SD CRE Blog

Rich Hake and I attented the REDC auction on Jan 28, 2009 at the San Diego Convention Center.  We stayed to the very end and tracked the prices of every house we had seen on our REO Tour in Escondido (see previous post).  First to note that the starting bid price is irrelevant and they are up to $150,000 within 30 seconds of the bidding.  Some final prices were lower than the MLS asking price which were inflated above other similar houses that had been on the market and were not on the auction list.  Final prices were close to a comparable market analysis price from the MLS which is a price based on comparable houses on the MLS.  The only houses considerably less than the CMA were 2 bedrooms.  Based on the amount of work needed they were not a deal for an investor to make money.

I have an excel file for you to check on the results we found at the auction.  If you would like it please email me at sdcreblog@energywiseproperties.net

We were interviewed by FOX and NBC news so perhaps at 11 PM that night you saw 15 seconds of our opinions on the current house market.  We never saw it.  We were still at the auction.  BTW the prices were not better by staying to the end!

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Tags: Asking Price, Auction List, Bedrooms, Bid Price, Bootcamp, Cma, Comparable Market Analysis, Current, Fox, Hake, houses, Investor, mls, Money, Nbc, Nbc News, Nbsp, Redc Auction, REO, San Diego Convention, San Diego Convention Center

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