my observations from a housing auction this weekend

[Dr Kevin]

Hello all,

I read these forums pretty often, and sometimes I post. I lived in SD for 4 years of school, but now in LA. I was at a weekend auction in my area (Pasadena), for a 2300 4b2ba house, decent condition, 2 stories, high celings, basic furnishing, pool, at least on the surface no damage. maybe built in the 80s?

Pasadena is an area (generally safe) but also a mixed bag with some areas (near the ritzcarlton with huge estates) and some quite sketchy areas further north. But in general its had huge appreciation, partly b/c of the bubble, but also due to imprrovements within the city (a new light rail, old town, etc). But their school district is HORRIBLE. I decided to check it out on a whim based on what I saw on the MLS.

When I pulled up to the street, it was OUT OF CONTROL with people. There were probably at least 30 different parties (not people there) I mean whites, mexicans, asians, blacks. I was absolutely shocked at the interest it generated. Given how the spring seaon hasn’t started i def didn’t expect so many.

When the bidding started at 300k, lots of ppl bid, but then 2 min later, it got up to 525k and then 1 bid. after that the bidder tried to push it up to 550k. no takers. Then 535k, no takers. I was absolutely shocked that with that many intersted parties, for a 2300sq ft house, it started and ended after 2 min.

adding in the 10% auction premium, it was about 580k for the house. I’m sure the house would’ve sold at the top of the market for over 850 or 900k. What do you guys gather from this anectodal example? it’s really hard for me to say.

On the one hand, it seems like there’s so many interested parties. On the other, it seems like 580 was a pretty good deal for the house.

[CA renter]

It would depend largely on exactly where the house is (good or bad part of town), but $580K sounds pretty good for the current market.

I still expect it will go for less a year+ from now. We’ve seen a lot of interest here in SD, too. Lots of people going to open houses, but the houses are still staying on the market…so far.

[CA renter]

It would depend largely on exactly where the house is (good or bad part of town), but $580K sounds pretty good for the current market.

I still expect it will go for less a year+ from now. We’ve seen a lot of interest here in SD, too. Lots of people going to open houses, but the houses are still staying on the market…so far.

[CA renter]

It would depend largely on exactly where the house is (good or bad part of town), but $580K sounds pretty good for the current market.

I still expect it will go for less a year+ from now. We’ve seen a lot of interest here in SD, too. Lots of people going to open houses, but the houses are still staying on the market…so far.

[CA renter]

It would depend largely on exactly where the house is (good or bad part of town), but $580K sounds pretty good for the current market.

I still expect it will go for less a year+ from now. We’ve seen a lot of interest here in SD, too. Lots of people going to open houses, but the houses are still staying on the market…so far.

[CA renter]

It would depend largely on exactly where the house is (good or bad part of town), but $580K sounds pretty good for the current market.

I still expect it will go for less a year+ from now. We’ve seen a lot of interest here in SD, too. Lots of people going to open houses, but the houses are still staying on the market…so far.

[Diego Mamani]

Dr. Kevin, care to post the street name so that we can have an idea of the neighborhood? This was an auction for only one porperty?

You went there just to look at things out of curiosity; however, you were shocked that others were doing the same? If you or I are curious about these things, it’s safe to assume that others (no matter what “color” their skin is) would be interested too. No surprises here.

[Diego Mamani]

Dr. Kevin, care to post the street name so that we can have an idea of the neighborhood? This was an auction for only one porperty?

You went there just to look at things out of curiosity; however, you were shocked that others were doing the same? If you or I are curious about these things, it’s safe to assume that others (no matter what “color” their skin is) would be interested too. No surprises here.

[Diego Mamani]

Dr. Kevin, care to post the street name so that we can have an idea of the neighborhood? This was an auction for only one porperty?

You went there just to look at things out of curiosity; however, you were shocked that others were doing the same? If you or I are curious about these things, it’s safe to assume that others (no matter what “color” their skin is) would be interested too. No surprises here.

[Diego Mamani]

Dr. Kevin, care to post the street name so that we can have an idea of the neighborhood? This was an auction for only one porperty?

You went there just to look at things out of curiosity; however, you were shocked that others were doing the same? If you or I are curious about these things, it’s safe to assume that others (no matter what “color” their skin is) would be interested too. No surprises here.

[Diego Mamani]

Dr. Kevin, care to post the street name so that we can have an idea of the neighborhood? This was an auction for only one porperty?

You went there just to look at things out of curiosity; however, you were shocked that others were doing the same? If you or I are curious about these things, it’s safe to assume that others (no matter what “color” their skin is) would be interested too. No surprises here.

[34f3f3f]

I live in Pasadena. Whereabouts is the property? If it is in a nice area, that sounds like a good deal. It’s in the price range I would hope to pay for a SFH of that size. Asking prices in Pasadena have not budged significantly. I see houses just sitting there, and not many of them. CBS News interviewed someone last week on whether auctions are a place for deals, and the conclusion was that with only a marginal reduction, when you add back auction fees, it doesn’t work out a lot cheaper. And then there is the risk with the state of the home.

