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Bid History for Warwood Apartment Building and Lot
Auction Start Date: 09/17/12 11:49 AM ET
Auction End Date: 09/22/12 3:04 AM ET
Asset ID: 1   Number of Bids: 1


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Warwood Apartment Building and Lot

Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot  More media
Auction Closed
High Bidder: m*****a
Sold Amount: $351,100.00
Total Price: $351,100.00
View Bid History
Terms and Conditions

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Restriction:  SLHA Real Estate Bid Deposit
Condition Category
See Description Real Estate
Please see the attached Invitation for Bids Document for complete details of this sale and the complete Terms of the sale.

A $25,000 bid deposit is required in order to participate in the bidding. The deposit must be in the form of a Wire Transfer made to GovDeals. See the attached file for directions on making the bid deposit.

Additional Info: SLHA Bid Deposit Informaiton.pdf,   Warwood Street Map.pdf,   SLHA Property PDF.pdf,   Warwood Area Map.pdf,   Warwood Site Map.pdf,   SLHA- Warwood Invitation for Bids.pdf
Seller Information
Seller Name: St. Louis Housing Authority - Real Estate, MO
Asset Contact: (Phone: 314-286-4365)
Asset Location: 1610 N Kingshighway Blvd
Saint Louis, Missouri 63113-1231
Map to this location
Inspection
Inspection is by appointment only. Please see the contact below to schedule an inspection.

Payment
A $25,000 bid deposit is required in order to participate in the bidding. The deposit must be in the form of a Wire Transfer made to GovDeals. See the attached file for directions on making the bid deposit. GovDeals will issue a full refund of the Bid Deposit to bidders who are not the successful winning bidder within 5 business days of the auctions close.

The highest bidder will be notified of their success by GovDeals once the bidding has closed at 3pm on August 31, 2012. The highest bidder will then submit a money order, cashier’s check or bank draft in the amount of 10% of bid amount as earnest money deposit within 10 business days after the notice of award issued by GovDeals. Lack of the earnest money deposit, as required by this Invitation for Bids, will be cause for bid rejection. The cashier’s check must be made payable to the St. Louis Housing Authority and submitted within 10 business days after the notice of award issued by GovDeals. If the high bidder fails to close, through no fault of the SLHA, on or before the closing date set out in the contract, high bidder’s earnest money will be forfeited.

At Closing the highest successful bidder will receive all appropriate property transfer and deed documents.

Request for donation of the described property will not be entertained. All rules pertaining to a bid will apply. The SLHA will be disposing of the “real property” in accordance with 24 CFR 85.31, and all other rules and regulations promulgated by HUD.

The SLHA reserves the right to reject any or all bids, to waive informalities or irregularities in any bid, to solicit for new bids, or to proceed to dispose of this property by other means, as may be determined to be in the best interest of the Authority.

