bubbleinfo.com

There were a couple of auctions scheduled yesterday.

The 14 brand new houses in Escondido were a hit, according to the sales office today.  The original builder thought he’d be able sell the 2,900sf to 4,049sf houses for $900,000 to $1,100,000, but he ended up bailing out and another investor took over to finish the construction.  He miscalculated too, and is now figuring he is going to lose around $700,000 on the project.

Yesterday they sold 12 of the 14, priced from $495,000 to $575,000, with one loss-leader at $385,000.  The salesperson today said that those were the minimum bids, but wouldn’t reveal if the final prices were bid up.

They must be feeling pretty good though, they raised the price on the two remaining for sale by $19,000 each.

Here’s the link:

http://www.bidkw.com/properties/1890

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The Mission Beach condos didn’t fare nearly as well – here is Jakob’s review that he left at sdlookup:

“I went to the Ocean Pacific auction tonight. (auctionmissionbeach.com) It was big professional production. It must have cost a pretty penny to put on, with all the open houses for 2 weeks too. They had a dozen escrow officers waiting to ink deals. Pretty good crowd of about 25 bidders with numbers. You had to be prequalified and have a cashiers check of $5000 to bid. Unfortunately for the auction company, the night didn’t go so well. They only got through 9 of the 24 units. 3 got bid on, each for minimum bids and one of those had an undisclosed reserve.

Here’s how the auction went down:
3785 Ocean Front Walk #1. 713sf 1br/2ba. Sold for the opening price of $1,115,000. (previous price 1.9m)
3786 Strand Way #1. 1415sf 3br/3.5ba. Started at $1,850,000. No bids. (previous price 2.6m)
3785 Ocean Front Walk #2. 930sf 2br/3ba. Started at $1,395,000. No bids. (previous price 2.2m)
3725 Ocean Front Walk #3. 340sf studio. Sold for opening price of $495,000. (previous price 825k)
3725 Ocean Front Walk #6. 307sf studio. Started at $425,000. No bids. (previous price 675k)
3607 Ocean Front Walk #7. 1278sf 2/3. Sold for opening price $1,695,000. (previous price 2.4m) Undisclosed reserve on this one, likely not met.
3607 Ocean Front Walk #1. 1097sf 2/3. No bids at $1,895,000. (previous price 2.4m)
3607 Ocean Front Walk #2. 1147sf 2/3. No bids at $1,695,000. (previous price 2.2m)
2123 Garnet #2. 800sf 2/1. No bids at $235,000. (previous price 475k)

At this point the CEO of Accelerated Marketing (the auction company) came out and canceled the auction, saying there weren’t enough bidding action to warrant continuing. He said anyone who wanted to make an offer could come and do it in person. He looked distraught.”

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