Rowan Building Auction Media Preview!

I just received a press release for the demonstration of how the auction will work at next months sale of close to half of the units at the Rowan Building at 5th and Spring. And those sales combined with whatever units have already been sold (though that part is still not clear) will equal over 50% of the units which will allow the new owners to close their escrows. T

Downtown Properties is inviting the media to attend a demonstration of a groundbreaking auction technology that will help homebuyers in the current real estate market. Media are invited to “test drive” the technology in advance of a residential Internet auction taking place at the Rowan Building downtown in February. The demonstration will take place on Friday, January 9 at 11 a.m. at The Rowan.
Please see the media advisory below for more information about the event.

Best,

Ashley

Ashley Greer

Casey & Sayre

310-473-8090

agreer@cswpr.com

MEDIA ADVISORY

HOMEBUYERS CAN OUTSMART REAL ESTATE MARKET BY SETTING THEIR OWN PRICES THROUGH HIGH-TECH AUCTION OF

DOWNTOWN LOFTS

Media invited to “test drive” groundbreaking auction technology January 9

LOS ANGELES – On Friday, January 9, 2009, at 11:00 a.m. Downtown Properties will unveil a groundbreaking technology to help homebuyers outsmart the current real estate market. Homebuyers will be able to set their own prices on 79 distinctive lofts in the historic Rowan Building downtown in the largest-ever simultaneous residential Internet auction on February 8.

Created by Nobel Prize nominee Dr. Charles Plott and auction pioneer William R. Stevenson, the auction technology allows buyers to bid on more than one unit throughout the auction and see what others are bidding on large bidding screens at the auction site or at home on their own computers. This technology gives buyers enormous versatility to switch their bids between multiple units and there is no pressure from an auctioneer calling a sale. The auction ends only when no bids have been submitted for a specified period of time. Built in 1911, The Rowan is located in the heart of the Old Bank District and has been meticulously converted into 206 designer live/work lofts which retain the elegance of the building’s original Beaux Arts style with modern luxuries.

WHAT: Demonstration of groundbreaking auction technology by Plott and Stevenson and tour of The Rowan’s distinctive loft residences

WHEN: Friday, January 9 at 11:00 a.m.

WHERE: The Rowan, Ground Floor

460 S. Spring Street (corner of 5th and Spring Streets)

Downtown Los Angeles

CONTACT: Carolyn McEwen

310-473-8090 (o), 310-699-9800 (cell)

cmcewen@cswpr.com