Whatever Happened At That Centrum Auction???

Remember this story? Yeah, well I’ve been wondering too. So today I about jumped for joy when one of the presenters at Luxury Portfolio was Alan Kravets, President of Sheldon Good & Company or — the folks who auctioned off the Centrum Tower properties this past spring. Price at which a total of several Centrum properties sold: $6 million. Kravets said this was the first Real Estate auction in Dallas since the RTC days back in the 80’s (for you neophytes, that’s Resolution Trust Corp). Kravets called it an “open outcry sale: originally the units were priced from $495,000 to $2,500,000 but opening bids started at $200,000. Five condos were sold absolute, regardless of price.” He said that when the owners walked out, they had gotten 93% of what they had hoped to get (not what they were listed for, as one very astute Dallas agent pointed out to me). So a 7% discount over their wishes. Now go figure: some condos are back on the market, for, said Kravets, more than the original prices. Um, say what?