Didn't stay for the entire thing. But it doesn't seem like there was any deals.
2bd/2ba sold between 400-440K. 3bd/2ba sold between 490K-500K. There were around couple of hundred of people bidding for a handful of condos. That was the seen when I walked in, and immediately I felt we weren't going to see any deals.
There apparently was still too many dollars chasing for the same bone. Or I should say, too many leveraged dollars chasing for the same falling daggers 🙂 Looks like the marketing gimmick worked.
My sneaking suspicion that in general people pay more at auctions seem to have been valid at yesterday's auction. Because I remember when Heights first was having issues, they were adding enough incentives on the 2/2 such that the price came out to be effectively $390k (rebates, brokerage comissions, etc). We decided it was still too much so we passed. I think people overpaid in this economy, but frankly that's not my concern, and if a greater fool can support this, well by all means.
The bad news. Looks like there's still interest in CV. We haven't fallen to a point when people aren't interested in CV at all.
The good news is there are now 32 less people on the attached markets…So perhaps this will slightly squeeze sellers of attached units elsewhere in CV. And double checking CV, there is quite a bit of inventory on the attached markets.
If you're looking for an attached home in CV, it was probably better you didn't get into this bidding war. Your pockets will appreciate it in the long run.
Really trying to figure out folks that paid $400k-$440k on a 2/2 convert. I mean, with all due respect, there's plenty of better 2/2 on the market around the same price. Perhaps they can't qualify for conventional financing? or these just got emotional at the auction???
