East MB Auction Wrapup

Posted by Dave Fratello on Monday, November 12th, 2012 at 3:44pm.

It's been about 3 years since the last public auction in Manhattan Beach. Sunday, they held one at  1761 Voorhees in East MB.

The 2009 auction lasted 90 seconds. This one, too.

Seems like most of the people we chatted with on site Sunday were observers, no dog in the hunt. People were just curious about how the spectacle of a home auction unfolds.

MBC readers, you were virtually there. You can check out our 4-minute video here. (Dave's intro and postgame added a bit to the length.)



Now, those of you who aren't keen to play the video right now are going to be wondering: How much did it sell for? 

Well, MBC isn't one of those sites where you're going to have to wait to find out, or click through a bunch of ads first.

Final sale price: $1.320m.

So, what'd we say the other day as to our expectations on 1761 Voorhees?

What's a reasonable acquisition price?...

To us, it's all shades of $1.3m.

You'd love it lower, but if you can buy it under $1.4m and do the work efficiently, you might move in by mid-2013 and not be underwater.
And in the video, you'll catch Dave underscoring that theme, calling the final auction number: "pretty much the right price here."

At the moment the auction closed, you can overhear someone else saying they thought it would have gone for more. But we don't think he had a yellow bidder's card. 

The auction now moves into a 60-day court-approval process. At the final stage, anyone can come in and bid 5% + $500 more and overbid the auction winner. In this case, to beat the auction winner, they'd need to offer $1,386,500. That number feels wrong now. But there's time for it to all play out.

Next update: Closing at 1761 Voorhees.

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Bonus B-roll: Here's our whirlwind video tour of 1761 Voorhees, trying not to catch too many members of the general public in frame:


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