Carmel Valley Auction

[Doofrat]

Driving through Carmel Valley past the hordes of red spinning Andalucia signs, I noticed a new one. Easily hypnotized by their savvy marketing technique, I immediately went online to check it out.
Looks like The Heights in CV is turning to an auction to get rid of 32 units. Starting bids at $199,000.

http://www.auctionredcnow.com/auction_details.php?auctionID=D-011

[Coronita]

Thanks for sharing doofrat.

 

Since this in my neck of the woods, I'll be attending.

 

I'm doubt there will truely be any deals though…Checking out the FAQ. It seems like

1) You have no contiengencies, even financing contigency.

2) Auction house adds 5% to final sale price

 curious to see what things end up at though. I'll go and post the results.

 

 

Ans. Yes, yes, yes! We feel that the only way for you to make an informed purchasing decision is to not only visit, view and inspect the property prior to the auction, but to also view all the related property information and disclosure documents. By registering and bidding at the auction, you are certifying and representing that you have not only viewed the property prior to bidding, but have reviewed and accepted all relevant property information and disclosures.
Ans.REDC’s designated lenderwill be offering competitive financing terms "On the Spot". Lender representatives will be available immediately after your winning bid to choose the financing option that's right for you! You can also "Pre-Qualify" here online by checking the pre-qualification box on the Bidder Registration Form. Remember, we offer down payments as low as 4% and there are absolutely no pre-payment penalties on any of our loans.

Ans. You are free to use your own lender…BUT, if you choose to utilize a third-party lender (a lender other than those designated by the sellers) there is no contingency for financing and failure to gain approval within the specified escrow time-frame may result in liquidated damages. We encourage you to utilize the Designated Lenders due to their experience as a large, nationwide company who specializes in helping anyone…from the first-time buyer, to the sophisticated investor.

Ans. The 5% Buyers Premium is used to help the Auction Company promote the auction through multiple mass-media outlets such as Television, Radio and Direct Mail, without having to pass on all those costs to the Seller. It is a standard practice utilized by many major auction companies.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[newcomer]

fat_lazy_union, or anyone who attended the auction, any good deals?

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[jpinpb]

Info I heard:

all sold – at 399K and above

2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K – 500K. There were around 500 people bidding for the 20 condos.
IMO still too much for these places. I’m surprised that people would pay this much. Maybe some are flippers. Should be fun to watch. Maybe by the end of the year we can pick it up for 300k from the bank.

I’ve only been to about 4 auctions in my life and they’ve all been a frenzied mess where people overpay. One auction someone bought something over what the comp was.

REDC made a 5% commission on each unit. They’re the ones making the money. They auctioned La Boheme in North Park and Lucera in UTC. These guys are the ones cleaning house. Wonder what their next target condo sale will be. Anyone think of any distress places not selling?

[Coronita]

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???

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Doofrat]

Thank’s for the updates! Drove by really fast – figured it’d be better to get a speeding ticket than to get pulled in and caught up in the auction hype and end up with buyers remorse 🙂 Saw a limo and a bunch of illegally parked cars so it seemed to be a good turnout. Was it 20 or 32 places that sold?
Looks like we’ll be renting awhile in CV.

[Doofrat]

Thank’s for the updates! Drove by really fast – figured it’d be better to get a speeding ticket than to get pulled in and caught up in the auction hype and end up with buyers remorse 🙂 Saw a limo and a bunch of illegally parked cars so it seemed to be a good turnout. Was it 20 or 32 places that sold?
Looks like we’ll be renting awhile in CV.

[Doofrat]

Thank’s for the updates! Drove by really fast – figured it’d be better to get a speeding ticket than to get pulled in and caught up in the auction hype and end up with buyers remorse 🙂 Saw a limo and a bunch of illegally parked cars so it seemed to be a good turnout. Was it 20 or 32 places that sold?
Looks like we’ll be renting awhile in CV.

[Doofrat]

Thank’s for the updates! Drove by really fast – figured it’d be better to get a speeding ticket than to get pulled in and caught up in the auction hype and end up with buyers remorse 🙂 Saw a limo and a bunch of illegally parked cars so it seemed to be a good turnout. Was it 20 or 32 places that sold?
Looks like we’ll be renting awhile in CV.

[Doofrat]

Thank’s for the updates! Drove by really fast – figured it’d be better to get a speeding ticket than to get pulled in and caught up in the auction hype and end up with buyers remorse 🙂 Saw a limo and a bunch of illegally parked cars so it seemed to be a good turnout. Was it 20 or 32 places that sold?
Looks like we’ll be renting awhile in CV.

[mrwrong]

I have to say that I’m really surprised at this outcome. With the mainstream media turning decidedly bearish on real estate and a recession looming, where are all these people coming from? I just don’t get it. It makes you wonder who is really in denial.

There is no rationality when it comes to real estate.

Mr. Wrong

[jpinpb]

I am a little surprised, b/c as you say, even the media is finally reporting how bad real estate is w/foreclosures and defaults and subprimes, etc. etc. Hard to be in denial when they’re coming around and admitting that it’s bad, w/unemployment on the rise, etc. I mean, you have to live under a rock. But since I’ve been to a few auctions in the past, there is this crazed frenzy and it gets a hold of people when they’re bidding. I’m sure REDC counts on that to help boost the price.

[jpinpb]

I am a little surprised, b/c as you say, even the media is finally reporting how bad real estate is w/foreclosures and defaults and subprimes, etc. etc. Hard to be in denial when they’re coming around and admitting that it’s bad, w/unemployment on the rise, etc. I mean, you have to live under a rock. But since I’ve been to a few auctions in the past, there is this crazed frenzy and it gets a hold of people when they’re bidding. I’m sure REDC counts on that to help boost the price.

[jpinpb]

I am a little surprised, b/c as you say, even the media is finally reporting how bad real estate is w/foreclosures and defaults and subprimes, etc. etc. Hard to be in denial when they’re coming around and admitting that it’s bad, w/unemployment on the rise, etc. I mean, you have to live under a rock. But since I’ve been to a few auctions in the past, there is this crazed frenzy and it gets a hold of people when they’re bidding. I’m sure REDC counts on that to help boost the price.

[jpinpb]

I am a little surprised, b/c as you say, even the media is finally reporting how bad real estate is w/foreclosures and defaults and subprimes, etc. etc. Hard to be in denial when they’re coming around and admitting that it’s bad, w/unemployment on the rise, etc. I mean, you have to live under a rock. But since I’ve been to a few auctions in the past, there is this crazed frenzy and it gets a hold of people when they’re bidding. I’m sure REDC counts on that to help boost the price.

[jpinpb]

I am a little surprised, b/c as you say, even the media is finally reporting how bad real estate is w/foreclosures and defaults and subprimes, etc. etc. Hard to be in denial when they’re coming around and admitting that it’s bad, w/unemployment on the rise, etc. I mean, you have to live under a rock. But since I’ve been to a few auctions in the past, there is this crazed frenzy and it gets a hold of people when they’re bidding. I’m sure REDC counts on that to help boost the price.

[mrwrong]

I have to say that I’m really surprised at this outcome. With the mainstream media turning decidedly bearish on real estate and a recession looming, where are all these people coming from? I just don’t get it. It makes you wonder who is really in denial.

There is no rationality when it comes to real estate.

Mr. Wrong

[mrwrong]

I have to say that I’m really surprised at this outcome. With the mainstream media turning decidedly bearish on real estate and a recession looming, where are all these people coming from? I just don’t get it. It makes you wonder who is really in denial.

There is no rationality when it comes to real estate.

Mr. Wrong

[mrwrong]

I have to say that I’m really surprised at this outcome. With the mainstream media turning decidedly bearish on real estate and a recession looming, where are all these people coming from? I just don’t get it. It makes you wonder who is really in denial.

There is no rationality when it comes to real estate.

Mr. Wrong

[mrwrong]

I have to say that I’m really surprised at this outcome. With the mainstream media turning decidedly bearish on real estate and a recession looming, where are all these people coming from? I just don’t get it. It makes you wonder who is really in denial.

There is no rationality when it comes to real estate.

Mr. Wrong

[Coronita]

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???

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

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???

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

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???

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

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???

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[newcomer]

fat_lazy_union, or anyone who attended the auction, any good deals?

[newcomer]

fat_lazy_union, or anyone who attended the auction, any good deals?

[newcomer]

fat_lazy_union, or anyone who attended the auction, any good deals?

[newcomer]

fat_lazy_union, or anyone who attended the auction, any good deals?

[Coronita]

Thanks for sharing doofrat.

 

Since this in my neck of the woods, I'll be attending.

 

I'm doubt there will truely be any deals though…Checking out the FAQ. It seems like

1) You have no contiengencies, even financing contigency.

2) Auction house adds 5% to final sale price

 curious to see what things end up at though. I'll go and post the results.

 

 

Ans. Yes, yes, yes! We feel that the only way for you to make an informed purchasing decision is to not only visit, view and inspect the property prior to the auction, but to also view all the related property information and disclosure documents. By registering and bidding at the auction, you are certifying and representing that you have not only viewed the property prior to bidding, but have reviewed and accepted all relevant property information and disclosures.
Ans.REDC’s designated lenderwill be offering competitive financing terms "On the Spot". Lender representatives will be available immediately after your winning bid to choose the financing option that's right for you! You can also "Pre-Qualify" here online by checking the pre-qualification box on the Bidder Registration Form. Remember, we offer down payments as low as 4% and there are absolutely no pre-payment penalties on any of our loans.

Ans. You are free to use your own lender…BUT, if you choose to utilize a third-party lender (a lender other than those designated by the sellers) there is no contingency for financing and failure to gain approval within the specified escrow time-frame may result in liquidated damages. We encourage you to utilize the Designated Lenders due to their experience as a large, nationwide company who specializes in helping anyone…from the first-time buyer, to the sophisticated investor.

Ans. The 5% Buyers Premium is used to help the Auction Company promote the auction through multiple mass-media outlets such as Television, Radio and Direct Mail, without having to pass on all those costs to the Seller. It is a standard practice utilized by many major auction companies.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Thanks for sharing doofrat.

 

Since this in my neck of the woods, I'll be attending.

 

I'm doubt there will truely be any deals though…Checking out the FAQ. It seems like

1) You have no contiengencies, even financing contigency.

2) Auction house adds 5% to final sale price

 curious to see what things end up at though. I'll go and post the results.

 

 

Ans. Yes, yes, yes! We feel that the only way for you to make an informed purchasing decision is to not only visit, view and inspect the property prior to the auction, but to also view all the related property information and disclosure documents. By registering and bidding at the auction, you are certifying and representing that you have not only viewed the property prior to bidding, but have reviewed and accepted all relevant property information and disclosures.
Ans.REDC’s designated lenderwill be offering competitive financing terms "On the Spot". Lender representatives will be available immediately after your winning bid to choose the financing option that's right for you! You can also "Pre-Qualify" here online by checking the pre-qualification box on the Bidder Registration Form. Remember, we offer down payments as low as 4% and there are absolutely no pre-payment penalties on any of our loans.

Ans. You are free to use your own lender…BUT, if you choose to utilize a third-party lender (a lender other than those designated by the sellers) there is no contingency for financing and failure to gain approval within the specified escrow time-frame may result in liquidated damages. We encourage you to utilize the Designated Lenders due to their experience as a large, nationwide company who specializes in helping anyone…from the first-time buyer, to the sophisticated investor.

Ans. The 5% Buyers Premium is used to help the Auction Company promote the auction through multiple mass-media outlets such as Television, Radio and Direct Mail, without having to pass on all those costs to the Seller. It is a standard practice utilized by many major auction companies.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Thanks for sharing doofrat.

 

Since this in my neck of the woods, I'll be attending.

 

I'm doubt there will truely be any deals though…Checking out the FAQ. It seems like

1) You have no contiengencies, even financing contigency.

2) Auction house adds 5% to final sale price

 curious to see what things end up at though. I'll go and post the results.

 

 

Ans. Yes, yes, yes! We feel that the only way for you to make an informed purchasing decision is to not only visit, view and inspect the property prior to the auction, but to also view all the related property information and disclosure documents. By registering and bidding at the auction, you are certifying and representing that you have not only viewed the property prior to bidding, but have reviewed and accepted all relevant property information and disclosures.
Ans.REDC’s designated lenderwill be offering competitive financing terms "On the Spot". Lender representatives will be available immediately after your winning bid to choose the financing option that's right for you! You can also "Pre-Qualify" here online by checking the pre-qualification box on the Bidder Registration Form. Remember, we offer down payments as low as 4% and there are absolutely no pre-payment penalties on any of our loans.

Ans. You are free to use your own lender…BUT, if you choose to utilize a third-party lender (a lender other than those designated by the sellers) there is no contingency for financing and failure to gain approval within the specified escrow time-frame may result in liquidated damages. We encourage you to utilize the Designated Lenders due to their experience as a large, nationwide company who specializes in helping anyone…from the first-time buyer, to the sophisticated investor.

