June 7 - the Quarter Townhouses Auction

Thirty-five new townhouses near the University of Phoenix Stadium will be auctioned off next month as builders continue to use auctions to figure out what buyers are willing to pay.

Trammell Crow Residential of Scottsdale has scheduled an auction June 7 to sell the last condos in the Quarter development at the Westgate City Center complex in Glendale.

It's being called a closeout sale.

When the company began selling the condos in 2006, all 171 units sold out within eight months. But 35 sales fell through for various reasons, such as inability to get financing or buyers backing out.

The developer decided it would be better to try to sell the remaining condos quickly rather than to pay the costs of holding on to them until the market recovers.

Westgate has 6.5 million square feet of commercial, retail, hotel and residential space. The Quarter is its anchor residential development.

The 32 two-bedroom units start at $195,000 and range from about 1,439 to 1,716 square feet. Prices for the three three-bedroom units will start at $265,000.

Previous asking prices have been up to $485,321 for two-bedroom units and $552,520 for the three-bedroom units.

The median prices in the Phoenix area for new condos and townhouses has been steadily climbing despite the real-estate downturn. They reached $300,000 in the first quarter of this year, according to Realty Studies at Arizona State University. Prices for existing condos, though, hit $168,775 in the first quarter, their lowest price in about two years.

The auction is scheduled for 1 p.m. June 7 at JW Marriott at Desert Ridge, 5350 E. Marriott Drive, Phoenix.

Auctions, both online and live, are getting more popular around the country as a way for builders to reduce their inventory of unsold houses and condos. Builders also used them during past real-estate slumps.

Cachet Homes sold 37 homes in the Verrado and Flagstaff Ranch communities in Buckeye and Flagstaff in less than two hours in February.

And 14 of 28 condos at the Dobson Bay Club in Mesa were sold at a March auction. Lennar Homes also sold 16 new homes in Litchfield Park in an online auction last year.