Auction…could it flop?

[SD Realtor]

SDC this home was an oddity. AN is like a hawk and he is has a keen eye on both Mira Mesa and Penasquitos. A few weeks back he noticed 13078 Texana on the MLS but it was cancelled after only 3 days. It was listed at 450k!!! So yeah the fact that it went for 520k is heartening but I was hoping to see it go alot lower then that.

Also right now 12967 Texana is pending at a list price of 550k. This is an REO as well.

Finally another problem with auctions is that home sellers are generally not aware of them. When they are presented comps the comps are generally MLS resale comps. Auctions are not on the MLS as sold properties. So the agent would have to comb through tax records to find the auctioned comps. Also bonehead sellers would always find a million reasons to say why their home is the the shniznet compared to an auctioned home… they will get it someday though…

SD Realtor

[NotCranky]

The lot is 25,70Osq.ft. The prior listing was a desperate Short sale attempt of 1 month. This property is not indicative of a big flop. Without really knowing the condition I’d say it is not a great discount but may come close to setting a recent low comp.

Disclaimer: very casual study.
I am in Prescott Az for the rest of the weekend at in-laws. I would have attended had it not been for these plans. It is real nice here at 5,000-6,000 feet elevation.

[NotCranky]

The lot is 25,70Osq.ft. The prior listing was a desperate Short sale attempt of 1 month. This property is not indicative of a big flop. Without really knowing the condition I’d say it is not a great discount but may come close to setting a recent low comp.

Disclaimer: very casual study.
I am in Prescott Az for the rest of the weekend at in-laws. I would have attended had it not been for these plans. It is real nice here at 5,000-6,000 feet elevation.

[NotCranky]

The lot is 25,70Osq.ft. The prior listing was a desperate Short sale attempt of 1 month. This property is not indicative of a big flop. Without really knowing the condition I’d say it is not a great discount but may come close to setting a recent low comp.

Disclaimer: very casual study.
I am in Prescott Az for the rest of the weekend at in-laws. I would have attended had it not been for these plans. It is real nice here at 5,000-6,000 feet elevation.

[SD Realtor]

Hmm… you must have the super secret MLS… Mine shows it as cancelled with a MT of 3 days, not 1 month. Yes it was a desperate short sale that hit the MLS only a few days before the trustee sale…

Also what fun, you get to have HWY 56 AND a bonus, the offramp as your neighbor right outside your backyard!!

Agreed that this is not a deal, even at 420k I would have definitely passed on this. So the auction winning bid was 520k PLUS the 5% winning bid premium meaning the buyer will pay 546k…pass…

SD Realtor

[SD Realtor]

Hmm… you must have the super secret MLS… Mine shows it as cancelled with a MT of 3 days, not 1 month. Yes it was a desperate short sale that hit the MLS only a few days before the trustee sale…

Also what fun, you get to have HWY 56 AND a bonus, the offramp as your neighbor right outside your backyard!!

Agreed that this is not a deal, even at 420k I would have definitely passed on this. So the auction winning bid was 520k PLUS the 5% winning bid premium meaning the buyer will pay 546k…pass…

SD Realtor

[SD Realtor]

Hmm… you must have the super secret MLS… Mine shows it as cancelled with a MT of 3 days, not 1 month. Yes it was a desperate short sale that hit the MLS only a few days before the trustee sale…

Also what fun, you get to have HWY 56 AND a bonus, the offramp as your neighbor right outside your backyard!!

Agreed that this is not a deal, even at 420k I would have definitely passed on this. So the auction winning bid was 520k PLUS the 5% winning bid premium meaning the buyer will pay 546k…pass…

SD Realtor

[NotCranky]

My bad I was using my memory, I think it was listed in July now it is August I rounded it off to one month.

[NotCranky]

My bad I was using my memory, I think it was listed in July now it is August I rounded it off to one month.

[NotCranky]

My bad I was using my memory, I think it was listed in July now it is August I rounded it off to one month.

[an]

Based on ZipRealty, it shows the property was on the market for 36 days before it was taken off. I agree that even @ $520k, it’s definitely not a deal, considering the 56 & offramp neighbor. I also am not sure if the bidder of $520k actually pass financing. According to the last auction, a few went back on the auction block after the bidder failed to secure financing. Too bad these auction house does not affect comps. But just the attendance alone shows a change in sentiment I think.

[an]

Based on ZipRealty, it shows the property was on the market for 36 days before it was taken off. I agree that even @ $520k, it’s definitely not a deal, considering the 56 & offramp neighbor. I also am not sure if the bidder of $520k actually pass financing. According to the last auction, a few went back on the auction block after the bidder failed to secure financing. Too bad these auction house does not affect comps. But just the attendance alone shows a change in sentiment I think.

[an]

Based on ZipRealty, it shows the property was on the market for 36 days before it was taken off. I agree that even @ $520k, it’s definitely not a deal, considering the 56 & offramp neighbor. I also am not sure if the bidder of $520k actually pass financing. According to the last auction, a few went back on the auction block after the bidder failed to secure financing. Too bad these auction house does not affect comps. But just the attendance alone shows a change in sentiment I think.

[SDcostal]

I’m curious to what happened with the properties in Mira Mesa.

[SDcostal]

I’m curious to what happened with the properties in Mira Mesa.

[Author]

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