Ans. The 5% Buyers Premium is used to help the Auction Company promote the auction through multiple mass-media outlets such as Television, Radio and Direct Mail, without having to pass on all those costs to the Seller. It is a standard practice utilized by many major auction companies.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Thanks for sharing doofrat.

 

Since this in my neck of the woods, I'll be attending.

 

I'm doubt there will truely be any deals though…Checking out the FAQ. It seems like

1) You have no contiengencies, even financing contigency.

2) Auction house adds 5% to final sale price

 curious to see what things end up at though. I'll go and post the results.

 

 

Ans. Yes, yes, yes! We feel that the only way for you to make an informed purchasing decision is to not only visit, view and inspect the property prior to the auction, but to also view all the related property information and disclosure documents. By registering and bidding at the auction, you are certifying and representing that you have not only viewed the property prior to bidding, but have reviewed and accepted all relevant property information and disclosures.
Ans.REDC’s designated lenderwill be offering competitive financing terms "On the Spot". Lender representatives will be available immediately after your winning bid to choose the financing option that's right for you! You can also "Pre-Qualify" here online by checking the pre-qualification box on the Bidder Registration Form. Remember, we offer down payments as low as 4% and there are absolutely no pre-payment penalties on any of our loans.

Ans. You are free to use your own lender…BUT, if you choose to utilize a third-party lender (a lender other than those designated by the sellers) there is no contingency for financing and failure to gain approval within the specified escrow time-frame may result in liquidated damages. We encourage you to utilize the Designated Lenders due to their experience as a large, nationwide company who specializes in helping anyone…from the first-time buyer, to the sophisticated investor.

Ans. The 5% Buyers Premium is used to help the Auction Company promote the auction through multiple mass-media outlets such as Television, Radio and Direct Mail, without having to pass on all those costs to the Seller. It is a standard practice utilized by many major auction companies.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[jpinpb]

I did a little research and I guess DH Horton was the builder of La Boheme, which was auctioned by REDC, the same people auctioning The Heights in CV.
The numbers that I saw, people were picking up property for 25% less than the orig. sales price. Maybe one can pick up something in The Heights for 25% less. Of course La Boheme auction was near the end of 2007 and I think the market has slowed a little more since then, although they are trying to jump start it w/lowering interest rates

[NotCranky]

1) You have no contiengencies, even financing contigency.

Seems like this could tend to depress sales prices by making the pool of buyers smaller.

[NotCranky]

1) You have no contiengencies, even financing contigency.

Seems like this could tend to depress sales prices by making the pool of buyers smaller.

[NotCranky]

1) You have no contiengencies, even financing contigency.

Seems like this could tend to depress sales prices by making the pool of buyers smaller.

[NotCranky]

1) You have no contiengencies, even financing contigency.

Seems like this could tend to depress sales prices by making the pool of buyers smaller.

[NotCranky]

1) You have no contiengencies, even financing contigency.

Seems like this could tend to depress sales prices by making the pool of buyers smaller.

[Raybyrnes]

It will be interesting to test the hypothesis that Normal Heights and Carmel Valley are regionally different so discounts will be different. I would guess that if La Boheme was getting a 25% reduction then The Heights might yield a 10% reduction. I would not think the discounts will be as dramatic. In financial terms I believe the Beta is different in the 2 areas. But this is jsut my 2 cents.

[jpinpb]

I agree that Carmel Valley and North Park are very different areas. But each area attracts a kind of person. There are many people that love North Park for the diversity, city-like feel. Those would not be the people, generally, that like Carmel Valley, safe and – hate to say this – white-bread, generally. Not saying it as an offense to anyone, just generalizing between C.V. and N.P.

Nevertheless, there are buyers looking for deals and probably just as many that would like to live in NP as CV, just different types.

I heard hundreds of people showed up for the auction in NP.

[jpinpb]

I agree that Carmel Valley and North Park are very different areas. But each area attracts a kind of person. There are many people that love North Park for the diversity, city-like feel. Those would not be the people, generally, that like Carmel Valley, safe and – hate to say this – white-bread, generally. Not saying it as an offense to anyone, just generalizing between C.V. and N.P.

Nevertheless, there are buyers looking for deals and probably just as many that would like to live in NP as CV, just different types.

I heard hundreds of people showed up for the auction in NP.

[jpinpb]

I agree that Carmel Valley and North Park are very different areas. But each area attracts a kind of person. There are many people that love North Park for the diversity, city-like feel. Those would not be the people, generally, that like Carmel Valley, safe and – hate to say this – white-bread, generally. Not saying it as an offense to anyone, just generalizing between C.V. and N.P.

Nevertheless, there are buyers looking for deals and probably just as many that would like to live in NP as CV, just different types.

I heard hundreds of people showed up for the auction in NP.

[jpinpb]

I agree that Carmel Valley and North Park are very different areas. But each area attracts a kind of person. There are many people that love North Park for the diversity, city-like feel. Those would not be the people, generally, that like Carmel Valley, safe and – hate to say this – white-bread, generally. Not saying it as an offense to anyone, just generalizing between C.V. and N.P.

Nevertheless, there are buyers looking for deals and probably just as many that would like to live in NP as CV, just different types.

I heard hundreds of people showed up for the auction in NP.

[jpinpb]

I agree that Carmel Valley and North Park are very different areas. But each area attracts a kind of person. There are many people that love North Park for the diversity, city-like feel. Those would not be the people, generally, that like Carmel Valley, safe and – hate to say this – white-bread, generally. Not saying it as an offense to anyone, just generalizing between C.V. and N.P.

Nevertheless, there are buyers looking for deals and probably just as many that would like to live in NP as CV, just different types.

I heard hundreds of people showed up for the auction in NP.

[Raybyrnes]

It will be interesting to test the hypothesis that Normal Heights and Carmel Valley are regionally different so discounts will be different. I would guess that if La Boheme was getting a 25% reduction then The Heights might yield a 10% reduction. I would not think the discounts will be as dramatic. In financial terms I believe the Beta is different in the 2 areas. But this is jsut my 2 cents.

[Raybyrnes]

It will be interesting to test the hypothesis that Normal Heights and Carmel Valley are regionally different so discounts will be different. I would guess that if La Boheme was getting a 25% reduction then The Heights might yield a 10% reduction. I would not think the discounts will be as dramatic. In financial terms I believe the Beta is different in the 2 areas. But this is jsut my 2 cents.

[Raybyrnes]

It will be interesting to test the hypothesis that Normal Heights and Carmel Valley are regionally different so discounts will be different. I would guess that if La Boheme was getting a 25% reduction then The Heights might yield a 10% reduction. I would not think the discounts will be as dramatic. In financial terms I believe the Beta is different in the 2 areas. But this is jsut my 2 cents.

[Raybyrnes]

It will be interesting to test the hypothesis that Normal Heights and Carmel Valley are regionally different so discounts will be different. I would guess that if La Boheme was getting a 25% reduction then The Heights might yield a 10% reduction. I would not think the discounts will be as dramatic. In financial terms I believe the Beta is different in the 2 areas. But this is jsut my 2 cents.

[jpinpb]

I did a little research and I guess DH Horton was the builder of La Boheme, which was auctioned by REDC, the same people auctioning The Heights in CV.
The numbers that I saw, people were picking up property for 25% less than the orig. sales price. Maybe one can pick up something in The Heights for 25% less. Of course La Boheme auction was near the end of 2007 and I think the market has slowed a little more since then, although they are trying to jump start it w/lowering interest rates

[jpinpb]

I did a little research and I guess DH Horton was the builder of La Boheme, which was auctioned by REDC, the same people auctioning The Heights in CV.
The numbers that I saw, people were picking up property for 25% less than the orig. sales price. Maybe one can pick up something in The Heights for 25% less. Of course La Boheme auction was near the end of 2007 and I think the market has slowed a little more since then, although they are trying to jump start it w/lowering interest rates

[jpinpb]

I did a little research and I guess DH Horton was the builder of La Boheme, which was auctioned by REDC, the same people auctioning The Heights in CV.
The numbers that I saw, people were picking up property for 25% less than the orig. sales price. Maybe one can pick up something in The Heights for 25% less. Of course La Boheme auction was near the end of 2007 and I think the market has slowed a little more since then, although they are trying to jump start it w/lowering interest rates

[jpinpb]

I did a little research and I guess DH Horton was the builder of La Boheme, which was auctioned by REDC, the same people auctioning The Heights in CV.
The numbers that I saw, people were picking up property for 25% less than the orig. sales price. Maybe one can pick up something in The Heights for 25% less. Of course La Boheme auction was near the end of 2007 and I think the market has slowed a little more since then, although they are trying to jump start it w/lowering interest rates

[jpinpb]

I used to live in CV about 7 years ago. I’m not so impressed w/The Heights. Just glorified apartments. When they were first selling, I thought the price of $550k upwards were ridiculous. Not a surprise that there is now an auction. More surprising that they’re only auctioning 32.
Some thought the auction of La Boheme was a sales gimmick. REDC has the 5% fee, close to the 6% realtor commission

[jpinpb]

I used to live in CV about 7 years ago. I’m not so impressed w/The Heights. Just glorified apartments. When they were first selling, I thought the price of $550k upwards were ridiculous. Not a surprise that there is now an auction. More surprising that they’re only auctioning 32.
Some thought the auction of La Boheme was a sales gimmick. REDC has the 5% fee, close to the 6% realtor commission

[jpinpb]

I used to live in CV about 7 years ago. I’m not so impressed w/The Heights. Just glorified apartments. When they were first selling, I thought the price of $550k upwards were ridiculous. Not a surprise that there is now an auction. More surprising that they’re only auctioning 32.
Some thought the auction of La Boheme was a sales gimmick. REDC has the 5% fee, close to the 6% realtor commission

[jpinpb]

I used to live in CV about 7 years ago. I’m not so impressed w/The Heights. Just glorified apartments. When they were first selling, I thought the price of $550k upwards were ridiculous. Not a surprise that there is now an auction. More surprising that they’re only auctioning 32.
Some thought the auction of La Boheme was a sales gimmick. REDC has the 5% fee, close to the 6% realtor commission

[jpinpb]

I used to live in CV about 7 years ago. I’m not so impressed w/The Heights. Just glorified apartments. When they were first selling, I thought the price of $550k upwards were ridiculous. Not a surprise that there is now an auction. More surprising that they’re only auctioning 32.
Some thought the auction of La Boheme was a sales gimmick. REDC has the 5% fee, close to the 6% realtor commission

[Coronita]

I'll repeat this too here. There is a minimum reserve bid on each unit. if the final sale price is below the minimum reserve bid,  the  seller reserves the right to cancel the transaction. So  while the $199k  might be the start bid price, it's most likely not the reserve price.  (If you're not familiar with this,  go  bid on something on ebay with a  reserve price).

 

One thing to keep in mind about the Heights, if you're not familiar with this complex.

1)This is a tri-level development, with the second floor being "ground". Stairs to third and first floors.

2) This complex is not disability friendly if you're on the top or bottom floors, as there are no elevators and staircases are sort of narrow and open.

3) There is a mixture of garage parking and covered parking. You might not  be assigned the garage that is right below you.

4) HOA fees: it is extremely possible that the HOA is underfunded.

5) People with kids: I believe the elementary school is Carmel Creek Elementary, which if you care btw, belongs to the Solana Beach School District, not Carmel Valley. Shouldn't make a difference though. Also, you will have access to Carmel Valley Middle School, which is within walking distance. 

it's a pretty nice complex imho, but there are some obvious limitations too. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Sandi Egan]

2 small corrections: the ground floor is the first floor. Normal, 3 story buildings. Some first floors partly consist of garages.
Elementary school is Carmel Del Mar (Del Mar School District).

I agree with the rest of your post .

[Sandi Egan]

2 small corrections: the ground floor is the first floor. Normal, 3 story buildings. Some first floors partly consist of garages.
Elementary school is Carmel Del Mar (Del Mar School District).

I agree with the rest of your post .

[Sandi Egan]

2 small corrections: the ground floor is the first floor. Normal, 3 story buildings. Some first floors partly consist of garages.
Elementary school is Carmel Del Mar (Del Mar School District).

I agree with the rest of your post .

[Sandi Egan]

2 small corrections: the ground floor is the first floor. Normal, 3 story buildings. Some first floors partly consist of garages.
Elementary school is Carmel Del Mar (Del Mar School District).

I agree with the rest of your post .

[Sandi Egan]

2 small corrections: the ground floor is the first floor. Normal, 3 story buildings. Some first floors partly consist of garages.
Elementary school is Carmel Del Mar (Del Mar School District).

I agree with the rest of your post .

