A downtown Dallas condominium project is holding an auction of almost three dozen unsold units.
Owners of the 4-year-old Metropolitan condo tower at 1200 Main St. have hired Real Estate Disposition LLC to take bids for the homes July 17.
The 25-story building has more than 280 units. About half of them had been sold last fall when the owners began leasing vacant units in the tower.
"We are selling 35 specially selected units," said Alex Abrams, executive vice president of Real Estate Disposition's builder division. "We are giving people an opportunity to bid on those units."
The condos, previously offered at between $149,900 and $333,900, will have starting bids of $39,000 for two of the smallest units, which are 880 square feet.
"All in all, there are 15 different floor plans and layouts," said Michael Russo, director of sales. "This is an incredible opportunity due to the motivated seller.
"A lot of the remaining units are leased and can't be sold at this time."
Condo fees run 39 cents per square foot per month at the Metropolitan.
The Metropolitan was built in the 1970s as an office tower.
In 2005, New York developer Rockwood Realty Associates converted the brown glass high-rise into housing. The building is now owned by London investor Gonzalo, according to Dallas County tax records.
A representative for Metropolitan owners said Monday that the auction seeks to increase buyer interest in the property.
"We wanted to get some action going," said Christine Lutz of Chicago-based Garrison Partners, which has been marketing the building for five years. "We've seen in different markets that an auction can really jump-start momentum for a project."
Several Dallas-area condo projects have recently used auctions to move unsold units.
"It gives buyers the comfort level of knowing they are not overpaying," Abrams said. "It gives the sellers the comfort of knowing they are getting the best prices that the market will bear."
Real Estate Disposition is one of the country's largest real estate auction firms. The company has several upcoming sales in the Dallas area.
One of its listings, to be sold later in July, is a foreclosed condo at the W Dallas Victory Hotel and Residences in Victory Park that has a $69,000 minimum bid.