[34f3f3f]

I live in Pasadena. Whereabouts is the property? If it is in a nice area, that sounds like a good deal. It’s in the price range I would hope to pay for a SFH of that size. Asking prices in Pasadena have not budged significantly. I see houses just sitting there, and not many of them. CBS News interviewed someone last week on whether auctions are a place for deals, and the conclusion was that with only a marginal reduction, when you add back auction fees, it doesn’t work out a lot cheaper. And then there is the risk with the state of the home.

[34f3f3f]

I live in Pasadena. Whereabouts is the property? If it is in a nice area, that sounds like a good deal. It’s in the price range I would hope to pay for a SFH of that size. Asking prices in Pasadena have not budged significantly. I see houses just sitting there, and not many of them. CBS News interviewed someone last week on whether auctions are a place for deals, and the conclusion was that with only a marginal reduction, when you add back auction fees, it doesn’t work out a lot cheaper. And then there is the risk with the state of the home.

[34f3f3f]

I live in Pasadena. Whereabouts is the property? If it is in a nice area, that sounds like a good deal. It’s in the price range I would hope to pay for a SFH of that size. Asking prices in Pasadena have not budged significantly. I see houses just sitting there, and not many of them. CBS News interviewed someone last week on whether auctions are a place for deals, and the conclusion was that with only a marginal reduction, when you add back auction fees, it doesn’t work out a lot cheaper. And then there is the risk with the state of the home.

[34f3f3f]

I live in Pasadena. Whereabouts is the property? If it is in a nice area, that sounds like a good deal. It’s in the price range I would hope to pay for a SFH of that size. Asking prices in Pasadena have not budged significantly. I see houses just sitting there, and not many of them. CBS News interviewed someone last week on whether auctions are a place for deals, and the conclusion was that with only a marginal reduction, when you add back auction fees, it doesn’t work out a lot cheaper. And then there is the risk with the state of the home.

[34f3f3f]

I just did a search on Ziprealty and found a dozen 4 bed SFHs in this price range in Pasadena. One in particular was nice. When I did a search on zillow is was valued at over $800k, but apparently sold for $722K last July, so I’m not sure what to believe here.

[5yearwaiter]

What I understood from this is, every one knows that market would go down as much as possible like 800k houses would hit around 550k. People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Option 2 kind of people are just waiters to check this price can equal with 2002 or 2003 price tag.

5yearswaiter

[(former)FormerSanDiegan]

People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Hey, are you the dude that also wrote: “All your base are belong to us.” ?

I guess the post-bubble version should be “All your house are belong to US”

[(former)FormerSanDiegan]

People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Hey, are you the dude that also wrote: “All your base are belong to us.” ?

I guess the post-bubble version should be “All your house are belong to US”

[(former)FormerSanDiegan]

People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Hey, are you the dude that also wrote: “All your base are belong to us.” ?

I guess the post-bubble version should be “All your house are belong to US”

[(former)FormerSanDiegan]

People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Hey, are you the dude that also wrote: “All your base are belong to us.” ?

I guess the post-bubble version should be “All your house are belong to US”

[(former)FormerSanDiegan]

People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Hey, are you the dude that also wrote: “All your base are belong to us.” ?

I guess the post-bubble version should be “All your house are belong to US”

[5yearwaiter]

What I understood from this is, every one knows that market would go down as much as possible like 800k houses would hit around 550k. People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Option 2 kind of people are just waiters to check this price can equal with 2002 or 2003 price tag.

5yearswaiter

[5yearwaiter]

What I understood from this is, every one knows that market would go down as much as possible like 800k houses would hit around 550k. People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Option 2 kind of people are just waiters to check this price can equal with 2002 or 2003 price tag.

5yearswaiter

[5yearwaiter]

What I understood from this is, every one knows that market would go down as much as possible like 800k houses would hit around 550k. People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Option 2 kind of people are just waiters to check this price can equal with 2002 or 2003 price tag.

5yearswaiter

[5yearwaiter]

What I understood from this is, every one knows that market would go down as much as possible like 800k houses would hit around 550k. People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.

Option 2 kind of people are just waiters to check this price can equal with 2002 or 2003 price tag.

5yearswaiter

[34f3f3f]

I just did a search on Ziprealty and found a dozen 4 bed SFHs in this price range in Pasadena. One in particular was nice. When I did a search on zillow is was valued at over $800k, but apparently sold for $722K last July, so I’m not sure what to believe here.

[34f3f3f]

I just did a search on Ziprealty and found a dozen 4 bed SFHs in this price range in Pasadena. One in particular was nice. When I did a search on zillow is was valued at over $800k, but apparently sold for $722K last July, so I’m not sure what to believe here.

[34f3f3f]

I just did a search on Ziprealty and found a dozen 4 bed SFHs in this price range in Pasadena. One in particular was nice. When I did a search on zillow is was valued at over $800k, but apparently sold for $722K last July, so I’m not sure what to believe here.

[34f3f3f]

I just did a search on Ziprealty and found a dozen 4 bed SFHs in this price range in Pasadena. One in particular was nice. When I did a search on zillow is was valued at over $800k, but apparently sold for $722K last July, so I’m not sure what to believe here.