[Coronita]

I'll repeat this too here. There is a minimum reserve bid on each unit. if the final sale price is below the minimum reserve bid,  the  seller reserves the right to cancel the transaction. So  while the $199k  might be the start bid price, it's most likely not the reserve price.  (If you're not familiar with this,  go  bid on something on ebay with a  reserve price).

 

One thing to keep in mind about the Heights, if you're not familiar with this complex.

1)This is a tri-level development, with the second floor being "ground". Stairs to third and first floors.

2) This complex is not disability friendly if you're on the top or bottom floors, as there are no elevators and staircases are sort of narrow and open.

3) There is a mixture of garage parking and covered parking. You might not  be assigned the garage that is right below you.

4) HOA fees: it is extremely possible that the HOA is underfunded.

5) People with kids: I believe the elementary school is Carmel Creek Elementary, which if you care btw, belongs to the Solana Beach School District, not Carmel Valley. Shouldn't make a difference though. Also, you will have access to Carmel Valley Middle School, which is within walking distance. 

it's a pretty nice complex imho, but there are some obvious limitations too. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I'll repeat this too here. There is a minimum reserve bid on each unit. if the final sale price is below the minimum reserve bid,  the  seller reserves the right to cancel the transaction. So  while the $199k  might be the start bid price, it's most likely not the reserve price.  (If you're not familiar with this,  go  bid on something on ebay with a  reserve price).

 

One thing to keep in mind about the Heights, if you're not familiar with this complex.

1)This is a tri-level development, with the second floor being "ground". Stairs to third and first floors.

2) This complex is not disability friendly if you're on the top or bottom floors, as there are no elevators and staircases are sort of narrow and open.

3) There is a mixture of garage parking and covered parking. You might not  be assigned the garage that is right below you.

4) HOA fees: it is extremely possible that the HOA is underfunded.

5) People with kids: I believe the elementary school is Carmel Creek Elementary, which if you care btw, belongs to the Solana Beach School District, not Carmel Valley. Shouldn't make a difference though. Also, you will have access to Carmel Valley Middle School, which is within walking distance. 

it's a pretty nice complex imho, but there are some obvious limitations too. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I'll repeat this too here. There is a minimum reserve bid on each unit. if the final sale price is below the minimum reserve bid,  the  seller reserves the right to cancel the transaction. So  while the $199k  might be the start bid price, it's most likely not the reserve price.  (If you're not familiar with this,  go  bid on something on ebay with a  reserve price).

 

One thing to keep in mind about the Heights, if you're not familiar with this complex.

1)This is a tri-level development, with the second floor being "ground". Stairs to third and first floors.

2) This complex is not disability friendly if you're on the top or bottom floors, as there are no elevators and staircases are sort of narrow and open.

3) There is a mixture of garage parking and covered parking. You might not  be assigned the garage that is right below you.

4) HOA fees: it is extremely possible that the HOA is underfunded.

5) People with kids: I believe the elementary school is Carmel Creek Elementary, which if you care btw, belongs to the Solana Beach School District, not Carmel Valley. Shouldn't make a difference though. Also, you will have access to Carmel Valley Middle School, which is within walking distance. 

it's a pretty nice complex imho, but there are some obvious limitations too. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I'll repeat this too here. There is a minimum reserve bid on each unit. if the final sale price is below the minimum reserve bid,  the  seller reserves the right to cancel the transaction. So  while the $199k  might be the start bid price, it's most likely not the reserve price.  (If you're not familiar with this,  go  bid on something on ebay with a  reserve price).

 

One thing to keep in mind about the Heights, if you're not familiar with this complex.

1)This is a tri-level development, with the second floor being "ground". Stairs to third and first floors.

2) This complex is not disability friendly if you're on the top or bottom floors, as there are no elevators and staircases are sort of narrow and open.

3) There is a mixture of garage parking and covered parking. You might not  be assigned the garage that is right below you.

4) HOA fees: it is extremely possible that the HOA is underfunded.

5) People with kids: I believe the elementary school is Carmel Creek Elementary, which if you care btw, belongs to the Solana Beach School District, not Carmel Valley. Shouldn't make a difference though. Also, you will have access to Carmel Valley Middle School, which is within walking distance. 

it's a pretty nice complex imho, but there are some obvious limitations too. 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[jpinpb]

Thank you for mentioning the reserve bid. I was not thinking that any of the units would sell for $199k. That would actually be a real good price if they sold for that. But I imagine that they will probably sell for $350 to 400k. Still steep, but still considerably lower than the 550k upwards that they originally wanted. If their reserve bid is higher than 400k then they can keep them.

I’ve seen the places when they were first for sale. I personally wouldn’t pay more than 300-350k for glorified apartments. But it is in CV. I haven’t researched the area in a while. Prices have gone up considerably since I left 7 years ago and the area has changed so much since the 56 got completed. Not the same place. I lived there from 91 to end of 2000. Was a great community. Now, I think way overpriced, as most places.

[Coronita]

jpinpb,

Actually, relative to 2005, prices in this attached market have started to fallen considerably, more so than the detached markets. And there won't imho be any stimulus to thwart addition price falls in the attached markets. The extra variable about the CV attached market is the unusually large number of inventory, not just from people trying to sell, but from all the developers and condo-converts adding to an already bloated inventory. In the past, some of the condo-converts have been trying to limit sales. It seems like a lot of them have lately started to give the "hail mary" and dump a large set of inventory onto the market. This can't be good for resale. Carmel Pointe, Heights, Analucia, are just three of a couple of apartments that converted. By far, Heights isn't the worst, but it probably converted during the worst time (at the end of the peek).My advice if you are looking in the attached markets would be to wait. But if you are indeed looking, look to these converts to depress other nicer attached units elsewhere in CV.

 

San Diegan, Ok I stand corrected on the school district. Last time I asked, elementary was designated as Carmel Creek, but I guess that one is full. If I remember, some of the buildings had units below ground level.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

jpinpb,

Actually, relative to 2005, prices in this attached market have started to fallen considerably, more so than the detached markets. And there won't imho be any stimulus to thwart addition price falls in the attached markets. The extra variable about the CV attached market is the unusually large number of inventory, not just from people trying to sell, but from all the developers and condo-converts adding to an already bloated inventory. In the past, some of the condo-converts have been trying to limit sales. It seems like a lot of them have lately started to give the "hail mary" and dump a large set of inventory onto the market. This can't be good for resale. Carmel Pointe, Heights, Analucia, are just three of a couple of apartments that converted. By far, Heights isn't the worst, but it probably converted during the worst time (at the end of the peek).My advice if you are looking in the attached markets would be to wait. But if you are indeed looking, look to these converts to depress other nicer attached units elsewhere in CV.

 

San Diegan, Ok I stand corrected on the school district. Last time I asked, elementary was designated as Carmel Creek, but I guess that one is full. If I remember, some of the buildings had units below ground level.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

jpinpb,

Actually, relative to 2005, prices in this attached market have started to fallen considerably, more so than the detached markets. And there won't imho be any stimulus to thwart addition price falls in the attached markets. The extra variable about the CV attached market is the unusually large number of inventory, not just from people trying to sell, but from all the developers and condo-converts adding to an already bloated inventory. In the past, some of the condo-converts have been trying to limit sales. It seems like a lot of them have lately started to give the "hail mary" and dump a large set of inventory onto the market. This can't be good for resale. Carmel Pointe, Heights, Analucia, are just three of a couple of apartments that converted. By far, Heights isn't the worst, but it probably converted during the worst time (at the end of the peek).My advice if you are looking in the attached markets would be to wait. But if you are indeed looking, look to these converts to depress other nicer attached units elsewhere in CV.

 

San Diegan, Ok I stand corrected on the school district. Last time I asked, elementary was designated as Carmel Creek, but I guess that one is full. If I remember, some of the buildings had units below ground level.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

jpinpb,

Actually, relative to 2005, prices in this attached market have started to fallen considerably, more so than the detached markets. And there won't imho be any stimulus to thwart addition price falls in the attached markets. The extra variable about the CV attached market is the unusually large number of inventory, not just from people trying to sell, but from all the developers and condo-converts adding to an already bloated inventory. In the past, some of the condo-converts have been trying to limit sales. It seems like a lot of them have lately started to give the "hail mary" and dump a large set of inventory onto the market. This can't be good for resale. Carmel Pointe, Heights, Analucia, are just three of a couple of apartments that converted. By far, Heights isn't the worst, but it probably converted during the worst time (at the end of the peek).My advice if you are looking in the attached markets would be to wait. But if you are indeed looking, look to these converts to depress other nicer attached units elsewhere in CV.

 

San Diegan, Ok I stand corrected on the school district. Last time I asked, elementary was designated as Carmel Creek, but I guess that one is full. If I remember, some of the buildings had units below ground level.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

jpinpb,

Actually, relative to 2005, prices in this attached market have started to fallen considerably, more so than the detached markets. And there won't imho be any stimulus to thwart addition price falls in the attached markets. The extra variable about the CV attached market is the unusually large number of inventory, not just from people trying to sell, but from all the developers and condo-converts adding to an already bloated inventory. In the past, some of the condo-converts have been trying to limit sales. It seems like a lot of them have lately started to give the "hail mary" and dump a large set of inventory onto the market. This can't be good for resale. Carmel Pointe, Heights, Analucia, are just three of a couple of apartments that converted. By far, Heights isn't the worst, but it probably converted during the worst time (at the end of the peek).My advice if you are looking in the attached markets would be to wait. But if you are indeed looking, look to these converts to depress other nicer attached units elsewhere in CV.

 

San Diegan, Ok I stand corrected on the school district. Last time I asked, elementary was designated as Carmel Creek, but I guess that one is full. If I remember, some of the buildings had units below ground level.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[jpinpb]

Thank you for mentioning the reserve bid. I was not thinking that any of the units would sell for $199k. That would actually be a real good price if they sold for that. But I imagine that they will probably sell for $350 to 400k. Still steep, but still considerably lower than the 550k upwards that they originally wanted. If their reserve bid is higher than 400k then they can keep them.

I’ve seen the places when they were first for sale. I personally wouldn’t pay more than 300-350k for glorified apartments. But it is in CV. I haven’t researched the area in a while. Prices have gone up considerably since I left 7 years ago and the area has changed so much since the 56 got completed. Not the same place. I lived there from 91 to end of 2000. Was a great community. Now, I think way overpriced, as most places.

[jpinpb]

Thank you for mentioning the reserve bid. I was not thinking that any of the units would sell for $199k. That would actually be a real good price if they sold for that. But I imagine that they will probably sell for $350 to 400k. Still steep, but still considerably lower than the 550k upwards that they originally wanted. If their reserve bid is higher than 400k then they can keep them.

I’ve seen the places when they were first for sale. I personally wouldn’t pay more than 300-350k for glorified apartments. But it is in CV. I haven’t researched the area in a while. Prices have gone up considerably since I left 7 years ago and the area has changed so much since the 56 got completed. Not the same place. I lived there from 91 to end of 2000. Was a great community. Now, I think way overpriced, as most places.

[jpinpb]

Thank you for mentioning the reserve bid. I was not thinking that any of the units would sell for $199k. That would actually be a real good price if they sold for that. But I imagine that they will probably sell for $350 to 400k. Still steep, but still considerably lower than the 550k upwards that they originally wanted. If their reserve bid is higher than 400k then they can keep them.

I’ve seen the places when they were first for sale. I personally wouldn’t pay more than 300-350k for glorified apartments. But it is in CV. I haven’t researched the area in a while. Prices have gone up considerably since I left 7 years ago and the area has changed so much since the 56 got completed. Not the same place. I lived there from 91 to end of 2000. Was a great community. Now, I think way overpriced, as most places.

[jpinpb]

Thank you for mentioning the reserve bid. I was not thinking that any of the units would sell for $199k. That would actually be a real good price if they sold for that. But I imagine that they will probably sell for $350 to 400k. Still steep, but still considerably lower than the 550k upwards that they originally wanted. If their reserve bid is higher than 400k then they can keep them.

I’ve seen the places when they were first for sale. I personally wouldn’t pay more than 300-350k for glorified apartments. But it is in CV. I haven’t researched the area in a while. Prices have gone up considerably since I left 7 years ago and the area has changed so much since the 56 got completed. Not the same place. I lived there from 91 to end of 2000. Was a great community. Now, I think way overpriced, as most places.

