Carlyles Watch: 8 Units Sell at Auction

"The developer of the seven-story Carlyles Watch condominium building in Columbus got plenty of publicity but only eight sales at its closely watched Oct. 28 auction. It left the marketer of the downtown property wondering how much to ask for the remaining 28 unsold condos."

"The eight units sold brought in combined bids of just less than $2 million, or more than $1 million less than the cumulative list prices on the condos. Developer Urban Loft Ventures I LLC was going to reject the high bids on 21 other condos that were subject to the seller's acceptance by Oct. 31, said Mike Berland, a Chartwell principal and executive vice president. Seven other lower-priced condos never made it onto the auction block because of the bidding trend.

"The sellers were disappointed with the bids," Berland said. "People got incredible deals." "- Columbus Business First