[Dr Kevin]

Address was

area was not the greatest, but also not the worst. It’s on the border of pasadena and arcadia (so east pasadena). If it was in arcadia school distrit, then it would’ve been a huge bargain.

28 merlon ave. 4B3ba

Auction, auction auction in the city of pasadena!!!. This gorgeous 4 bedroom, 2.75 baths, sparkling pool and spa built in 1989 will be auction on feb 23, 2008 at 4:07pm on site. Preview dates are sunday, feb 10, 2008 and saturday, feb 16, 2008 from 12:07pm-4:07pm. Special financing programs available. Broker participation welcome. Please call auctioneer for more information. Pacific auction exchange welcomes you to this special event and extends to you and your family the opportunity to own your own home in the beautiful city of pasadena!

[34f3f3f]

Merlon Ave is down the road from me. It’s almost sitting on the 210 freeway, and although I don’t know what the houses are like there, that end of Colorado Blvd is a bit seedy. I’m sticking my neck out here, but I don’t think that sale was likely to be a bargain.

[34f3f3f]

Merlon Ave is down the road from me. It’s almost sitting on the 210 freeway, and although I don’t know what the houses are like there, that end of Colorado Blvd is a bit seedy. I’m sticking my neck out here, but I don’t think that sale was likely to be a bargain.

[34f3f3f]

Merlon Ave is down the road from me. It’s almost sitting on the 210 freeway, and although I don’t know what the houses are like there, that end of Colorado Blvd is a bit seedy. I’m sticking my neck out here, but I don’t think that sale was likely to be a bargain.

[34f3f3f]

Merlon Ave is down the road from me. It’s almost sitting on the 210 freeway, and although I don’t know what the houses are like there, that end of Colorado Blvd is a bit seedy. I’m sticking my neck out here, but I don’t think that sale was likely to be a bargain.

[34f3f3f]

Merlon Ave is down the road from me. It’s almost sitting on the 210 freeway, and although I don’t know what the houses are like there, that end of Colorado Blvd is a bit seedy. I’m sticking my neck out here, but I don’t think that sale was likely to be a bargain.

[Dr Kevin]

Address was

area was not the greatest, but also not the worst. It’s on the border of pasadena and arcadia (so east pasadena). If it was in arcadia school distrit, then it would’ve been a huge bargain.

28 merlon ave. 4B3ba

Auction, auction auction in the city of pasadena!!!. This gorgeous 4 bedroom, 2.75 baths, sparkling pool and spa built in 1989 will be auction on feb 23, 2008 at 4:07pm on site. Preview dates are sunday, feb 10, 2008 and saturday, feb 16, 2008 from 12:07pm-4:07pm. Special financing programs available. Broker participation welcome. Please call auctioneer for more information. Pacific auction exchange welcomes you to this special event and extends to you and your family the opportunity to own your own home in the beautiful city of pasadena!

[Dr Kevin]

Address was

area was not the greatest, but also not the worst. It’s on the border of pasadena and arcadia (so east pasadena). If it was in arcadia school distrit, then it would’ve been a huge bargain.

28 merlon ave. 4B3ba

Auction, auction auction in the city of pasadena!!!. This gorgeous 4 bedroom, 2.75 baths, sparkling pool and spa built in 1989 will be auction on feb 23, 2008 at 4:07pm on site. Preview dates are sunday, feb 10, 2008 and saturday, feb 16, 2008 from 12:07pm-4:07pm. Special financing programs available. Broker participation welcome. Please call auctioneer for more information. Pacific auction exchange welcomes you to this special event and extends to you and your family the opportunity to own your own home in the beautiful city of pasadena!

[Dr Kevin]

Address was

area was not the greatest, but also not the worst. It’s on the border of pasadena and arcadia (so east pasadena). If it was in arcadia school distrit, then it would’ve been a huge bargain.

28 merlon ave. 4B3ba

Auction, auction auction in the city of pasadena!!!. This gorgeous 4 bedroom, 2.75 baths, sparkling pool and spa built in 1989 will be auction on feb 23, 2008 at 4:07pm on site. Preview dates are sunday, feb 10, 2008 and saturday, feb 16, 2008 from 12:07pm-4:07pm. Special financing programs available. Broker participation welcome. Please call auctioneer for more information. Pacific auction exchange welcomes you to this special event and extends to you and your family the opportunity to own your own home in the beautiful city of pasadena!

[Dr Kevin]

Address was

area was not the greatest, but also not the worst. It’s on the border of pasadena and arcadia (so east pasadena). If it was in arcadia school distrit, then it would’ve been a huge bargain.

28 merlon ave. 4B3ba

Auction, auction auction in the city of pasadena!!!. This gorgeous 4 bedroom, 2.75 baths, sparkling pool and spa built in 1989 will be auction on feb 23, 2008 at 4:07pm on site. Preview dates are sunday, feb 10, 2008 and saturday, feb 16, 2008 from 12:07pm-4:07pm. Special financing programs available. Broker participation welcome. Please call auctioneer for more information. Pacific auction exchange welcomes you to this special event and extends to you and your family the opportunity to own your own home in the beautiful city of pasadena!

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