[Coronita]

I found this  thing interesting btw:

http://sandiego.houserebate.com/search/homeview.asp?id=1673795&p3=-1&ix=42

 

MLS# 071073254 

$400,000 3887 PELL PL 134 2/2

But if you read the comments section

Sellers w/entertain offers between $349, 9K-$399 K, Short sale, Only 1 year old! 9-foot ceilings, hardwood flooring in LR/DR/Kitchen slab granite counters, stainless steel appliances, underground garage, Gated project, exercise room, 2miles 2the beach, by shopping center, library, bookstore, ball fields /pool/tennis next door

originally listed $479k.  But seller entertains $350k? Ouch. Doubt the short sale will go through.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I found this  thing interesting btw:

http://sandiego.houserebate.com/search/homeview.asp?id=1673795&p3=-1&ix=42

 

MLS# 071073254 

$400,000 3887 PELL PL 134 2/2

But if you read the comments section

Sellers w/entertain offers between $349, 9K-$399 K, Short sale, Only 1 year old! 9-foot ceilings, hardwood flooring in LR/DR/Kitchen slab granite counters, stainless steel appliances, underground garage, Gated project, exercise room, 2miles 2the beach, by shopping center, library, bookstore, ball fields /pool/tennis next door

originally listed $479k.  But seller entertains $350k? Ouch. Doubt the short sale will go through.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I found this  thing interesting btw:

http://sandiego.houserebate.com/search/homeview.asp?id=1673795&p3=-1&ix=42

 

MLS# 071073254 

$400,000 3887 PELL PL 134 2/2

But if you read the comments section

Sellers w/entertain offers between $349, 9K-$399 K, Short sale, Only 1 year old! 9-foot ceilings, hardwood flooring in LR/DR/Kitchen slab granite counters, stainless steel appliances, underground garage, Gated project, exercise room, 2miles 2the beach, by shopping center, library, bookstore, ball fields /pool/tennis next door

originally listed $479k.  But seller entertains $350k? Ouch. Doubt the short sale will go through.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I found this  thing interesting btw:

http://sandiego.houserebate.com/search/homeview.asp?id=1673795&p3=-1&ix=42

 

MLS# 071073254 

$400,000 3887 PELL PL 134 2/2

But if you read the comments section

Sellers w/entertain offers between $349, 9K-$399 K, Short sale, Only 1 year old! 9-foot ceilings, hardwood flooring in LR/DR/Kitchen slab granite counters, stainless steel appliances, underground garage, Gated project, exercise room, 2miles 2the beach, by shopping center, library, bookstore, ball fields /pool/tennis next door

originally listed $479k.  But seller entertains $350k? Ouch. Doubt the short sale will go through.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I found this  thing interesting btw:

http://sandiego.houserebate.com/search/homeview.asp?id=1673795&p3=-1&ix=42

 

MLS# 071073254 

$400,000 3887 PELL PL 134 2/2

But if you read the comments section

Sellers w/entertain offers between $349, 9K-$399 K, Short sale, Only 1 year old! 9-foot ceilings, hardwood flooring in LR/DR/Kitchen slab granite counters, stainless steel appliances, underground garage, Gated project, exercise room, 2miles 2the beach, by shopping center, library, bookstore, ball fields /pool/tennis next door

originally listed $479k.  But seller entertains $350k? Ouch. Doubt the short sale will go through.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[jpinpb]

Thank you for the input and advise. I thought that this auction would probably bring down the comps in CV.

[Sandi Egan]

this auction would probably bring down the comps in CV.
I hope you’re right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

[Coronita]

I hope you're right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

 

I don't think that is true. Condos in CV have fallen much more percentage than SFH. Per peak prices, a 3/3 townhome was about $620k. A good portion of them are in the 500's, which why still ridiculous , is significant. I don't think SFH in CV have seen as much of this hit yet across the board. They have come down, but I haven't seen 20% across the board. Maybe here and there on some of the less desirable properties, but not across the board. Attached markets though are looking pretty grim. Look at all the sellers in the attached townhome "Pell Place". When these first started selling ,there were wait lists after wait lists. Now look at how many are active. There are currently 19 active listings in PELL Place alone (at least the ones with Pell Place as an address). That's a lot of inventory.

 

Edit:

So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I'm wrong)

A good portion CV attached homes are at mid to end of 2003 prices.

A good portion of CV detached homjes are close to beginning ot 2004 prices.

Outlyers and exceptions apply, but in general.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Sandi Egan]

You’re right, FLU.
I had an impression condos are doing better because many of them still float around $400/sqft while you can find SFRs for about $320/sqft. Not very large ones either.

[Sandi Egan]

You’re right, FLU.
I had an impression condos are doing better because many of them still float around $400/sqft while you can find SFRs for about $320/sqft. Not very large ones either.

[Sandi Egan]

You’re right, FLU.
I had an impression condos are doing better because many of them still float around $400/sqft while you can find SFRs for about $320/sqft. Not very large ones either.

[Sandi Egan]

You’re right, FLU.
I had an impression condos are doing better because many of them still float around $400/sqft while you can find SFRs for about $320/sqft. Not very large ones either.

[Sandi Egan]

You’re right, FLU.
I had an impression condos are doing better because many of them still float around $400/sqft while you can find SFRs for about $320/sqft. Not very large ones either.

[NotCranky]

FLU

“So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I’m wrong)

A good portion CV attached homes are at mid to end of 2003 prices.”

This is what it looks like to me. Your detached market has pretty much leveled with sometime in 2004. Anyway the median is for 2007 is now under that for 2004. It looks like you have a way to go to get back to any 2003 time frame, broadly speaking.

Attached median:
2000-274
2001-305
2002-350
2003- Jan through June 390k entire year 401k
4th qtr 420K
2004-520
2005-545
2006-480
2007-491

I know we don’t go crazy for the median but I looked at a sampling of individual model matches ,very un-scientifically and it works out too. It doesn’t seem like the inventory mix on condos would be affecting the median too much. I did some 2004&2003 model/price matches or near matches. 2003 and earlier prices will really be significant.

As far as distress. It is a tough call. Obviously some of the indicators are there . You have the auction, short sales and REO’s adding up. People selling who bought 1-2 years ago is not normal. The strongest indicator IMO is when you see several model match listings in same complex with really erratic pricing especially if the low price lead is an REO. I think I see a little of that on Pell if I squint hard but not nearly as much as was happening in complexes, say in El Cajon, that have imploded.Maybe a few months down the road.

Best case scenario, if you want to see those prices fall drastically in your neck of the woods, would be that it is at or nearing the proverbial “tipping” point. Like many have said, maybe there would have to be more of a catalyst due to the current financial strength or the owners.

EDIT: One day I think I will really learn what that thing Bugs says means, “prices are set at the margins” and throw out the idea that the current owners means and resolve will determine future prices.

Here is attached volume:
2000-399
2001-298
2002-365
2003-394
2004-328
2005-300
2006-240
2007-329

You might want to compare historical appreciation and subsequent depreciation on detached to see how attached and detached for CV compare on a percentage basis instead of a calendar basis.

[NotCranky]

FLU

“So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I’m wrong)

A good portion CV attached homes are at mid to end of 2003 prices.”

This is what it looks like to me. Your detached market has pretty much leveled with sometime in 2004. Anyway the median is for 2007 is now under that for 2004. It looks like you have a way to go to get back to any 2003 time frame, broadly speaking.

Attached median:
2000-274
2001-305
2002-350
2003- Jan through June 390k entire year 401k
4th qtr 420K
2004-520
2005-545
2006-480
2007-491

I know we don’t go crazy for the median but I looked at a sampling of individual model matches ,very un-scientifically and it works out too. It doesn’t seem like the inventory mix on condos would be affecting the median too much. I did some 2004&2003 model/price matches or near matches. 2003 and earlier prices will really be significant.

As far as distress. It is a tough call. Obviously some of the indicators are there . You have the auction, short sales and REO’s adding up. People selling who bought 1-2 years ago is not normal. The strongest indicator IMO is when you see several model match listings in same complex with really erratic pricing especially if the low price lead is an REO. I think I see a little of that on Pell if I squint hard but not nearly as much as was happening in complexes, say in El Cajon, that have imploded.Maybe a few months down the road.

Best case scenario, if you want to see those prices fall drastically in your neck of the woods, would be that it is at or nearing the proverbial “tipping” point. Like many have said, maybe there would have to be more of a catalyst due to the current financial strength or the owners.

EDIT: One day I think I will really learn what that thing Bugs says means, “prices are set at the margins” and throw out the idea that the current owners means and resolve will determine future prices.

Here is attached volume:
2000-399
2001-298
2002-365
2003-394
2004-328
2005-300
2006-240
2007-329

You might want to compare historical appreciation and subsequent depreciation on detached to see how attached and detached for CV compare on a percentage basis instead of a calendar basis.

[NotCranky]

FLU

“So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I’m wrong)

A good portion CV attached homes are at mid to end of 2003 prices.”

This is what it looks like to me. Your detached market has pretty much leveled with sometime in 2004. Anyway the median is for 2007 is now under that for 2004. It looks like you have a way to go to get back to any 2003 time frame, broadly speaking.

Attached median:
2000-274
2001-305
2002-350
2003- Jan through June 390k entire year 401k
4th qtr 420K
2004-520
2005-545
2006-480
2007-491

I know we don’t go crazy for the median but I looked at a sampling of individual model matches ,very un-scientifically and it works out too. It doesn’t seem like the inventory mix on condos would be affecting the median too much. I did some 2004&2003 model/price matches or near matches. 2003 and earlier prices will really be significant.

As far as distress. It is a tough call. Obviously some of the indicators are there . You have the auction, short sales and REO’s adding up. People selling who bought 1-2 years ago is not normal. The strongest indicator IMO is when you see several model match listings in same complex with really erratic pricing especially if the low price lead is an REO. I think I see a little of that on Pell if I squint hard but not nearly as much as was happening in complexes, say in El Cajon, that have imploded.Maybe a few months down the road.

Best case scenario, if you want to see those prices fall drastically in your neck of the woods, would be that it is at or nearing the proverbial “tipping” point. Like many have said, maybe there would have to be more of a catalyst due to the current financial strength or the owners.

EDIT: One day I think I will really learn what that thing Bugs says means, “prices are set at the margins” and throw out the idea that the current owners means and resolve will determine future prices.

Here is attached volume:
2000-399
2001-298
2002-365
2003-394
2004-328
2005-300
2006-240
2007-329

You might want to compare historical appreciation and subsequent depreciation on detached to see how attached and detached for CV compare on a percentage basis instead of a calendar basis.

[NotCranky]

FLU

“So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I’m wrong)

A good portion CV attached homes are at mid to end of 2003 prices.”

This is what it looks like to me. Your detached market has pretty much leveled with sometime in 2004. Anyway the median is for 2007 is now under that for 2004. It looks like you have a way to go to get back to any 2003 time frame, broadly speaking.

Attached median:
2000-274
2001-305
2002-350
2003- Jan through June 390k entire year 401k
4th qtr 420K
2004-520
2005-545
2006-480
2007-491

I know we don’t go crazy for the median but I looked at a sampling of individual model matches ,very un-scientifically and it works out too. It doesn’t seem like the inventory mix on condos would be affecting the median too much. I did some 2004&2003 model/price matches or near matches. 2003 and earlier prices will really be significant.

As far as distress. It is a tough call. Obviously some of the indicators are there . You have the auction, short sales and REO’s adding up. People selling who bought 1-2 years ago is not normal. The strongest indicator IMO is when you see several model match listings in same complex with really erratic pricing especially if the low price lead is an REO. I think I see a little of that on Pell if I squint hard but not nearly as much as was happening in complexes, say in El Cajon, that have imploded.Maybe a few months down the road.

Best case scenario, if you want to see those prices fall drastically in your neck of the woods, would be that it is at or nearing the proverbial “tipping” point. Like many have said, maybe there would have to be more of a catalyst due to the current financial strength or the owners.

EDIT: One day I think I will really learn what that thing Bugs says means, “prices are set at the margins” and throw out the idea that the current owners means and resolve will determine future prices.

Here is attached volume:
2000-399
2001-298
2002-365
2003-394
2004-328
2005-300
2006-240
2007-329

You might want to compare historical appreciation and subsequent depreciation on detached to see how attached and detached for CV compare on a percentage basis instead of a calendar basis.

[NotCranky]

FLU

“So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I’m wrong)

A good portion CV attached homes are at mid to end of 2003 prices.”

This is what it looks like to me. Your detached market has pretty much leveled with sometime in 2004. Anyway the median is for 2007 is now under that for 2004. It looks like you have a way to go to get back to any 2003 time frame, broadly speaking.

Attached median:
2000-274
2001-305
2002-350
2003- Jan through June 390k entire year 401k
4th qtr 420K
2004-520
2005-545
2006-480
2007-491

I know we don’t go crazy for the median but I looked at a sampling of individual model matches ,very un-scientifically and it works out too. It doesn’t seem like the inventory mix on condos would be affecting the median too much. I did some 2004&2003 model/price matches or near matches. 2003 and earlier prices will really be significant.

As far as distress. It is a tough call. Obviously some of the indicators are there . You have the auction, short sales and REO’s adding up. People selling who bought 1-2 years ago is not normal. The strongest indicator IMO is when you see several model match listings in same complex with really erratic pricing especially if the low price lead is an REO. I think I see a little of that on Pell if I squint hard but not nearly as much as was happening in complexes, say in El Cajon, that have imploded.Maybe a few months down the road.

