The masses gathered, $5,000 cashiers' checks in hand.
2701 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…
The masses gathered, $5,000 cashiers' checks in hand.
2701 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, if someone's willing. (Yes, Sunday's "winner" may wind up not being the "winner" after all.)
First overbid minimum: $1,407,500.
We're trying to get the court date to post here. For now, you can go here online to get more info on this property and the overbid process.
Dept. of Auction Flashbacks: It was 2 1/2 years ago that MBC reported on a similar auction. That was in East MB at 1761 Voorhees (4br/4ba, 3330 sqft.).
It was listed at a jokey start price of $899K, drew a crowd, and sold for $1.320M in the space of about 40 seconds.
Our video of the auction, plus a video walkthrough of the (neglected) house accompanies that post from November 2012.
Note, that particular East MB lot was almost twice the size of 2701 Oak, and the house was actually remodelable, not 'dozer bait – and it sold for less than 2701 Oak just did.
Just another way of saying: Boy, has the market risen since then.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of December 1st, 2023 at 10:15pm PST. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
