Results of Jade and Vista Del Mar Auctions? Mmm, no.
By Barbara E. Hernandez
Friday, May 9th, 2008 at 5:02 pm in House Hunt, The Market.
Hi, all. I have been getting your emails and messages asking about what happened with the Jade condo (Oakland) and Vista Del Mar (Pittsburg) auctions last weekend.
I’m sorry to say, I didn’t go because I like a day off now and then. So, I called them on Tuesday. Then Wednesday, then Thursday and then today, which is Friday.
Ken Stevens, CEO of Accelerated Marketing Partners, based out of Danville. has been hard to pin down but I finally caught up with him on Friday afternoon. But don’t expect him to be very forthcoming:
“At Jade, we sold 21 homes for $7.6 million,” he said, which would add up to the average condo selling for $361,904 — but realize some much higher and some bought closer to the minimum bid.
Me: Why only 21? Weren’t there more than 30 on the block?
KS: The seller decided he was going to hold back some homes for sale. … We sold three of those today to some of the unlucky bidders. … At Vista Del Mar, we sold 27 homes for $12.3 million. (That’s $455,555.55 a house, which may or may not be a buy in Pittsburg, but you be the judge.– b.)
Me: Again, wasn’t there more than 40 on the block?
KS: Yes, but some were in contract and closed escrow during the four weeks of marketing.
Me: So can you give me an idea on the prices?
KS: Oh, Barb, you know I don’t want to go into that … I’d say the prices went 10 to 30 percent higher than the minimum bid. But someone (at Vista Del Mar) went up to 142 percent! … Oh, but I don’t want that in the paper, it might scare some people off.
Me: But certainly that’s the exception, right? Most people don’t go that high.
KS: Depends on the room. If the excitement level is high …
So, now you get if straight from the horse’s mouth. And I’m sorry I can’t be of more help. If anyone was at these auctions, feel free to comment. It sounds like the Vista Del Mar was a circus. Stevens said that people were jumping up and down and bidding like crazy. Not the best way to get a deal.
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June 26th, 2008 at 8:04 am
Hello.. I was actually at the auctions for Vista Del Mar. I was a first time home buyer with the intention of buying a home that day. I really loved the homes. I have all the prices for what they sold at auction. If you would like the list just send me an email. I think the first bidder set the tone. They bid much more than the starting bid. I was shocked at how high the first home went for, but after that everyone seemed to understand that was going to be the going price for the homes. I was not expecting them to go as high as they did, and hoping that bids would start coming down at the end. It stayed high pace throughout the auction. The last home went close to the asking bid, but it was a smaller, less desirable home.
June 26th, 2008 at 10:18 am
Yes, I think most first-time homebuyers are better off making an offer before the auction, if possible. It can get a little crazy (which is why they do it, to bid up prices)and you do not want to be the first few people getting the house, you will pay more.
More auctions coming up on Sunday.