Mosaic auction in Escondido

[SDEngineer]

One of the new build developments that we’ve been watching has gone to the auction block, and we’re thinking about going in and making some bids – we liked the build quality, it’s convenient to our jobs, and we like these types of homes (patio style alley loaded) for low upkeep.

http://www.auctionredcnow.com/index.php

I’m wondering if any of the more experienced Piggs on this board have any feedback about what the bid prices are likely to go to, any concerns about the builder/development that we may not be aware of, or anything else that might be helpful in making a decision.

BTW, we’re aware that we’ll still probably end up paying more than what the market value will eventually fall to, but we’re willing to take that hit (neither of us likes renting at all). Escondido IMO has already seen a large proportion of the eventual decline, and we’re hoping that in an auction format, we can possibly reduce the hit even further.

Any opinions welcome,

Thanks,

SD Engineer

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[CA renter]

While tempting to bid at auctions, it would probably be a good idea to have an inspector and appraiser (who work directly for you) to check these places out beforehand. You should go to the auction with a very clear idea about what you’d be willing to spend and which specific homes you’re really interested in…don’t settle! If the prices go over that amount, stop bidding! There will be plenty of other deals in the future.

Also, you might want to get more information about the HOA, its restrictions, and don’t forget about “special assessments” that might be coming in case some work didn’t get finished in the development (I’m NOT a fan of HOAs).

Quite frankly, those are not large homes, and really lack privacy (which you might not mind), and I think there’s room for further depreciation. Also, you might want to think about how the neighborhood will fare over time. Will you get a bunch of Section 8 tenants in there if investors buy the units up? Does it look like the future of “low cost housing” and would that bother you?

Whatever you decide, I wish you the best of luck!!!

[SDEngineer]

Excellent points CA Renter, thanks.

We’ve tentatively established a ceiling of about 300-330K (depending on the exact unit) of what we’re willing to bid. For the area, these are just a little above what appears to be rent neutral, so we think they may be a little above what an investor (who is looking for a good return rate) might bid, but yet allows us to potentially keep the unit as a rental in the future (6+ years out) when we move up to a larger house. If people bid the homes up beyond those prices, we have already decided to sit, as we do realize there are plenty of other opportunities coming down the pike in the future.

Since we don’t have any kids, the size is actually about perfect for us, and they are large enough that if we decide to have a family, they shouldn’t be cramped during the really young years (we’d almost certainly be moving up by the time the kids were in school)

Thanks,

SD Engineer

[SDEngineer]

Excellent points CA Renter, thanks.

We’ve tentatively established a ceiling of about 300-330K (depending on the exact unit) of what we’re willing to bid. For the area, these are just a little above what appears to be rent neutral, so we think they may be a little above what an investor (who is looking for a good return rate) might bid, but yet allows us to potentially keep the unit as a rental in the future (6+ years out) when we move up to a larger house. If people bid the homes up beyond those prices, we have already decided to sit, as we do realize there are plenty of other opportunities coming down the pike in the future.

Since we don’t have any kids, the size is actually about perfect for us, and they are large enough that if we decide to have a family, they shouldn’t be cramped during the really young years (we’d almost certainly be moving up by the time the kids were in school)

Thanks,

SD Engineer

[SDEngineer]

Excellent points CA Renter, thanks.

We’ve tentatively established a ceiling of about 300-330K (depending on the exact unit) of what we’re willing to bid. For the area, these are just a little above what appears to be rent neutral, so we think they may be a little above what an investor (who is looking for a good return rate) might bid, but yet allows us to potentially keep the unit as a rental in the future (6+ years out) when we move up to a larger house. If people bid the homes up beyond those prices, we have already decided to sit, as we do realize there are plenty of other opportunities coming down the pike in the future.

Since we don’t have any kids, the size is actually about perfect for us, and they are large enough that if we decide to have a family, they shouldn’t be cramped during the really young years (we’d almost certainly be moving up by the time the kids were in school)

Thanks,

SD Engineer

[SDEngineer]

Excellent points CA Renter, thanks.

We’ve tentatively established a ceiling of about 300-330K (depending on the exact unit) of what we’re willing to bid. For the area, these are just a little above what appears to be rent neutral, so we think they may be a little above what an investor (who is looking for a good return rate) might bid, but yet allows us to potentially keep the unit as a rental in the future (6+ years out) when we move up to a larger house. If people bid the homes up beyond those prices, we have already decided to sit, as we do realize there are plenty of other opportunities coming down the pike in the future.

Since we don’t have any kids, the size is actually about perfect for us, and they are large enough that if we decide to have a family, they shouldn’t be cramped during the really young years (we’d almost certainly be moving up by the time the kids were in school)

Thanks,

SD Engineer

[SDEngineer]

Excellent points CA Renter, thanks.

We’ve tentatively established a ceiling of about 300-330K (depending on the exact unit) of what we’re willing to bid. For the area, these are just a little above what appears to be rent neutral, so we think they may be a little above what an investor (who is looking for a good return rate) might bid, but yet allows us to potentially keep the unit as a rental in the future (6+ years out) when we move up to a larger house. If people bid the homes up beyond those prices, we have already decided to sit, as we do realize there are plenty of other opportunities coming down the pike in the future.

Since we don’t have any kids, the size is actually about perfect for us, and they are large enough that if we decide to have a family, they shouldn’t be cramped during the really young years (we’d almost certainly be moving up by the time the kids were in school)

Thanks,

SD Engineer

[Anonymous]

Did anybody attend this auction care to comment on the $ amount of winning bids for the 19 properties. I understand the winning bids could be rejected by the builder as being too low, but it would be interesting to hear from others who attended. I noticed on the MLS that a short sale in the same community was reduced by 50,000 from 350,000 to 300,000 following the weekend of the auction.

http://www.sdlookup.com/MLS-086032807-1410_Mosaic_Gln_Escondido_Ca_92029

[Anonymous]

Did anybody attend this auction care to comment on the $ amount of winning bids for the 19 properties. I understand the winning bids could be rejected by the builder as being too low, but it would be interesting to hear from others who attended. I noticed on the MLS that a short sale in the same community was reduced by 50,000 from 350,000 to 300,000 following the weekend of the auction.

http://www.sdlookup.com/MLS-086032807-1410_Mosaic_Gln_Escondido_Ca_92029

[Anonymous]

Did anybody attend this auction care to comment on the $ amount of winning bids for the 19 properties. I understand the winning bids could be rejected by the builder as being too low, but it would be interesting to hear from others who attended. I noticed on the MLS that a short sale in the same community was reduced by 50,000 from 350,000 to 300,000 following the weekend of the auction.

http://www.sdlookup.com/MLS-086032807-1410_Mosaic_Gln_Escondido_Ca_92029

[Anonymous]

Did anybody attend this auction care to comment on the $ amount of winning bids for the 19 properties. I understand the winning bids could be rejected by the builder as being too low, but it would be interesting to hear from others who attended. I noticed on the MLS that a short sale in the same community was reduced by 50,000 from 350,000 to 300,000 following the weekend of the auction.

http://www.sdlookup.com/MLS-086032807-1410_Mosaic_Gln_Escondido_Ca_92029

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