Best case scenario, if you want to see those prices fall drastically in your neck of the woods, would be that it is at or nearing the proverbial “tipping” point. Like many have said, maybe there would have to be more of a catalyst due to the current financial strength or the owners.

EDIT: One day I think I will really learn what that thing Bugs says means, “prices are set at the margins” and throw out the idea that the current owners means and resolve will determine future prices.

Here is attached volume:
2000-399
2001-298
2002-365
2003-394
2004-328
2005-300
2006-240
2007-329

You might want to compare historical appreciation and subsequent depreciation on detached to see how attached and detached for CV compare on a percentage basis instead of a calendar basis.

[Coronita]

I hope you're right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

 

I don't think that is true. Condos in CV have fallen much more percentage than SFH. Per peak prices, a 3/3 townhome was about $620k. A good portion of them are in the 500's, which why still ridiculous , is significant. I don't think SFH in CV have seen as much of this hit yet across the board. They have come down, but I haven't seen 20% across the board. Maybe here and there on some of the less desirable properties, but not across the board. Attached markets though are looking pretty grim. Look at all the sellers in the attached townhome "Pell Place". When these first started selling ,there were wait lists after wait lists. Now look at how many are active. There are currently 19 active listings in PELL Place alone (at least the ones with Pell Place as an address). That's a lot of inventory.

 

Edit:

So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I'm wrong)

A good portion CV attached homes are at mid to end of 2003 prices.

A good portion of CV detached homjes are close to beginning ot 2004 prices.

Outlyers and exceptions apply, but in general.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I hope you're right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

 

I don't think that is true. Condos in CV have fallen much more percentage than SFH. Per peak prices, a 3/3 townhome was about $620k. A good portion of them are in the 500's, which why still ridiculous , is significant. I don't think SFH in CV have seen as much of this hit yet across the board. They have come down, but I haven't seen 20% across the board. Maybe here and there on some of the less desirable properties, but not across the board. Attached markets though are looking pretty grim. Look at all the sellers in the attached townhome "Pell Place". When these first started selling ,there were wait lists after wait lists. Now look at how many are active. There are currently 19 active listings in PELL Place alone (at least the ones with Pell Place as an address). That's a lot of inventory.

 

Edit:

So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I'm wrong)

A good portion CV attached homes are at mid to end of 2003 prices.

A good portion of CV detached homjes are close to beginning ot 2004 prices.

Outlyers and exceptions apply, but in general.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I hope you're right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

 

I don't think that is true. Condos in CV have fallen much more percentage than SFH. Per peak prices, a 3/3 townhome was about $620k. A good portion of them are in the 500's, which why still ridiculous , is significant. I don't think SFH in CV have seen as much of this hit yet across the board. They have come down, but I haven't seen 20% across the board. Maybe here and there on some of the less desirable properties, but not across the board. Attached markets though are looking pretty grim. Look at all the sellers in the attached townhome "Pell Place". When these first started selling ,there were wait lists after wait lists. Now look at how many are active. There are currently 19 active listings in PELL Place alone (at least the ones with Pell Place as an address). That's a lot of inventory.

 

Edit:

So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I'm wrong)

A good portion CV attached homes are at mid to end of 2003 prices.

A good portion of CV detached homjes are close to beginning ot 2004 prices.

Outlyers and exceptions apply, but in general.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I hope you're right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

 

I don't think that is true. Condos in CV have fallen much more percentage than SFH. Per peak prices, a 3/3 townhome was about $620k. A good portion of them are in the 500's, which why still ridiculous , is significant. I don't think SFH in CV have seen as much of this hit yet across the board. They have come down, but I haven't seen 20% across the board. Maybe here and there on some of the less desirable properties, but not across the board. Attached markets though are looking pretty grim. Look at all the sellers in the attached townhome "Pell Place". When these first started selling ,there were wait lists after wait lists. Now look at how many are active. There are currently 19 active listings in PELL Place alone (at least the ones with Pell Place as an address). That's a lot of inventory.

 

Edit:

So peering over some comps that I collected throughout the year. I would say (and realtors correct me if I'm wrong)

A good portion CV attached homes are at mid to end of 2003 prices.

A good portion of CV detached homjes are close to beginning ot 2004 prices.

Outlyers and exceptions apply, but in general.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Sandi Egan]

this auction would probably bring down the comps in CV.
I hope you’re right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

[Sandi Egan]

this auction would probably bring down the comps in CV.
I hope you’re right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

[Sandi Egan]

this auction would probably bring down the comps in CV.
I hope you’re right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

[Sandi Egan]

this auction would probably bring down the comps in CV.
I hope you’re right. Condo prices in CV are beyond ridiculous. I always thought condos should loose their price first, but it seems they are holding better than SFRs in CV.

[jpinpb]

Thank you for the input and advise. I thought that this auction would probably bring down the comps in CV.

[jpinpb]

Thank you for the input and advise. I thought that this auction would probably bring down the comps in CV.

[jpinpb]

Thank you for the input and advise. I thought that this auction would probably bring down the comps in CV.

[jpinpb]

Thank you for the input and advise. I thought that this auction would probably bring down the comps in CV.

[jpinpb]

Pell Place Trust Deed Sale.
This is public information, if you do the research. I’m passing it along in case it is of interest to anyone:

Loan File No: 899545
Date Recorded: 10/11/07
File No: 0654700
Trustee No: 20070156200508
Loan Date: 12/19/06
Loan No:
Trustee : NDEx West 714/573-1965
Beneficary : CitiMortgage c/o 15000 Surveyor Blvd #500, Addison, TX 75001
Original Loan : $384,000.00
Default In.. : P&I 07/01/2007
Reinstate Date: 10/10/07
Reinstate Amount: $12,482.00
Land Value: $290,206.00
Improvment Value: $189,794.00
Parcle No: 307-430-21-63
Legal Code: Us334per Doc05-652237&und Int In Por Lots4&8&a&all Lot 7
Site Address: 3887 Pell Pl 334, San Diego Ca 92130-4153
Sale Date: 02/04/08
Sale Time: 10:00 am
Sale Location: by the statue at entr E Cty Regional Ctr,250 E Main,El Cajon
TMap: 1188-a6
Deed No: 12/19/2006 899543
SqFt: 1020
No Bedrooms: 2.0
No Baths: 2.0
Zone: R-1
Year Built: 2006

Name: Mr Neda Sharififarshad
Address: 3887 Pell Pl Unit 334 San Diego Ca 92130
Phone: 858/523-1033

[jpinpb]

Pell Place Trust Deed Sale.
This is public information, if you do the research. I’m passing it along in case it is of interest to anyone:

Loan File No: 899545
Date Recorded: 10/11/07
File No: 0654700
Trustee No: 20070156200508
Loan Date: 12/19/06
Loan No:
Trustee : NDEx West 714/573-1965
Beneficary : CitiMortgage c/o 15000 Surveyor Blvd #500, Addison, TX 75001
Original Loan : $384,000.00
Default In.. : P&I 07/01/2007
Reinstate Date: 10/10/07
Reinstate Amount: $12,482.00
Land Value: $290,206.00
Improvment Value: $189,794.00
Parcle No: 307-430-21-63
Legal Code: Us334per Doc05-652237&und Int In Por Lots4&8&a&all Lot 7
Site Address: 3887 Pell Pl 334, San Diego Ca 92130-4153
Sale Date: 02/04/08
Sale Time: 10:00 am
Sale Location: by the statue at entr E Cty Regional Ctr,250 E Main,El Cajon
TMap: 1188-a6
Deed No: 12/19/2006 899543
SqFt: 1020
No Bedrooms: 2.0
No Baths: 2.0
Zone: R-1
Year Built: 2006

Name: Mr Neda Sharififarshad
Address: 3887 Pell Pl Unit 334 San Diego Ca 92130
Phone: 858/523-1033

[jpinpb]

Pell Place Trust Deed Sale.
This is public information, if you do the research. I’m passing it along in case it is of interest to anyone:

Loan File No: 899545
Date Recorded: 10/11/07
File No: 0654700
Trustee No: 20070156200508
Loan Date: 12/19/06
Loan No:
Trustee : NDEx West 714/573-1965
Beneficary : CitiMortgage c/o 15000 Surveyor Blvd #500, Addison, TX 75001
Original Loan : $384,000.00
Default In.. : P&I 07/01/2007
Reinstate Date: 10/10/07
Reinstate Amount: $12,482.00
Land Value: $290,206.00
Improvment Value: $189,794.00
Parcle No: 307-430-21-63
Legal Code: Us334per Doc05-652237&und Int In Por Lots4&8&a&all Lot 7
Site Address: 3887 Pell Pl 334, San Diego Ca 92130-4153
Sale Date: 02/04/08
Sale Time: 10:00 am
Sale Location: by the statue at entr E Cty Regional Ctr,250 E Main,El Cajon
TMap: 1188-a6
Deed No: 12/19/2006 899543
SqFt: 1020
No Bedrooms: 2.0
No Baths: 2.0
Zone: R-1
Year Built: 2006

Name: Mr Neda Sharififarshad
Address: 3887 Pell Pl Unit 334 San Diego Ca 92130
Phone: 858/523-1033

[jpinpb]

Pell Place Trust Deed Sale.
This is public information, if you do the research. I’m passing it along in case it is of interest to anyone:

Loan File No: 899545
Date Recorded: 10/11/07
File No: 0654700
Trustee No: 20070156200508
Loan Date: 12/19/06
Loan No:
Trustee : NDEx West 714/573-1965
Beneficary : CitiMortgage c/o 15000 Surveyor Blvd #500, Addison, TX 75001
Original Loan : $384,000.00
Default In.. : P&I 07/01/2007
Reinstate Date: 10/10/07
Reinstate Amount: $12,482.00
Land Value: $290,206.00
Improvment Value: $189,794.00
Parcle No: 307-430-21-63
Legal Code: Us334per Doc05-652237&und Int In Por Lots4&8&a&all Lot 7
Site Address: 3887 Pell Pl 334, San Diego Ca 92130-4153
Sale Date: 02/04/08
Sale Time: 10:00 am
Sale Location: by the statue at entr E Cty Regional Ctr,250 E Main,El Cajon
TMap: 1188-a6
Deed No: 12/19/2006 899543
SqFt: 1020
No Bedrooms: 2.0
No Baths: 2.0
Zone: R-1
Year Built: 2006

Name: Mr Neda Sharififarshad
Address: 3887 Pell Pl Unit 334 San Diego Ca 92130
Phone: 858/523-1033

[jpinpb]

Pell Place Trust Deed Sale.
This is public information, if you do the research. I’m passing it along in case it is of interest to anyone:

Loan File No: 899545
Date Recorded: 10/11/07
File No: 0654700
Trustee No: 20070156200508
Loan Date: 12/19/06
Loan No:
Trustee : NDEx West 714/573-1965
Beneficary : CitiMortgage c/o 15000 Surveyor Blvd #500, Addison, TX 75001
Original Loan : $384,000.00
Default In.. : P&I 07/01/2007
Reinstate Date: 10/10/07
Reinstate Amount: $12,482.00
Land Value: $290,206.00
Improvment Value: $189,794.00
Parcle No: 307-430-21-63
Legal Code: Us334per Doc05-652237&und Int In Por Lots4&8&a&all Lot 7
Site Address: 3887 Pell Pl 334, San Diego Ca 92130-4153
Sale Date: 02/04/08
Sale Time: 10:00 am
Sale Location: by the statue at entr E Cty Regional Ctr,250 E Main,El Cajon
TMap: 1188-a6
Deed No: 12/19/2006 899543
SqFt: 1020
No Bedrooms: 2.0
No Baths: 2.0
Zone: R-1
Year Built: 2006

Name: Mr Neda Sharififarshad
Address: 3887 Pell Pl Unit 334 San Diego Ca 92130
Phone: 858/523-1033

[Coronita]

Folks. I have an interesting update. Again, I'm hearing this second hand because I didn't attend the entire auction. But folks that I talked to that stayed to the end found out the following thing peculiar.

 

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder's failed ID checks, and so there they ended up in the second highest bidder.

Second, in the auctions, it appears the prices quicly shot up to in the first few seconds of opening bid. So…

 

A few of us were just speculating. What if all the bidders weren't real buyers, but in fact people that either worked for the auction house and/or the Heights? I mean, the concept would be no different from say an ebay seller that also doubles up as a buyer and bids up the price of his/her own auction.

Anyway, I don't have proof, and perhaps this is more conspiracy theory-ish. But it just seemed unusual that the auction prices shot up so quickly, and then a some of the auctions failed to close to the highest bidder because out of all things, the ID of the bidder didn't match what was one file.

I was also told a fire marshal came in and say there isn't enough room for everyone and that non-serious bidders should leave, but I missed that.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[TheBreeze]

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder’s failed ID checks, and so there they ended up in the second highest bidder.

