jpinpb
Posts:4538
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| 01/31/2008 2:48 PM |
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The Heights in CV is turning to an auction to get rid of 32 units. Starting bids at $199,000. More info here:
http://www.auctionredcnow.com/auction_details.php?auctionID=D-011
1) You have no contiengencies, even financing contigency.
2) Auction house adds 5% to final sale price
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% to 30% 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
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
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.
It is possible that the HOA is underfunded. I personally wouldn't pay more than 300-350k for glorified apartments. There is considerable inventory in attached places in CV: Carmel Pointe, Heights, Analucia. This auction will probably bring the comps down further.
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ReadyToInvest
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| 02/09/2008 6:36 PM |
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| any information about how the auction went today? |
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Curious
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| 02/09/2008 8:39 PM |
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| Yes, I'm curious too if the condo's sold and for how much. I don't think the realtors would know since none of them were listed. How could you find the price to use for Comps? |
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guest
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| 02/09/2008 11:35 PM |
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| all sold - at 399K and above |
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guest
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| 02/10/2008 1:06 AM |
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| It is nice to know that they all sold above 399k but if people want to pay that much for some apartment that is nothing but a box, building and all , where you can't even find the front door of the building...well, they do deserve them....If I was going to pay that much for an apartment I would be looking for a townhouse..Good luck to all of them...........they need it..... |
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guest
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| 02/10/2008 1:06 AM |
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| It is nice to know that they all sold above 399k but if people want to pay that much for some apartment that is nothing but a box, building and all , where you can't even find the front door of the building...well, they do deserve them....If I was going to pay that much for an apartment I would be looking for a townhouse..Good luck to all of them...........they need it..... |
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Guest
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| 02/10/2008 3:17 AM |
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| 2bd/2ba sold between 395K and 435K. 3bd/2ba sold between 485K - 500K. There were around 500 people bidding for the 20 condos. It was crazy. My limit was 275K and obviously I didn't buy any. |
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watcher
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| 02/10/2008 7:35 AM |
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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. These places were originally going for $550k up, I think. I don't think it was such a deal to pay 400k. Those paying 500k were probably close to what the original sales price was. We've seen 10-30% drops on properties w/out going to an auction. 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?
Anyway, 400k for these might bring the comps down a little in the area. But I think still a lot for these places. I'm thinking by the end of the year we'll see some of these condos going for less. Should be fun to watch. |
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Michelle
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| 02/10/2008 3:34 PM |
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| I totally forgot to attend the Heights Auction. I put my upper limit to 350K. So I didn't miss anything... |
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What?!
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| 02/10/2008 4:04 PM |
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They still have a few of these listed at an astronomical price.... http://www.sdlookup.com/MLS-081007511-12360_Carmel_Country_Rd_B101_San_Diego_CA_92130
http://www.sdlookup.com/MLS-074087077-12370_Carmel_Country_Rd_E202_San_Diego_CA_92130
http://www.sdlookup.com/MLS-086004042-12366_Carmel_Country_Rd_I307_San_Diego_CA_92130
Still well over half-a-million. Were these apartment conversions or built as condos? |
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Brian
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| 02/10/2008 6:03 PM |
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I wouldn't count of those condos as being sold until the deals actually close.
If La Bohome is any indication, there will still be plenty of listing available on the MLS. As the market continues to tank, people will be dropping out as fast as they signed up.
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Screwed
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| 02/10/2008 6:10 PM |
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| These people will be screwed both ways. After the adrenaline has died down and they realize they were caught up in the moment, payed way too much for a condo in a tanking market, they will be penalized thousands of dollars for backing out of the deal. The complex can back out with no penalties, but not the buyer. |
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yep
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| 02/10/2008 6:12 PM |
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| These were apartments that were converted into condo. |
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suckers
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| 02/10/2008 8:22 PM |
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I wouldn't be surprised if there were people bidding that weren't real buyers, but somehow worked for the heights or for the auction house. And what's up with all the transactions that resulted went to the backup bidders (second, third,etc).
I don't understand thoses who spend $400k+ on 2/2 and $500k on 3/3 is...When the heights were trying to unload after it was having trouble, it was offering incentives that were effectively below these prices..by alot..And this doesn't include the 5% you need to pay the auction house.
All I can say is to those people that actually spent this much on a unit with NO contingencies (even financing) and on top of that added 5% to the auction house....SUCKERS.... See you in 1-2 years in the the REO category. |
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sdbri
Posts:594
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| 09/10/2008 2:01 PM |
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| More like 9-12 months, which is coming up just about.. |
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sdbri
Posts:594
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| 09/10/2008 2:02 PM |
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| http://www.sdlookup.com/Foreclosure_Results-59+0-Carmel_Valley |
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MWtoSD
Posts:1085
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MWtoSD
Posts:1085
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| 07/31/2009 10:03 PM |
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12372 Carmel Country Rd #F205
no record of prior sales price.
Status: Sold
Sold Price: $470,000
Sale Date: 07/30/2009
Assoc. Fee: $273 Monthly
Year Built: 2003
Area: Carmel Valley Real Estate
Community: The Heights
Listing
MLS#: 090009965
Days on Market: Not active
Listed: 02/15/2009
Beds/Baths: 3 / 2
Square Feet: 1,444 sf
PPSF: $325 |
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jpinpb
Posts:4538
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jpinpb
Posts:4538
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