auctions

There are currently 24 blog entries related to this category.

Auctions are fun. Auctions are interesting.

710 Manhattan Beach Boulevard Manhattan Beach CAThere's now one coming up for a condo at 710 MB Blvd. (3br/3ba, 1675 sqft.), but it's not what it first appears. This auction is also different.

The listing's come-on start price of $1.475M is intended as an irresistible low bid, a screaming deal that helps form a line at the front door.

So, should buyers rush to get in that line? Or wait? Or what?

Frankly, it's confusing. 

This "luxury auction" is more of a gambit intended to drive buyers wild than it is a more "typical" auction.

You might wait till the October 8 auction date, or you might try to make a deal sooner. They're not committed to going all the way to October. The company running the auction swears that most properties offered this way sell…

It's like yesterday... just 2 weeks ago.

512 Pacific Avenue Manhattan Beach CAThe Hill Section lot sale at 512 Pacific came to market determined not to waste one minute. And there was no time wasted.

The starting price for this 11,400 sqft. plot was $4.599M, a "come hither" price if there ever was one. (In our blog post, we called the number "a clarion call that echoed across the Manhattan Beach landscape.")

Multiple offers came immediately, the price shot up, and the sale has now closed. My, that was all quick.

Closed price: $5.500M on Tuesday.

Now, what does that say about the neighbor, 500 Pacific, now in its 5th month on the market, priced 14% higher today at $6.280M?

[UPDATE: 500 Pacific closed in March for $5.700M.]

As we said in that prior post, "the lots are the same. Both…

The masses gathered, $5,000 cashiers' checks in hand. 

2701 Oak Avenue Manhattan Beach CA2701 Oak (2bd/1ba, 900 sqft.), a corner lot on the "right" side of Oak, needed a new owner. All the hopefuls came ready to play.

The jokey $799K start price was there merely in place to fulfill a requirement that an MLS-listed property have some kind of pricetag on it.

The auction, however, set the market level: $1,340,000.

That's reasonably in line with an extremely recent comp: A lot sale at 1405 Oak, listed for $1.249M, drew multiple offers and closed last week for $1.300M.

And 1405 Oak lacked the corner location and boasted only 4200 sqft. of land, 280 sqft. less than 2701 Oak. Clearly 2701 was worth more.

Next stop for 2701 Oak: A court confirmation process. This could result in an overbid,…

There's a long and often silly history behind the efforts to sell 2323 N. Herrin (3br/2ba, 2020 sq. ft.).

But what matters now is that this "Roth-built" 60s original fronting busy Marine Ave. has now actually closed a deal at $1.115M.

They have tried to sell this home in hot markets and cold markets dating back to 2006. Most recently, they tried and failed to sell in 2013 – which wasn't easy.

The sellers have asked as much as $1.350M and as little as the high 900s over that long span of time.

Twice in 2006, the MLS listing officially called the sale an "auction."

Once the listing was very clear that the property would sell to the highest bidder on a specific date – then, no deal. We also have records about a proposed auction at Herrin in Summer 2007.