Interesting. Hey, we all know that many buyers during the bubble fraudulently misstated their income. It wouldn’t surprise me if there was fraud in these auctions as well.

This is one of the reasons I wouldn’t consider buying a house today even if I wanted to: Too much fraud still in the system.

[Coronita]

I'm going to snoop around to see what other things I can find out. Apparently, a lot more people that I know who I thought wouldn't have attended did.. I'd be curious to see what their perspective was too.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[patientlywaiting]

Read the fine print. The autioneer is allowed to have people bit up the prices and bid against you. Plus even if you win the bid, the seller is not obligated to sell.

Watch the MLS next month. I’m willing to bet that there’ll be listings of the condos that “fell out of escrow.”

Same thing happened with the other REDC autions.

[Coronita]

Watch the MLS next month. I'm willing to bet that there'll be listings of the condos that "fell out of escrow."

Snapshotting all auction units listed on their site now.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[SD Realtor]

FLU post em in 45 days and I will post the sales price.

SD Realtor

[socrattt]

Not sure if you guys know who is behind these auctions, but it is one of the most corrupt auction firms in the business as far as I am concerned. They are the same auction company that sends out mass fliers every few months and holds land auctions to sell parcels, many parcels that are not buildable or accessible. I went to one of these auctions about 5 years ago and someone who had been doing business with them showed me a few secrets to the air bids they are so gifted at throwing out.

At one point they were picking up lots at tax auctions for $500 and selling the lots for $20K+. That sounds a bit unethical if you ask me (In the sense that most of these people had no clue what they were buying).

Hopefully this company has cleaned up their act a bit, but by the looks of their terms and conditions it doesn’t look that way. I would be suprised to see 20% of these condos closing escrow.

I’m no genius, but it doesn’t take one to figure out the simple system of “Price them right and they will sell!!!”

[socrattt]

Not sure if you guys know who is behind these auctions, but it is one of the most corrupt auction firms in the business as far as I am concerned. They are the same auction company that sends out mass fliers every few months and holds land auctions to sell parcels, many parcels that are not buildable or accessible. I went to one of these auctions about 5 years ago and someone who had been doing business with them showed me a few secrets to the air bids they are so gifted at throwing out.

At one point they were picking up lots at tax auctions for $500 and selling the lots for $20K+. That sounds a bit unethical if you ask me (In the sense that most of these people had no clue what they were buying).

Hopefully this company has cleaned up their act a bit, but by the looks of their terms and conditions it doesn’t look that way. I would be suprised to see 20% of these condos closing escrow.

I’m no genius, but it doesn’t take one to figure out the simple system of “Price them right and they will sell!!!”

[socrattt]

Not sure if you guys know who is behind these auctions, but it is one of the most corrupt auction firms in the business as far as I am concerned. They are the same auction company that sends out mass fliers every few months and holds land auctions to sell parcels, many parcels that are not buildable or accessible. I went to one of these auctions about 5 years ago and someone who had been doing business with them showed me a few secrets to the air bids they are so gifted at throwing out.

At one point they were picking up lots at tax auctions for $500 and selling the lots for $20K+. That sounds a bit unethical if you ask me (In the sense that most of these people had no clue what they were buying).

Hopefully this company has cleaned up their act a bit, but by the looks of their terms and conditions it doesn’t look that way. I would be suprised to see 20% of these condos closing escrow.

I’m no genius, but it doesn’t take one to figure out the simple system of “Price them right and they will sell!!!”

[socrattt]

Not sure if you guys know who is behind these auctions, but it is one of the most corrupt auction firms in the business as far as I am concerned. They are the same auction company that sends out mass fliers every few months and holds land auctions to sell parcels, many parcels that are not buildable or accessible. I went to one of these auctions about 5 years ago and someone who had been doing business with them showed me a few secrets to the air bids they are so gifted at throwing out.

At one point they were picking up lots at tax auctions for $500 and selling the lots for $20K+. That sounds a bit unethical if you ask me (In the sense that most of these people had no clue what they were buying).

Hopefully this company has cleaned up their act a bit, but by the looks of their terms and conditions it doesn’t look that way. I would be suprised to see 20% of these condos closing escrow.

I’m no genius, but it doesn’t take one to figure out the simple system of “Price them right and they will sell!!!”

[socrattt]

Not sure if you guys know who is behind these auctions, but it is one of the most corrupt auction firms in the business as far as I am concerned. They are the same auction company that sends out mass fliers every few months and holds land auctions to sell parcels, many parcels that are not buildable or accessible. I went to one of these auctions about 5 years ago and someone who had been doing business with them showed me a few secrets to the air bids they are so gifted at throwing out.

At one point they were picking up lots at tax auctions for $500 and selling the lots for $20K+. That sounds a bit unethical if you ask me (In the sense that most of these people had no clue what they were buying).

Hopefully this company has cleaned up their act a bit, but by the looks of their terms and conditions it doesn’t look that way. I would be suprised to see 20% of these condos closing escrow.

I’m no genius, but it doesn’t take one to figure out the simple system of “Price them right and they will sell!!!”

[Coronita]

FLU post em in 45 days and I will post the sales price.

SD Realtor

 

Sorry, it's not 45 days yet. But I'm an overachiever:

Just in case my computer dies.

 12368 Carmel Country Rd.    D302
12370 Carmel Country Rd.    E109
12370 Carmel Country Rd.    E207
12370 Carmel Country Rd.    E208
12370 Carmel Country Rd.    E209
12370 Carmel Country Rd.    E210
12370 Carmel Country Rd.    E302
12370 Carmel Country Rd.    E303
12370 Carmel Country Rd.    E304
12370 Carmel Country Rd.    E307
12370 Carmel Country Rd.    E308
12370 Carmel Country Rd.    E309
12370 Carmel Country Rd.    E310
12372 Carmel Country Rd.    F104
12372 Carmel Country Rd.    F105
12372 Carmel Country Rd.    F110
12372 Carmel Country Rd.    F203
12372 Carmel Country Rd.    F207
12372 Carmel Country Rd.    F302
12372 Carmel Country Rd.    F304
12372 Carmel Country Rd.    F306
12372 Carmel Country Rd.    F307
12372 Carmel Country Rd.    F309
12374 Carmel Country Rd.    H104
12374 Carmel Country Rd.    H203
12374 Carmel Country Rd.    H205
12374 Carmel Country Rd.    H208
12374 Carmel Country Rd.    H302
12374 Carmel Country Rd.    H304
12374 Carmel Country Rd.    H307

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Now this is interesting….

If you follow the original auction link, http://www.auctionredcnow.com/auction_details.php?auctionID=D-011

It showed 32 units up for auction.

 

if you follow the link now, it shows considerably less, 15. Though the auction is over, redc is still showing 15 units. So I'm wondering if this is a list of units that ended up not closing.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[jpinpb]

Did half just not sell? People walking even before buying. Love it.

[sdnerd]

I’m not too surprised – while I think the prices are still too high, it’s got to be looking fairly attractive now that prices have fallen.

I think we can all agree CV is a very high demand area.

Renting a 2 bedroom unit in that area will cost you ~$2,000/mo. Roughly $24,000/yr.

With a ~$400,000 sale price, 20% down, 6.5% fixed the mortgage payment is going to run ~$2,025/mo. Even with a lower down payment, we are still in the ~$2,200/mo range.

Tax break, HOA, insurance get pretty close to being a wash give or take a small amount.

I guess it depends on how much you think the units will eventually sell for. If they fall another 20% their selling price would be around ~$320,000. Maybe they will, maybe they won’t and who knows how long it will take or what bailouts will take place. Either way, your rent is costing you $24k/yr.

Personally I wouldn’t buy one, but the #s aren’t that horrible unless I’m just missing something here.

[USMCBunny]

SD Nerd

I live just over the hill in Solana Beach. Big 2 bedroom condo, garage/race track view/ 2 blks from the beach … and pay $2,100.00. I would be pretty surprised if one of these places got 2K a month in rent over the long haul.

Flywestcoast

[sdnerd]

Hard to say. You are near Via De La Valle which is a world of hurt in terms of traffic. That’s an extra 30 minutes traffic easy if you work in the Qualcomm city area.

Not to mention the School District.. these units are right down the street from some of the best schools around. Lots of young couples with their first child wanting to be in that school district. $2k/mo rent doesn’t sound outlandish and even if it drops a bit, we aren’t talking a radical swing. Not sure which school district that part of Solana Beach falls into.

Race track view isn’t really high on a lot of families priorities.

I wouldn’t want to live there, but I know several co-workers and friends who do for those two reasons alone.

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[sdnerd]

Yeah going South is never an issue; going North is just painful.

I know several people with kids who do rent 2 bedrooms in that area. I get the impression there aren’t many other options if you want in that school district or to live in that area. There aren’t many older areas and all the surrounding houses are $800-$1mil+ so rental options are somewhat limited.

That’s my 2nd hand impression FWIW.

[sdnerd]

Yeah going South is never an issue; going North is just painful.

I know several people with kids who do rent 2 bedrooms in that area. I get the impression there aren’t many other options if you want in that school district or to live in that area. There aren’t many older areas and all the surrounding houses are $800-$1mil+ so rental options are somewhat limited.

That’s my 2nd hand impression FWIW.

[sdnerd]

Yeah going South is never an issue; going North is just painful.

I know several people with kids who do rent 2 bedrooms in that area. I get the impression there aren’t many other options if you want in that school district or to live in that area. There aren’t many older areas and all the surrounding houses are $800-$1mil+ so rental options are somewhat limited.

That’s my 2nd hand impression FWIW.

[sdnerd]

Yeah going South is never an issue; going North is just painful.

I know several people with kids who do rent 2 bedrooms in that area. I get the impression there aren’t many other options if you want in that school district or to live in that area. There aren’t many older areas and all the surrounding houses are $800-$1mil+ so rental options are somewhat limited.

That’s my 2nd hand impression FWIW.

[sdnerd]

Yeah going South is never an issue; going North is just painful.

I know several people with kids who do rent 2 bedrooms in that area. I get the impression there aren’t many other options if you want in that school district or to live in that area. There aren’t many older areas and all the surrounding houses are $800-$1mil+ so rental options are somewhat limited.

That’s my 2nd hand impression FWIW.

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[USMCBunny]

True enough that Via de La Valle is crappy during fair / race season .. and the 5 north comes to a screeching halt at the 56 bridge going up the hill. That adds 10 minutes for the last 1 mile over the hill each night. In the AM, traffic flows normally going south.. no factor.

Schools – I have no idea, but valid point. Are families really looking to rent 2 bedroom apartments? I would expect them to be looking for a SFR with a small yard.

Flywestcoast

[sdnerd]

Hard to say. You are near Via De La Valle which is a world of hurt in terms of traffic. That’s an extra 30 minutes traffic easy if you work in the Qualcomm city area.

Not to mention the School District.. these units are right down the street from some of the best schools around. Lots of young couples with their first child wanting to be in that school district. $2k/mo rent doesn’t sound outlandish and even if it drops a bit, we aren’t talking a radical swing. Not sure which school district that part of Solana Beach falls into.

Race track view isn’t really high on a lot of families priorities.

I wouldn’t want to live there, but I know several co-workers and friends who do for those two reasons alone.

[sdnerd]

Hard to say. You are near Via De La Valle which is a world of hurt in terms of traffic. That’s an extra 30 minutes traffic easy if you work in the Qualcomm city area.

Not to mention the School District.. these units are right down the street from some of the best schools around. Lots of young couples with their first child wanting to be in that school district. $2k/mo rent doesn’t sound outlandish and even if it drops a bit, we aren’t talking a radical swing. Not sure which school district that part of Solana Beach falls into.

Race track view isn’t really high on a lot of families priorities.

I wouldn’t want to live there, but I know several co-workers and friends who do for those two reasons alone.

[sdnerd]

Hard to say. You are near Via De La Valle which is a world of hurt in terms of traffic. That’s an extra 30 minutes traffic easy if you work in the Qualcomm city area.

Not to mention the School District.. these units are right down the street from some of the best schools around. Lots of young couples with their first child wanting to be in that school district. $2k/mo rent doesn’t sound outlandish and even if it drops a bit, we aren’t talking a radical swing. Not sure which school district that part of Solana Beach falls into.

Race track view isn’t really high on a lot of families priorities.

I wouldn’t want to live there, but I know several co-workers and friends who do for those two reasons alone.

[sdnerd]

Hard to say. You are near Via De La Valle which is a world of hurt in terms of traffic. That’s an extra 30 minutes traffic easy if you work in the Qualcomm city area.

Not to mention the School District.. these units are right down the street from some of the best schools around. Lots of young couples with their first child wanting to be in that school district. $2k/mo rent doesn’t sound outlandish and even if it drops a bit, we aren’t talking a radical swing. Not sure which school district that part of Solana Beach falls into.

Race track view isn’t really high on a lot of families priorities.

I wouldn’t want to live there, but I know several co-workers and friends who do for those two reasons alone.

