The results of the model home auction are in and aren't a big surprise. Nothing sold yesterday. I do think this is yet another data point on a long chart down in prices.
Anyone care to speculate what these homes are really worth?
Low bids curtail auction of homes The San Diego Union-Tribune
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The real worth was the bids that where at 75%. Clean market indicator. The value was shouted out but the sellers were not lisening or they thought they could do better.
Hey Brightside, have you ever been contacted by any of the people that own one of the properties you mentioned? I just got an email from one of the owners of one of the properties I featured.
Oh yeah, I agree with anon 10:54, the homes are only worth what people are willing to pay for them... Which is about 75% of the asking price.
I'm curious how long the investment company will hold out before just dumping the properties.
A bunch of wheeler-dealer Los Angeles attorneys getting burned in RE? For some quirky reason I find that poetically sweet!
Sven,
I have not been contacted by anyone yet. I'm somewhat surprised it hasn't happen. Care to post the link of the property that was featured?
Actually, the first three posts on my blog right now deal with that:
http://pacificbeachbubble.blogspot.com/
The first was the treasurer of Crown Point Villas writing me to correct one piece of information and voice her commments on the complex (I called her up today, she was actually pretty friendly), and the second was a comment by the owner of 1713 Diamond St. (which you have on your blog as well) She seemed a little annoyed that I was featuring her house on my blog.
The longer they hold out for unrealistic prices, the more money they'll lose - prices are dropping.
“The good news from the auction is that the investors did not lower the price and kept the value up for people who live there,” said Kelly McLaughlin, a Prudential California real estate agent.
Hahaha, that's rich.
"“The good news from the auction is that the investors did not lower the price and kept the value up for people who live there,” said Kelly McLaughlin, a Prudential California real estate agent."
They did not lower the price because they could not do it. They are already up side down.
Those invetors in average paid $960K for each of those homes in Feb. 2005, Even if they had put 20% down their monthly payments for the homes (interest,HOA, County tax)is around $60K/month. Those lawyers are screwed.
Noticed on another blog that 43% of San Diego homes are selling at reduced prices. . .better than Ventura County which hit the 50% point!. . . each month it goes a bit higher. On another note, Bayside (A Bosa Development next to the Grande) just broke ground. . .guess they think they can sell at a minimum of $750K. . .they sent me (and everyone in 92101 a flyer about the new project. . .good luck is all I can say.
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