The no-reserve auction of Matt Kemp’s house in Poway today was postponed until April 25th.
Why would you postpone for 5 days?
There has to be buyers. This company has been very successful in selling seven and $8-figure homes throughout the world, and they have grown exponentially. The auction process is a big hit, and it is the best solution for selling homes.
George guessed that it could be a failed auction before I saw it get postponed on the website. He’s looking very astute now….or is George an insider? đ
The auction of Matt Kemp’s house in Poway is Thursday!
You can watch the auction live at 4:00pm Pacific Time on the Concierge Auctions mobile app, where you can also find their rules list. They will add a 10% buyer’s premium to the winning bid to determine the final sales price. If you didn’t know that and want to change your bid, feel free!
Kemp has $12,000,000 invested. The person with the closest guess will receive four tickets to a Padres game! Here are the guesses:
$4,200,000 â Rob
$4,735,000 – BAM
$5,325,000 – Amy
$5,700,000 â elbarcosr
$5,900,000 â Real Estate Rookie
$6,200,000 – Nick LB
$6,250,000 – Tom
$6,500,000 â LT
$6,519,000 â Matt V.
$6,900,000 â Daniel
$7,050,000 â Susie
$7,126.000 â Ed
$7,350,000 â Mark H.
$7,423,200 – Goughy
$7,875,000 â Kerry
$7,900,000 â kman
$8,000,000 â Name
$8,800,000 – Mike M.
$8,888,888.88 – JakeL
$9,100,000 â Lifeisradincarlsbad
$9,210,000 â CJ
$9,400,000 â Derek
$9,500,000 â Joe k
$9,600,000 â Mike Call
$9,750,000 â bode
$9,800,000 – Jenny
$10,000,200 – Janet
$10,527,000 â Eddie89
There is still time – leave your guess in the comment section below.
We’re looking forward to the no-reserve auction of Matt Kemp’s house on April 20th, and have four tickets to a Padres game for the person whose guess comes closest to the actual sales price (which will include the auction premium).
Kemp has $12,000,000 invested. Here are the guesses so far!
Guess the sales price of Matt Kemp’s house being auctioned April 20th with no reserve! He paid $9,075,000 in 2013, and it has been listed for $11,500,000.
The person with the closest guess will receive 4 tickets to a Padres game!
â[The auction] is going to be a better route for bringing legitimate interest to the property,â said Nartey, the director of sports entertainment division at Compass. âItâs an opportunity for someone to get an asset for less than its actually worth.â
The âassetâ in question includes a 15,884-square-foot main house, a tennis court and an infinity-edge swimming pool on about 4 acres of grounds. A separate pool/guest house holds a gym and a roman spa.
Features of the home, which Kemp has spent about $3 million to update, include custom travertine floors, a cigar lounge with a humidor and a 1,200-bottle wine cellar with a tasting room. A custom home theater is outfitted with tiered seating and a snack bar.
The auction included an outrageous set of conditions, which many thought would drive down the price to compensate. They included:
The 5% buyer’s premium tacked onto the highest bid.
No showings.
Tenant-occupied, and buyer was responsible for evicting.
Cash only.
No buyer’s agent commission paid.
Not in the MLS.
5% deposit required upon winning.
Reserve price.
They conducted the auction online, which gave participants the convenience of bidding from their couch at home. It should have allowed bidders the chance to double-check the comps as the auction wore on – because every time a new bid was made, they extended the ending by 1-2 minutes.
Those checking the comps would have seen that in the heat of the frenzy last year, three of this identical model sold for $638,000, $653,000 and $679,000. Then in October this sale with nice view closed for $705,500, which was the highest price since May, 2007:
The bank foreclosed in 2011, and nobody wanted it then for $459,088. The opening bid this week was $325,000, and once the auction started the initial bid increment was $25,000.
Most of our readers guessed it would sell in the $400,000s, which would be an adequate buffer to evict and remodel.
Look what happened today:
AND IT DIDN’T HIT THE RESERVE PRICE!!!!!!
Somebody was willing to pay almost $200,000 more than the bank didn’t get in 2011, and that wasn’t enough to reach the reserve price? Hopefully the bank will come to their senses and reconsider before that bidder changes their mind. Counting the 5% buyer’s premium, the highest bid was $678,038!
Our closest and winning guess was $568,050, and submitted by blucore – congratulations!
Usually WaMu would have a REO agent do the normal routine – vacate, paint, and then list the home on the open market for just under retail.
The bank has already foreclosed – but instead selling of the old-fashioned way, they chose to make it an auction.com exclusive listing.
The house is tenant-occupied and can’t be shown, the buyer is responsible for evicting the tenant, plus the buyer has to pay a 5% premium but there’s no buyer-broker commission is offered (it’s not on the MLS) – and oh, by the way, you have to pay cash:
The opening bid is 42% of the previous value, which looks attractive:
P.S. This was foreclosed in 2011 – the trustee sale’s price that nobody wanted to pay then was $459,088.
What will the sales price be? (assuming the reserve price is reached)
The closest guesser will get 4 tickets to Padres vs Rockies on August 13th!
The contest for Padres tickets is complete – and it’s a tie!
We closed escrow yesterday at $710,000 cash. (list price was $699,000)
Raymond Byrnes guessed $709,500 and michael call guessed $710,500 – so you both win a set of four Padres tickets!
I think the reasons it didn’t go higher were that we were already listed at the very top of the range, and the house was too small for most people. The third bedroom had a pair of doors on one side, and a single door or another – so the house was really a 2-bedroom plus den, and 1,424sf. A single person bought it and paid cash.
See all the guesses in the comment section – thanks for playing!
We’ll be having open house this weekend, 12-3 pm, so come by for a look!
Leave your guess of the eventual sales price in the comment section, and the closest will four tickets near the visitors dugout.
I don’t have season tickets, but a great friend helped me out. The contest winner will be able to choose one game with either the Marlins, Cubs, Reds, Cardinals, Rockies, or Giants. If one of those is your favorite team, you’d enjoy these seats overlooking the visitor’s dugout, plus the visiting-team’s owner seats are right in front of you.
This is from Opening Night, taken from the seats – Stan Kastens, president of the Dodgers, is the bald guy at the bottom-right with the rest of Dodger ownership:
Submit your guess of the sales price in the comment section to win!!
Now that baseball season has begun, let’s get a contest going for Padres tickets!
This isn’t the contest house – we’ll start the contest on Friday. This is a comparable property that just hit the market today that will give you a feel for how hot the Encinitas market has been this year:
