at $125,000 for bidders who want to score a one-bedroom condo on the 22nd floor. They top out at $450,000 for a three-bedroom-plus-den penthouse unit with views of downtown Minneapolis.”
In the short term, there will be pain – Existing owners can expect to see a price hit, and won’t be happy if they were planning to sell soon. That damage will heal with time.
Long term, there is nothing worse than a “Zombie” condo project with unsold units lingering for years and years, so if they can get the project sold out, auction or otherwise, it should be a good thing for the health of Skyscape and the owners within.