Ready for the Brix & Gallery Auctions?
The auctions get started soon! Please email me ([email protected]) and I’ll post them here and on @urbnlivn.
I talked to Ted Schroth, the developer of Trace Lofts and Trace North on Capitol Hill (Brix’s nearest competition) about the auctions on Friday. I was surprised to hear him up beat about them but his feeling is that these auctions will mark the bottom and are getting people off the fence and back in the market. Surprisingly, he’s sold two units at Trace North in the past two weeks. Asked about whether he’ll ever need to auction off his remaining units he said there are two ways to sell, low or slow. He’s taking the slow approach as he has patience investors. So far his approach is working. He’s sold 73 of 100 units at Trace North.
