People have asked about the condos in downtown Oceanside that are being auctioned tomorrow beginning at 3pm at the Carlsbad Sheraton, which is an interesting choice. Why wouldn’t you do it on-site so buyers could get more emotionally-involved? Do a big breakfast bash with mimosas?
A hotel-ballroom auction makes you think of guys running around in tuxedos too.
Twenty-nine residential units (of 38) are on the block, with opening bids from $295,000 to $625,000. In the video, I say that there were no salespeople in sight, but they were on the top floor.
The sales history, by floor:
1st floor – sold all 7 retail units to one family, total of 10,368sf. No price given.
2nd floor – 13 office condos. Seven sold, six for sale, from $256,035-$345,960.
3rd floor – 10 residential, five in front sold, five in back for sale, from $295,000-$355,000.
4th floor – 10 residential, none sold. Ten units for sale, 1,765sf to 2,191sf from $335,000-$475,000.
5th floor – 10 residential, two front units sold $665,000 & $725,000 this year, eight for sale.
6th floor – 8 residential, two front corner units sold, and six for sale, from $445,000-$625,000.
From the MLS tax rolls it looks like 23 sales have closed with cash buyers, and 35 to go.
They’ll try the 29 residential units tomorrow, and if they have 29 bidders show up, they should blow them out at the opening bid price. If they refuse, and make some comment about how the opening bids are “giveaway prices” and nobody would consider selling them for that, then they are crazy – take what you can get.
They’ll probably need at least 50 bidders in attendance to sell out, because so far buyers have gravitated to the premium units – the ones with a glimpse of the 16-screen movie theater next door might not get a bid.
(I said 59 on the video, but I think there are 58 units). Here’s the youtube video tour: