CENTRUM GOING, GOING, GONE

Since the investment condo market tanked, sales have been slow around here to say the least. Spoke with the guys at Realty America about the Palomar units, which has a newly redesigned model by Faulkner Designed Group (story will be out April 13). But this tops all the new marketing strategies out there: 15 Centrum Luxury Condos to be auctioned on May 20 with five sold regardless of price. Hit the jump for the deets.
To break from Dallas’ burgeoning condominium market and traditional sales programs, The Centrum will auction 15 of its luxury residences on May 20 with five sold regardless of price, according to Sheldon Good & Company Auctions LLC, the nation’s largest real estate auction company.
“As the market gets tougher, smart sellers of upscale properties become more creative. Over the past decades, we’ve found auctions to be the successful and versatile alternative for traditional residential sales programs. The Centrum’s owners have invested time, talent and money in creating a totally unique lifestyle and are ready to complete their effort by moving the units as quickly as possible,” said Sheldon Good Executive Vice President Michael A. Fine.
In addition to the 15 one- and two-bedroom condominiums available for auction will be a spectacular, three-story penthouse with five terraces, which will be offered in a sealed big auction with a bid deadline on Tuesday, May 15.
Starting Sunday, April 21, Sheldon Good will hold open houses at The Centrum (3111 Welborn St. at the corner of Oak Lawn and Cedar Springs) from noon to 3 p.m. each weekend up to the May 20th auction at the Renaissance Dallas Hotel, 2222 Stemmons Freeway. Registration will start at noon followed by the auction at 1 p.m.
To introduce this innovative program to the Dallas market, Sheldon Good (www.sheldongood.com) has been retained to the auction the unique residences located atop the Centrum complex.
“Known for their spectacular terraces and breathtaking views, these spacious residences have all the luxuries of high-rise living, while maintaining the privacy and security of the most exclusive community in the area,” said Steven L. Good, Chairman and CEO of Sheldon Good & Company Auctions, LLC. “This opportunity is something people dream of and now a few will able to achieve possibly for a fraction of the original price.”
Previously listed from $495,000 to $2+ million, the suggested opening bids range from $250,000 to $500,000 for the 1,362- to 5,164-square foot condominiums.
“It’s a win-win situation. Within a matter of hours, nearly half of the Centrum’s units will be sold and there will be some very pleased bargain hunters,” said Travis Mathews, Vice President of Briggs-Freeman Real Estate Brokerage and a member of Mathews Nichols Real Estate Group. “We decided to break with traditional marketing efforts and exhilarate Centrum sales.”
THE CENTRUM COMPLEX
With its unique stair-step design among Dallas’ traditional high-rise skyscape, The Centrum complex is a one-of-a-kind facility. Providing all the conveniences, security and privacy of an intimate community, The Centrum includes fine dining and offices in addition to its elite residences on the premises. Surrounded by Dallas’s finest shopping, restaurants, parks, businesses, The Centrum is just minutes away from downtown Dallas, major highways and area airports.