La Boheme and Atlas

[citydweller]

Does anyone know how many of La Boheme units that were sold at the last auction have closed escrow? I wonder if the people with the winning bids were able to get financing.

Also, what’s up with Atlas in Hillcrest? Has anyone heard if they will try to auction them off or maybe rent them out?

[garysears]

There is a good forum on that project over on sdlookup.com. One poster listed all the auction “sale prices”. You have to wade through a lot of posts to find it but it is in there. The problem noted on that thread is the same as with all the auctions. There is an undisclosed reserve price set by the builder/bank. The opening bids are there just to attract interest and suckers. The builder/bank still has to accept the offer. The other problem noted is there were apparently current residents in the project who decided to attend to bid up the prices. At least one of them ended up “winning”. I’m sure the only way to see which units actually close is to check the county records the next few months. There are much bigger problems than obtaining financing for the “winning” bidders. The auction was a marketing tactic only to solicite buyers and test the market. The real market prices reflected by the serious bids were probably mostly rejected.

[garysears]

There is a good forum on that project over on sdlookup.com. One poster listed all the auction “sale prices”. You have to wade through a lot of posts to find it but it is in there. The problem noted on that thread is the same as with all the auctions. There is an undisclosed reserve price set by the builder/bank. The opening bids are there just to attract interest and suckers. The builder/bank still has to accept the offer. The other problem noted is there were apparently current residents in the project who decided to attend to bid up the prices. At least one of them ended up “winning”. I’m sure the only way to see which units actually close is to check the county records the next few months. There are much bigger problems than obtaining financing for the “winning” bidders. The auction was a marketing tactic only to solicite buyers and test the market. The real market prices reflected by the serious bids were probably mostly rejected.

[garysears]

There is a good forum on that project over on sdlookup.com. One poster listed all the auction “sale prices”. You have to wade through a lot of posts to find it but it is in there. The problem noted on that thread is the same as with all the auctions. There is an undisclosed reserve price set by the builder/bank. The opening bids are there just to attract interest and suckers. The builder/bank still has to accept the offer. The other problem noted is there were apparently current residents in the project who decided to attend to bid up the prices. At least one of them ended up “winning”. I’m sure the only way to see which units actually close is to check the county records the next few months. There are much bigger problems than obtaining financing for the “winning” bidders. The auction was a marketing tactic only to solicite buyers and test the market. The real market prices reflected by the serious bids were probably mostly rejected.

[garysears]

There is a good forum on that project over on sdlookup.com. One poster listed all the auction “sale prices”. You have to wade through a lot of posts to find it but it is in there. The problem noted on that thread is the same as with all the auctions. There is an undisclosed reserve price set by the builder/bank. The opening bids are there just to attract interest and suckers. The builder/bank still has to accept the offer. The other problem noted is there were apparently current residents in the project who decided to attend to bid up the prices. At least one of them ended up “winning”. I’m sure the only way to see which units actually close is to check the county records the next few months. There are much bigger problems than obtaining financing for the “winning” bidders. The auction was a marketing tactic only to solicite buyers and test the market. The real market prices reflected by the serious bids were probably mostly rejected.

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