Ka-Blooey

by | Jul 16, 2009 | Auctions | 8 comments

I guess this little gimmick didn’t work out as planned.

They listed today for $599,900:

8 Comments

  1. BigWaveDave
    BigWaveDave on July 16, 2009 at 1:29 pm

    I saw that flyer at my dry cleaner. Didnt have the address on it. You had to call. HA HA, so much for that trick. Looks like nobody took the bait.

  3. Jim the Realtor
    Jim the Realtor on July 16, 2009 at 1:33 pm

    Hat tip to maxforwardspeed for sending it along, and who pegged the address from the description!

  4. UCgal
    UCgal on July 16, 2009 at 1:56 pm

    David – I have friends who did this in Philadelphia. They had a small rowhouse near Penn (semi-bad neighborhood – but lots of demand from students and faculty of Penn, Drexel, etc.)

    They ended up with two bidders duking it out – and sold for about $45k more than asking. (And asking was only $65k – so that’s a LOT.) But the asking price was lower than the market value – it was worth about $90k by their best guess.

    They made sure to have language that they didn’t have to accept any of the offers – in case it didn’t get into a bidding war. Worked out great for them. Sold the house in 5 days.

    I was too chicken to try it when I moved back to San Diego and was trying to sell my house.

  6. GM
    GM on July 16, 2009 at 3:47 pm

    Oddly enough, I sold my condo in Orlando Florida in a similar method. Bought for 119k in 2000, Sold for 194k in 2005. Took a week to sell the place. I hear in that condo complex (about 300 units), mine was the last to sell for any bubble price and now you can buy my old condo for less than what I paid in 2000.

    Only reason I sold it was the HOA fines were going to go up another $100 a month (they were 200/month at the time) due to insurance increases because of the hurricanes we had that year which caused a lot of damage to the area.

    I was unaware of the bubble, but then again, I was only 25 when I sold it.

  7. Downturn
    Downturn on July 16, 2009 at 7:19 pm

    Sage advice: If you attend an auction and the folks running it are wearing tuxedos; Run For Your Life!

  8. TW
    TW on July 17, 2009 at 6:20 am

    Regarding the YOY sales, look to see that more and more as inventory keeps moving down toward zippo in various areas around the state. It becomes hard to beat YOY sales records when you are running out of houses to sell.

    Banks really need to hurry up and process their REOs faster.

Pin It on Pinterest