[USMCBunny]

SD Nerd

I live just over the hill in Solana Beach. Big 2 bedroom condo, garage/race track view/ 2 blks from the beach … and pay $2,100.00. I would be pretty surprised if one of these places got 2K a month in rent over the long haul.

Flywestcoast

[USMCBunny]

SD Nerd

I live just over the hill in Solana Beach. Big 2 bedroom condo, garage/race track view/ 2 blks from the beach … and pay $2,100.00. I would be pretty surprised if one of these places got 2K a month in rent over the long haul.

Flywestcoast

[USMCBunny]

SD Nerd

I live just over the hill in Solana Beach. Big 2 bedroom condo, garage/race track view/ 2 blks from the beach … and pay $2,100.00. I would be pretty surprised if one of these places got 2K a month in rent over the long haul.

Flywestcoast

[USMCBunny]

SD Nerd

I live just over the hill in Solana Beach. Big 2 bedroom condo, garage/race track view/ 2 blks from the beach … and pay $2,100.00. I would be pretty surprised if one of these places got 2K a month in rent over the long haul.

Flywestcoast

[sdnerd]

I’m not too surprised – while I think the prices are still too high, it’s got to be looking fairly attractive now that prices have fallen.

I think we can all agree CV is a very high demand area.

Renting a 2 bedroom unit in that area will cost you ~$2,000/mo. Roughly $24,000/yr.

With a ~$400,000 sale price, 20% down, 6.5% fixed the mortgage payment is going to run ~$2,025/mo. Even with a lower down payment, we are still in the ~$2,200/mo range.

Tax break, HOA, insurance get pretty close to being a wash give or take a small amount.

I guess it depends on how much you think the units will eventually sell for. If they fall another 20% their selling price would be around ~$320,000. Maybe they will, maybe they won’t and who knows how long it will take or what bailouts will take place. Either way, your rent is costing you $24k/yr.

Personally I wouldn’t buy one, but the #s aren’t that horrible unless I’m just missing something here.

[sdnerd]

I’m not too surprised – while I think the prices are still too high, it’s got to be looking fairly attractive now that prices have fallen.

I think we can all agree CV is a very high demand area.

Renting a 2 bedroom unit in that area will cost you ~$2,000/mo. Roughly $24,000/yr.

With a ~$400,000 sale price, 20% down, 6.5% fixed the mortgage payment is going to run ~$2,025/mo. Even with a lower down payment, we are still in the ~$2,200/mo range.

Tax break, HOA, insurance get pretty close to being a wash give or take a small amount.

I guess it depends on how much you think the units will eventually sell for. If they fall another 20% their selling price would be around ~$320,000. Maybe they will, maybe they won’t and who knows how long it will take or what bailouts will take place. Either way, your rent is costing you $24k/yr.

Personally I wouldn’t buy one, but the #s aren’t that horrible unless I’m just missing something here.

[sdnerd]

I’m not too surprised – while I think the prices are still too high, it’s got to be looking fairly attractive now that prices have fallen.

I think we can all agree CV is a very high demand area.

Renting a 2 bedroom unit in that area will cost you ~$2,000/mo. Roughly $24,000/yr.

With a ~$400,000 sale price, 20% down, 6.5% fixed the mortgage payment is going to run ~$2,025/mo. Even with a lower down payment, we are still in the ~$2,200/mo range.

Tax break, HOA, insurance get pretty close to being a wash give or take a small amount.

I guess it depends on how much you think the units will eventually sell for. If they fall another 20% their selling price would be around ~$320,000. Maybe they will, maybe they won’t and who knows how long it will take or what bailouts will take place. Either way, your rent is costing you $24k/yr.

Personally I wouldn’t buy one, but the #s aren’t that horrible unless I’m just missing something here.

[sdnerd]

I’m not too surprised – while I think the prices are still too high, it’s got to be looking fairly attractive now that prices have fallen.

I think we can all agree CV is a very high demand area.

Renting a 2 bedroom unit in that area will cost you ~$2,000/mo. Roughly $24,000/yr.

With a ~$400,000 sale price, 20% down, 6.5% fixed the mortgage payment is going to run ~$2,025/mo. Even with a lower down payment, we are still in the ~$2,200/mo range.

Tax break, HOA, insurance get pretty close to being a wash give or take a small amount.

I guess it depends on how much you think the units will eventually sell for. If they fall another 20% their selling price would be around ~$320,000. Maybe they will, maybe they won’t and who knows how long it will take or what bailouts will take place. Either way, your rent is costing you $24k/yr.

Personally I wouldn’t buy one, but the #s aren’t that horrible unless I’m just missing something here.

[jpinpb]

Did half just not sell? People walking even before buying. Love it.

[jpinpb]

Did half just not sell? People walking even before buying. Love it.

[jpinpb]

Did half just not sell? People walking even before buying. Love it.

[jpinpb]

Did half just not sell? People walking even before buying. Love it.

[Coronita]

Now this is interesting….

If you follow the original auction link, http://www.auctionredcnow.com/auction_details.php?auctionID=D-011

It showed 32 units up for auction.

 

if you follow the link now, it shows considerably less, 15. Though the auction is over, redc is still showing 15 units. So I'm wondering if this is a list of units that ended up not closing.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Now this is interesting….

If you follow the original auction link, http://www.auctionredcnow.com/auction_details.php?auctionID=D-011

It showed 32 units up for auction.

 

if you follow the link now, it shows considerably less, 15. Though the auction is over, redc is still showing 15 units. So I'm wondering if this is a list of units that ended up not closing.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Now this is interesting….

If you follow the original auction link, http://www.auctionredcnow.com/auction_details.php?auctionID=D-011

It showed 32 units up for auction.

 

if you follow the link now, it shows considerably less, 15. Though the auction is over, redc is still showing 15 units. So I'm wondering if this is a list of units that ended up not closing.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Now this is interesting….

If you follow the original auction link, http://www.auctionredcnow.com/auction_details.php?auctionID=D-011

It showed 32 units up for auction.

 

if you follow the link now, it shows considerably less, 15. Though the auction is over, redc is still showing 15 units. So I'm wondering if this is a list of units that ended up not closing.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[SD Realtor]

Good job FLU… I will check em out around tax time.

SD Realtor

[CardiffBaseball]

If you live in SB the traffic really isn’t all that bad because if you enter at Via De La Valle heading south, the traffic has generally cleared. Where I work off of Genessee would be about 15 minutes in the morning and 30 in the evening.

[CardiffBaseball]

If you live in SB the traffic really isn’t all that bad because if you enter at Via De La Valle heading south, the traffic has generally cleared. Where I work off of Genessee would be about 15 minutes in the morning and 30 in the evening.

[CardiffBaseball]

If you live in SB the traffic really isn’t all that bad because if you enter at Via De La Valle heading south, the traffic has generally cleared. Where I work off of Genessee would be about 15 minutes in the morning and 30 in the evening.

[CardiffBaseball]

If you live in SB the traffic really isn’t all that bad because if you enter at Via De La Valle heading south, the traffic has generally cleared. Where I work off of Genessee would be about 15 minutes in the morning and 30 in the evening.

[CardiffBaseball]

If you live in SB the traffic really isn’t all that bad because if you enter at Via De La Valle heading south, the traffic has generally cleared. Where I work off of Genessee would be about 15 minutes in the morning and 30 in the evening.

[SD Realtor]

Good job FLU… I will check em out around tax time.

SD Realtor

[SD Realtor]

Good job FLU… I will check em out around tax time.

SD Realtor

[SD Realtor]

Good job FLU… I will check em out around tax time.

SD Realtor

[SD Realtor]

Good job FLU… I will check em out around tax time.

SD Realtor

[Coronita]

FLU post em in 45 days and I will post the sales price.

SD Realtor

 

Sorry, it's not 45 days yet. But I'm an overachiever:

Just in case my computer dies.

 12368 Carmel Country Rd.    D302
12370 Carmel Country Rd.    E109
12370 Carmel Country Rd.    E207
12370 Carmel Country Rd.    E208
12370 Carmel Country Rd.    E209
12370 Carmel Country Rd.    E210
12370 Carmel Country Rd.    E302
12370 Carmel Country Rd.    E303
12370 Carmel Country Rd.    E304
12370 Carmel Country Rd.    E307
12370 Carmel Country Rd.    E308
12370 Carmel Country Rd.    E309
12370 Carmel Country Rd.    E310
12372 Carmel Country Rd.    F104
12372 Carmel Country Rd.    F105
12372 Carmel Country Rd.    F110
12372 Carmel Country Rd.    F203
12372 Carmel Country Rd.    F207
12372 Carmel Country Rd.    F302
12372 Carmel Country Rd.    F304
12372 Carmel Country Rd.    F306
12372 Carmel Country Rd.    F307
12372 Carmel Country Rd.    F309
12374 Carmel Country Rd.    H104
12374 Carmel Country Rd.    H203
12374 Carmel Country Rd.    H205
12374 Carmel Country Rd.    H208
12374 Carmel Country Rd.    H302
12374 Carmel Country Rd.    H304
12374 Carmel Country Rd.    H307

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

FLU post em in 45 days and I will post the sales price.

SD Realtor

 

Sorry, it's not 45 days yet. But I'm an overachiever:

Just in case my computer dies.

 12368 Carmel Country Rd.    D302
12370 Carmel Country Rd.    E109
12370 Carmel Country Rd.    E207
12370 Carmel Country Rd.    E208
12370 Carmel Country Rd.    E209
12370 Carmel Country Rd.    E210
12370 Carmel Country Rd.    E302
12370 Carmel Country Rd.    E303
12370 Carmel Country Rd.    E304
12370 Carmel Country Rd.    E307
12370 Carmel Country Rd.    E308
12370 Carmel Country Rd.    E309
12370 Carmel Country Rd.    E310
12372 Carmel Country Rd.    F104
12372 Carmel Country Rd.    F105
12372 Carmel Country Rd.    F110
12372 Carmel Country Rd.    F203
12372 Carmel Country Rd.    F207
12372 Carmel Country Rd.    F302
12372 Carmel Country Rd.    F304
12372 Carmel Country Rd.    F306
12372 Carmel Country Rd.    F307
12372 Carmel Country Rd.    F309
12374 Carmel Country Rd.    H104
12374 Carmel Country Rd.    H203
12374 Carmel Country Rd.    H205
12374 Carmel Country Rd.    H208
12374 Carmel Country Rd.    H302
12374 Carmel Country Rd.    H304
12374 Carmel Country Rd.    H307

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

FLU post em in 45 days and I will post the sales price.

SD Realtor

 

Sorry, it's not 45 days yet. But I'm an overachiever:

Just in case my computer dies.

 12368 Carmel Country Rd.    D302
12370 Carmel Country Rd.    E109
12370 Carmel Country Rd.    E207
12370 Carmel Country Rd.    E208
12370 Carmel Country Rd.    E209
12370 Carmel Country Rd.    E210
12370 Carmel Country Rd.    E302
12370 Carmel Country Rd.    E303
12370 Carmel Country Rd.    E304
12370 Carmel Country Rd.    E307
12370 Carmel Country Rd.    E308
12370 Carmel Country Rd.    E309
12370 Carmel Country Rd.    E310
12372 Carmel Country Rd.    F104
12372 Carmel Country Rd.    F105
12372 Carmel Country Rd.    F110
12372 Carmel Country Rd.    F203
12372 Carmel Country Rd.    F207
12372 Carmel Country Rd.    F302
12372 Carmel Country Rd.    F304
12372 Carmel Country Rd.    F306
12372 Carmel Country Rd.    F307
12372 Carmel Country Rd.    F309
12374 Carmel Country Rd.    H104
12374 Carmel Country Rd.    H203
12374 Carmel Country Rd.    H205
12374 Carmel Country Rd.    H208
12374 Carmel Country Rd.    H302
12374 Carmel Country Rd.    H304
12374 Carmel Country Rd.    H307

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

FLU post em in 45 days and I will post the sales price.

SD Realtor

 

Sorry, it's not 45 days yet. But I'm an overachiever:

Just in case my computer dies.

 12368 Carmel Country Rd.    D302
12370 Carmel Country Rd.    E109
12370 Carmel Country Rd.    E207
12370 Carmel Country Rd.    E208
12370 Carmel Country Rd.    E209
12370 Carmel Country Rd.    E210
12370 Carmel Country Rd.    E302
12370 Carmel Country Rd.    E303
12370 Carmel Country Rd.    E304
12370 Carmel Country Rd.    E307
12370 Carmel Country Rd.    E308
12370 Carmel Country Rd.    E309
12370 Carmel Country Rd.    E310
12372 Carmel Country Rd.    F104
12372 Carmel Country Rd.    F105
12372 Carmel Country Rd.    F110
12372 Carmel Country Rd.    F203
12372 Carmel Country Rd.    F207
12372 Carmel Country Rd.    F302
12372 Carmel Country Rd.    F304
12372 Carmel Country Rd.    F306
12372 Carmel Country Rd.    F307
12372 Carmel Country Rd.    F309
12374 Carmel Country Rd.    H104
12374 Carmel Country Rd.    H203
12374 Carmel Country Rd.    H205
12374 Carmel Country Rd.    H208
12374 Carmel Country Rd.    H302
12374 Carmel Country Rd.    H304
12374 Carmel Country Rd.    H307

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[SD Realtor]

FLU post em in 45 days and I will post the sales price.

