Velocity Marketing Services (VMS) announced today that it will conduct a close-out auction for 26 premier residences at Skyscape Condominium, Minneapolis’ number-one selling condo project for the past two years, which is also one of the city’s only new development high-rises located in the downtown area. The event will be held at 6:00 p.m. CST on Mon., Mar. 14 at the Graves 601 Hotel, located at 601 1st Ave. North in Minneapolis. Minimum bids for the condominium residences available at auction range from $125,000 to $450,000 and are up to 47 percent below last asking prices.
The auction information center and model homes for Skyscape Condominium are open daily through Mar. 13 at 929 Portland Ave. in Minneapolis, from 12:00 p.m. to 6:00 p.m., on Thursdays until 7:00 p.m., and on Saturdays and Sundays until 5:00 p.m. Advance registration for the auction is required, and financing is available for qualified buyers. Additional information is available at www.SkyscapeAuction.com.
“The close-out sale for Skyscape Condominium will be a first for the Minneapolis area, as it has yet to see a non-foreclosure auction,” said Sue Hawkes, president and chief executive officer of Velocity Marketing Services. “This auction is a once-in-a-lifetime opportunity for prospective buyers to purchase at the city’s top-selling property and at never before seen prices. We anticipate this being a great step towards revaluating values for both Skyscape’s remaining inventory and the local housing market at large.”
“Since acquiring the properties a little over a year ago, we have experienced unmatched buyer activity, selling an average of three homes every month,” said Chris Kennelly, a project manager for Skyscape Opportunity, LLC, the owner. “While we are very pleased with our results to date, it’s our belief that an accelerated marketing program is the best investment strategy for us to pursue. Selling our units in a transparent auction environment with published minimum reserves will help us pass significant savings onto buyers, as well as help to bring the building to full occupancy as it was originally intended.”
Residences in the 27-story, 250-unit building feature a variety of floorplans, ranging from one-, two- and three-bedroom homes to top-floor penthouses. Skyscape Condominium’s open-concept city homes are uniquely designed with ceiling heights of up to 10 feet and balconies that offer stunning Minneapolis skyline views. Each home has been finished with hardwood flooring, custom kitchen cabinetry, granite countertops and master bedrooms that boast walk-in closets.
Residents of Skyscape Condominium also enjoy a wide array of amenities, including 24-hour front desk attendant, an on-site dog park, indoor bicycle storage, heated resident parking with remote entry, and a well-appointed guest suite that is available for residents to reserve for visitor stays. Homeowners also have access to a media room with full kitchen, lounge, wireless Internet and a flat-screen TV, as well as to a landscaped roof terrace with whirlpool, sundeck and barbeque area. There is also an on-site health and fitness center complete with state-of-the-art equipment, individual entertainment systems and a yoga and pilates studio. Additionally, the building is the Twin Cities’ only condominium project with a true, eco-friendly green-roof. As an added convenience, Skyscape Condominium is home to a CVS pharmacy on the ground level.
The 26 condominium residences available at auction are ready for immediate occupancy and include:
- 1 one-bedroom, one-bath home that is approximately 930 square feet and has a minimum bid of $125,000, which is 46 percent below the last asking price of $229,900.
- 8 one-bedrooms-plus-den, two-bath homes ranging in size from 945 square feet to 1,000 square feet, with minimum bids of $145,000. Minimum bids are up to 47 percent below last asking prices, which were as high as $274,900.
- 15 two-bedrooms, two-bath homes ranging in size from 1,060 square feet to 1,240 square feet, with minimum bids ranging from $175,000 to $190,000. Minimum bids are up to 43 percent below last asking prices, which were as high as $334,900.
- 1 two-bedrooms-plus-den, 2.5-bath home that is approximately 1,965 square feet and has a minimum bid of $325,000, which is 41 percent below the last asking price of $549,900.
- 1 three-bedrooms-plus-den, 2.5-bath home that is approximately 2,786 square feet and has a minimum bid of $450,000, which is 44 percent below the last asking price of $799,900.
Located in the heart of downtown Minneapolis, Skyscape Condominium is just steps from the city’s extensive Skyway system, new Light Rail Metro Transit stop at the Metrodome and major downtown employers, including Target, Ameriprise, U.S. Bancorp, XCEL Energy and more. Residents likewise enjoy an easy walk to Stonearch Bridge and Gold Medal Park on the Mississippi River, and benefit from having direct access to the area’s best shopping and restaurants on Nicollet Mall. Also in close proximity to the building are a wide variety of cultural attractions, such as Guthrie Theater and Walker Art Museum, as well as sporting venues for the Minnesota Vikings and Minnesota Twins.
For more information about Skyscape Condominium and the upcoming auction, please call 612-240-9000 or visit www.SkyscapeAuction.com.