Gallery Condo is ditching the open auction format of 25 open one-bedroom and one-bedroom homes that was slated for tomorrow, Saturday, March 5th.
At the root of the issue, apparently, is few qualified buyers due to tighter credit and loan qualification requirements. It sounds as though, had they proceeded with the auction, the likelihood was high that they’d have too few bidder and that the winning bidder’s financing could fall through making the auction a bust, so they’re opting for a one-day “Buy Now” event. With the new format they’ll provide home sale opportunities to buyers individually on a first-come, first-served basis, which sounds similar to the what Veer Lofts initially tried. This will also ensure that buyers are financially qualified and will complete the sale.
The Buy Now event is open only to those who had previously registered during the auction campaign; it is not open the public and will take place at the Gallery Condo building in Belltown.
Hat tip to Matt who’s got more details at Urbnlivn.com.