I did not know The Heights went to auction. Any idea on the actual sold prices. I rented there when I first moved to SD. I was able to get out of my lease without penalty when they converted. I was happy cause I wanted to move downtown. My neighbor who qualified for the apartment with her parents income got $6,000 to move out cause she was in school with no income.
I'm going to hijack this thread, because the original content is like trying to argue with folks that think the sky is green.
Yes, Heights went into auction. This was covered here:
The cliff notes version: Heights couldn't sell off all their units, offered a bunch of incentives for about 2 months, still couldn't sell off units, and then turned to an auction house, that avertised units "as low as $199k". Of course, this generated 400+ interest on 30ish or so units, such that bidding got out of hand, and dumb*sses …errr…investors/home buyers ended up paying a hell of a lot more than they would have paid if they just bought during the 2months of generous incentives from the heights, not to mention they waived just about every single contingency when they bought in an auction, or that there was a lot of speculation that some of the bidders we just bidding to bump up the price (read between the lines).
Speaking of the heights, I remember this post from AA laughing when the first auction was announced, and the glee that the heights owner was going to get screwed at $199k selling units.
Well, we know who had the last laugh..definitely was the auction house and heights…though it's still too early, since the auction just recently happened. I'd be curious to see how many actually close. Me thinks a lot of people are going to loose their non-refundable deposit when they wakeup from that bad auction hangover.
Auctions are great at one thing: getting people to emotionally pay for more than something is worth. Isn't that how ebay works? 🙂
