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Internet Auction Speeds Sale of 63 LA Lofts

But the technology fell short of the developer's goal of 79 loft sales.

By Noreen Seebacher | Updated on February 04, 2009

A developer credits technology for speeding the sale of 63 residential lofts in the historic Rowan Building in Downtown Los Angeles. But the innovative Web-based auction system still fell short of expectations.

Downtown Properties Holdings LLC hoped to auction 79 units last Sunday–enough to boost the number of units under contract to 50%. Auction pioneer William R. Stevenson considered it a viable goal, predicting all of the units could sell in as little as two hours at minimum prices as low as $195,000.

That prediction, however, proved overly optimistic. It took about three hours to sell 63 units, Stevenson said. Despite the slower than expected pace, Stevenson nonetheless said he was “thrilled” to move $21.8 million worth of real estate.

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