Media
Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot Warwood Apartment Building and Lot
Questions and Answers
Q: In 2. The execution of use agreement: "Such documents will control the use of the Project for a specified period and will be recorded with the Deed and run with the land." May I ask, before I decide if I want to bid or not, what that use will be and for what specified period? Section 5, line 5, site map is for the disposition/demolition application for Warwood Apts.-my question is, the winning bidder would not be required to demolish, or something similar(disposition), on the Warwood Apt.'s would they? Thank you for your time and attention to my questions. paulmarksberry@gmail.com 859-491-4337 (7/11/12 12:39 PM)
A: Sorry for delay in response - I was unaware of process. The intention of the agreement is to release control so the owner will be free to do whatever he wishes with the property. We will convey the property using a quit claim deed. The site map is just for bidder’s reference. We have to apply for HUD permission to dispose or demolish property. In this case, we have already received permission to sell property to remove from our inventory. If we are unable to successfully sell the property, we may consider demolition. However, this has no impact on the buyer. There are not restrictions for the disposal or demolition of property once we have sold it. The sample document was used in our initial application to HUD. (8/22/12 4:33 PM)
Q: What is the square footage of the whole lot? What is the zoning on the building and lot? (7/17/12 11:18 AM)
A: Sorry for delay in response - I was unaware of process. Both properties are zoned multif-family residential. The square footage for the lots are as follows: 1610 N Kingshighway - 8-Story Building - 33,411 sf (0.767 acre) 4942-4976 Warwick Ave. - Vacant Lot - 64,599 sf (1.483 acre) (8/17/12 5:03 PM)
Q: How many apartments are in this unit? What about current lease agreements with renters? (7/25/12 12:15 PM)
A: Sorry for delay in response - I was unaware of process. There are 95 units made up of 59 efficiency units (zero-bedroom) and 36 one-bedroom units. The building will be sold unoccupied. Avergage rent for comprable apartment in the area is $585 for 0-bedrm and $688 for 1-bdrm. (8/17/12 3:53 PM)
Q: hi,is the building for sales or 1 off the condo,if the building how many appartments is there (7/26/12 8:08 PM)
A: The building is for sale. There are 95 apartments units made up of 59 efficiency (zero-bedroom) and 36 one-bedroom units. (8/17/12 3:55 PM)
Q: hi,is the building for sale and how many appartments ,thank you (7/26/12 8:27 PM)
A: Sorry for delay in response - I was unaware of process. Yes, the building is for sale. It will be unoccupied. There are 95 units made up of 59 efficiency units (zero-bedroom) and 36 one-bedroom units. Also, there is an adjacent vacant lot for sale too. (8/17/12 4:03 PM)
Q: Hi This is a potancial buyer, could you please tell me how much taxes? How may appartment? Are these appartments or other still their and how much is the rental dollers? (8/10/12 9:41 PM)
A: Sorry for delay in response - I was unaware of process. You will have to check with the City of St. Louis for taxes since we are a public housing authority we do not pay taxes. There are 95 units made up of 59 efficiency units (zero-bedroom) and 36 one-bedroom units. The building will be sold unoccupied. The avergage rent for comprable apartments in the area are $585 for 0-bedrm and $688 for 1-bdrm. (8/17/12 4:07 PM)
Q: What is the overall condition of the units. Is the building condemned? Are the units trashed? Any damages? Are they in move-in condition? What about surrounding neighborhood? (8/22/12 1:34 PM)
A: Building is not condemned; however, it needs a comprehensive renovation which we cannot afford at this time. Residents are being relocated from the units to another complex. The units have been occupied and sustained; therefore, they have not been “trashed”. At the point of sale, some of the appliance will be left in the units and a few may be removed by management. The units have out of date fixtures, cabinets, etc. The building was built in 1974 and has not had a comprehensive upgrade. If we were keeping the building, typically, we would have to prepare or “turn the units” for re-occupancy – meaning, painting, cleaning and repairs for new clients. Common areas have been renovated to meet ADA requirements. NOTE:: Too many characters in answer - will have to provide part two of response in another way. (8/22/12 4:59 PM)
Q: I am interested in the reserve amount- The pictures you are providing are very suitable for maybe 50% inhabitation or more at a cost factor that I would entertain. Is the building's boiler's and the industrial part in a condition that Too many questions-- 1-RESERVE AMOUNT 2- WHOM HAS TO INSPECT OR DOES ANYONE HAVE TO BEFORE RENTING ANY PART CAN BE ACCOMPLISHED. THANK YOU FOR YOUR REPLY. (8/24/12 9:47 PM)
A: This apartment complex has been used as low-income housing since it was built in 1974. The units have been occupied and the buildings sustained to meet required housing standards. The new buyer will not have any restrictions; however, the City’s building department will require renovation inspections and permits. The building fixtures, finishes and systems are old. In our previous planning for renovation, we did not include a boiler replacement, only some system upgrades. However, our assessment was conducted in late 2011 and thereafter we decided to dispose of the apartment complex because we did not have available funds to renovate the building anytime in the near future. We intend to sell the building “as is” and make no representation as to its physical conditions – bidders are encouraged to inspect the building if they are interested in buying. The reserve amount is purposely not being disclosed, but it is based upon fair market value. (8/27/12 1:02 PM)
Q: Follow on to a previous question; do you have a "blow for blow" on what is needed in a comprehensive upgrade? (8/26/12 11:19 AM)
A: St. Louis Housing Authority did an assessment for renovation of the building in late 2011. The assessment was to determine a budget for a comprehensive modernization which included reconfiguration of several apartment units. We intend to sell the building “as is” and make no representation as to its physical conditions – bidders are encouraged to inspect the building if they are interested in buying to make their own assessments. The building fixtures, finishes and systems are old; however, the units have been occupied and sustained to meet required housing standards. (8/27/12 1:07 PM)

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