I attended the auction, it was the first one I have been to and did not know what to expect. There seemed to be a lot of people, I would guess 500. The auction started right on time 9:30 and first few properties sold anywhere between 50-66% of the previous value. Keep in mind that there was an additional 5% brockerage fee. The auction moved along, there were many homes that had to be re-auction for whatever reason, I suspect that maybe the auctioneer might have had insiders bidding and they ended up with the high bids. The following are two examples of 2 properties in Chula Vista that I feel were too expensive:
Berry Creek Rd
3800 Sq Ft
PV-919K
SB-399K
Sold for 710K plus 35.5K (5% Bkg fee) total 745.5K
This property was subject to Lenders Approval
Very nice property, but I feel too expensive for the area, plus its Taxes and Mellaroos were well over 14K per year.
Bellena St.
2900 Sq Ft
PV-669K
SB-349K
Sold for 540K plus 27k total 567K
Again nice propertu but I feel too expensive for where the market will be in a couple of years.
Overall it was fun and exhausting, I showed up with my 5K cashier check and my check book, but did not buy anything. It was hard, I wanted to participate and win something but I was patient and did not. Hopefully my patience will payoff soon.
