La Boheme Auction – What is the Real Market Price?

[vferraro]

Hi Folks – checked out La Boheme myself today and I have two comments

1) The auction company they use is owned by LandAuction.com. They are very good at getting amateurs to part with the their money. However, at the right price, these units would be a good deal

2) The auction prices they list (and is a basis for the 50% starting bid is somewhat inaccurate, in my opinion).

The use the words “previously valued to” to set the illusion of market price. These values are not based on today’s market conditions. Yours truly has access to a price list dated 7/31/07, when DR Horton was still selling the units.

For example (from the auction catalog)

http://www.redchomeauction.com/auction_details.php?auctionID=D-003

Lot # 1106 in auction has a value of $319,990 but DR Horton last tried to sell this unit at $279,990

Lot #1213 in auction has a value of $539,900 but DR Horton tried to sell the unit a $432,990

Lot #2214 is listed as valued as $385,990 but DR Horton tried to sell the unit at $385,990

Get the point here. The market value prices/comparable values are wrong. Buyer beware …….

V

[vferraro]

Correction on lot # 2214 – Auction catalog lists value as $443,990, previously listed by DR Horton at $385,990

V

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