SD Realtor

[SD Realtor]

FLU post em in 45 days and I will post the sales price.

SD Realtor

[SD Realtor]

FLU post em in 45 days and I will post the sales price.

SD Realtor

[SD Realtor]

FLU post em in 45 days and I will post the sales price.

SD Realtor

[Coronita]

Watch the MLS next month. I'm willing to bet that there'll be listings of the condos that "fell out of escrow."

Snapshotting all auction units listed on their site now.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Watch the MLS next month. I'm willing to bet that there'll be listings of the condos that "fell out of escrow."

Snapshotting all auction units listed on their site now.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Watch the MLS next month. I'm willing to bet that there'll be listings of the condos that "fell out of escrow."

Snapshotting all auction units listed on their site now.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Watch the MLS next month. I'm willing to bet that there'll be listings of the condos that "fell out of escrow."

Snapshotting all auction units listed on their site now.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[patientlywaiting]

Read the fine print. The autioneer is allowed to have people bit up the prices and bid against you. Plus even if you win the bid, the seller is not obligated to sell.

Watch the MLS next month. I’m willing to bet that there’ll be listings of the condos that “fell out of escrow.”

Same thing happened with the other REDC autions.

[patientlywaiting]

Read the fine print. The autioneer is allowed to have people bit up the prices and bid against you. Plus even if you win the bid, the seller is not obligated to sell.

Watch the MLS next month. I’m willing to bet that there’ll be listings of the condos that “fell out of escrow.”

Same thing happened with the other REDC autions.

[patientlywaiting]

Read the fine print. The autioneer is allowed to have people bit up the prices and bid against you. Plus even if you win the bid, the seller is not obligated to sell.

Watch the MLS next month. I’m willing to bet that there’ll be listings of the condos that “fell out of escrow.”

Same thing happened with the other REDC autions.

[patientlywaiting]

Read the fine print. The autioneer is allowed to have people bit up the prices and bid against you. Plus even if you win the bid, the seller is not obligated to sell.

Watch the MLS next month. I’m willing to bet that there’ll be listings of the condos that “fell out of escrow.”

Same thing happened with the other REDC autions.

[Coronita]

I'm going to snoop around to see what other things I can find out. Apparently, a lot more people that I know who I thought wouldn't have attended did.. I'd be curious to see what their perspective was too.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I'm going to snoop around to see what other things I can find out. Apparently, a lot more people that I know who I thought wouldn't have attended did.. I'd be curious to see what their perspective was too.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I'm going to snoop around to see what other things I can find out. Apparently, a lot more people that I know who I thought wouldn't have attended did.. I'd be curious to see what their perspective was too.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I'm going to snoop around to see what other things I can find out. Apparently, a lot more people that I know who I thought wouldn't have attended did.. I'd be curious to see what their perspective was too.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[TheBreeze]

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder’s failed ID checks, and so there they ended up in the second highest bidder.

Interesting. Hey, we all know that many buyers during the bubble fraudulently misstated their income. It wouldn’t surprise me if there was fraud in these auctions as well.

This is one of the reasons I wouldn’t consider buying a house today even if I wanted to: Too much fraud still in the system.

[TheBreeze]

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder’s failed ID checks, and so there they ended up in the second highest bidder.

Interesting. Hey, we all know that many buyers during the bubble fraudulently misstated their income. It wouldn’t surprise me if there was fraud in these auctions as well.

This is one of the reasons I wouldn’t consider buying a house today even if I wanted to: Too much fraud still in the system.

[TheBreeze]

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder’s failed ID checks, and so there they ended up in the second highest bidder.

Interesting. Hey, we all know that many buyers during the bubble fraudulently misstated their income. It wouldn’t surprise me if there was fraud in these auctions as well.

This is one of the reasons I wouldn’t consider buying a house today even if I wanted to: Too much fraud still in the system.

[TheBreeze]

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder’s failed ID checks, and so there they ended up in the second highest bidder.

Interesting. Hey, we all know that many buyers during the bubble fraudulently misstated their income. It wouldn’t surprise me if there was fraud in these auctions as well.

This is one of the reasons I wouldn’t consider buying a house today even if I wanted to: Too much fraud still in the system.

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC and that’s why I didn’t bother to go, besides the fact that it seems people always overbid at auctions. It doesn’t surprise me that they might have had people trying to bump up bids. That and their undisclosed reserve and right to cancel if it doesn’t meet what they want and the 5% commssion.

Suckers is right, anyone that attends these auctions thinking they’re getting some deal. Complete waste of time. Problem is too many fools are going for it. So expect to see more auctions by them for other complexes not selling so well.

[jpinpb]

I had my doubts about REDC, which is one of the reasons I didn’t attend. That and seems auctions always end up overpriced. They had the 5% fee and undisclosed reserve and right to cancel.

Too many fools attending, thinking they’re getting a deal. Stand by for more auctions in the future on other complexes that aren’t selling well.

[vferraro]

Hi folks – these auction exist to TAKE YOUR MONEY. I do not think they are interesting until you see “no reserve” auctions in play. In my opinion, they are around the corner.

Note how they use previously valued to $X ($X being the peak of the market) to indicate some sort of savings value

Hold on to your wallets.

If anyone attened this auction could you kindly post the prices relaized?

Thanks

[vferraro]

Hi folks – these auction exist to TAKE YOUR MONEY. I do not think they are interesting until you see “no reserve” auctions in play. In my opinion, they are around the corner.

Note how they use previously valued to $X ($X being the peak of the market) to indicate some sort of savings value

Hold on to your wallets.

If anyone attened this auction could you kindly post the prices relaized?

Thanks

[vferraro]

Hi folks – these auction exist to TAKE YOUR MONEY. I do not think they are interesting until you see “no reserve” auctions in play. In my opinion, they are around the corner.

Note how they use previously valued to $X ($X being the peak of the market) to indicate some sort of savings value

Hold on to your wallets.

If anyone attened this auction could you kindly post the prices relaized?

Thanks

[vferraro]

Hi folks – these auction exist to TAKE YOUR MONEY. I do not think they are interesting until you see “no reserve” auctions in play. In my opinion, they are around the corner.

Note how they use previously valued to $X ($X being the peak of the market) to indicate some sort of savings value

Hold on to your wallets.

If anyone attened this auction could you kindly post the prices relaized?

Thanks

[vferraro]

Hi folks – these auction exist to TAKE YOUR MONEY. I do not think they are interesting until you see “no reserve” auctions in play. In my opinion, they are around the corner.

Note how they use previously valued to $X ($X being the peak of the market) to indicate some sort of savings value

Hold on to your wallets.

If anyone attened this auction could you kindly post the prices relaized?

Thanks

[jpinpb]

I had my doubts about REDC, which is one of the reasons I didn’t attend. That and seems auctions always end up overpriced. They had the 5% fee and undisclosed reserve and right to cancel.

Too many fools attending, thinking they’re getting a deal. Stand by for more auctions in the future on other complexes that aren’t selling well.

[jpinpb]

I had my doubts about REDC, which is one of the reasons I didn’t attend. That and seems auctions always end up overpriced. They had the 5% fee and undisclosed reserve and right to cancel.

Too many fools attending, thinking they’re getting a deal. Stand by for more auctions in the future on other complexes that aren’t selling well.

[jpinpb]

I had my doubts about REDC, which is one of the reasons I didn’t attend. That and seems auctions always end up overpriced. They had the 5% fee and undisclosed reserve and right to cancel.

Too many fools attending, thinking they’re getting a deal. Stand by for more auctions in the future on other complexes that aren’t selling well.

[jpinpb]

I had my doubts about REDC, which is one of the reasons I didn’t attend. That and seems auctions always end up overpriced. They had the 5% fee and undisclosed reserve and right to cancel.

Too many fools attending, thinking they’re getting a deal. Stand by for more auctions in the future on other complexes that aren’t selling well.

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[zk]

Well, it seems obvious to me what the story is with the high bidders failing ID checks, and I assume this is what you were implying:

Those bidders were the shills. They’d made a bid above the previous bid for the purpose of getting somebody else to outbid them. When nobody did, they “failed” their ID check and the unit was sold to the second highest bidder.

Really, what are the odds that a number of high bidders would have identified themselves as somebody else? That doesn’t even make sense. What buyer would do that and why? They wouldn’t. It’s a (legal) scam.

I don’t think the prices shooting up quickly has anything to do with it. I mean, when the price is below market, it’ll generally shoot up to near market value quickly even in a legitimate auction. But having multiple high bidders fail an ID check is an obvious scam. I don’t think that qualifies as a conspiracy theory so much as a blatent ploy by the auction company.

[Coronita]

Folks. I have an interesting update. Again, I'm hearing this second hand because I didn't attend the entire auction. But folks that I talked to that stayed to the end found out the following thing peculiar.

 

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder's failed ID checks, and so there they ended up in the second highest bidder.

Second, in the auctions, it appears the prices quicly shot up to in the first few seconds of opening bid. So…

 

A few of us were just speculating. What if all the bidders weren't real buyers, but in fact people that either worked for the auction house and/or the Heights? I mean, the concept would be no different from say an ebay seller that also doubles up as a buyer and bids up the price of his/her own auction.

Anyway, I don't have proof, and perhaps this is more conspiracy theory-ish. But it just seemed unusual that the auction prices shot up so quickly, and then a some of the auctions failed to close to the highest bidder because out of all things, the ID of the bidder didn't match what was one file.

I was also told a fire marshal came in and say there isn't enough room for everyone and that non-serious bidders should leave, but I missed that.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Folks. I have an interesting update. Again, I'm hearing this second hand because I didn't attend the entire auction. But folks that I talked to that stayed to the end found out the following thing peculiar.

 

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder's failed ID checks, and so there they ended up in the second highest bidder.

Second, in the auctions, it appears the prices quicly shot up to in the first few seconds of opening bid. So…

 

A few of us were just speculating. What if all the bidders weren't real buyers, but in fact people that either worked for the auction house and/or the Heights? I mean, the concept would be no different from say an ebay seller that also doubles up as a buyer and bids up the price of his/her own auction.

Anyway, I don't have proof, and perhaps this is more conspiracy theory-ish. But it just seemed unusual that the auction prices shot up so quickly, and then a some of the auctions failed to close to the highest bidder because out of all things, the ID of the bidder didn't match what was one file.

I was also told a fire marshal came in and say there isn't enough room for everyone and that non-serious bidders should leave, but I missed that.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Folks. I have an interesting update. Again, I'm hearing this second hand because I didn't attend the entire auction. But folks that I talked to that stayed to the end found out the following thing peculiar.

 

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder's failed ID checks, and so there they ended up in the second highest bidder.

Second, in the auctions, it appears the prices quicly shot up to in the first few seconds of opening bid. So…

 

A few of us were just speculating. What if all the bidders weren't real buyers, but in fact people that either worked for the auction house and/or the Heights? I mean, the concept would be no different from say an ebay seller that also doubles up as a buyer and bids up the price of his/her own auction.

Anyway, I don't have proof, and perhaps this is more conspiracy theory-ish. But it just seemed unusual that the auction prices shot up so quickly, and then a some of the auctions failed to close to the highest bidder because out of all things, the ID of the bidder didn't match what was one file.

I was also told a fire marshal came in and say there isn't enough room for everyone and that non-serious bidders should leave, but I missed that.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Folks. I have an interesting update. Again, I'm hearing this second hand because I didn't attend the entire auction. But folks that I talked to that stayed to the end found out the following thing peculiar.

 

It appears that at the end, some of the auctions ended up being sold to the second highest bidder. It appears that when some of the auctions ended, the highest bidder's failed ID checks, and so there they ended up in the second highest bidder.

Second, in the auctions, it appears the prices quicly shot up to in the first few seconds of opening bid. So…

 

A few of us were just speculating. What if all the bidders weren't real buyers, but in fact people that either worked for the auction house and/or the Heights? I mean, the concept would be no different from say an ebay seller that also doubles up as a buyer and bids up the price of his/her own auction.

Anyway, I don't have proof, and perhaps this is more conspiracy theory-ish. But it just seemed unusual that the auction prices shot up so quickly, and then a some of the auctions failed to close to the highest bidder because out of all things, the ID of the bidder didn't match what was one file.

I was also told a fire marshal came in and say there isn't enough room for everyone and that non-serious bidders should leave, but I missed that.

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Author]

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