Probate Auction Ends at $805k

By Dave Fratello | December 7th, 2009

Amid the smells of a campfire and roasting marshmallows, and the sounds of a classic fast-rapping auctioneer, the deal got done Sunday night at 1801 Elm in rapid fashion.

The final auction price: $805k.

That's right in the sweet spot of where most MBC readers thought the auction would end.

As we noted in our post on the poll results, 55% of those voting in the poll guessed $700k-$850k for the final price.

20% had the range exactly right, having guessed $800k-$850k, while 21% were just a tad short, guessing $750k-$800k.

Did we say campfire? 

This was not a bonus offered by the all-business auction company. It was the neighbors, who saw something of a happening forming next door and took to the front yard to cook out and enjoy the scene. The scents of marshmallows and smoke wafted over the auction action.

The scene was a minor flood, with perhaps 150 people gathered for the spectacle. Probably 80% were strictly observers, since about 35 bidders actually registered.

Fewer than 10 bidders actually showed signs of life once the auction got under way, and the price jumped from $250k to $500k and began moving up.

Quick was the word for the auction. The rapper auctioneer promised that the whole deal would be done in about a minute, and it was all really finished within 2.

Interest slowed as the price neared $800k, with the most persistent bidder (obviously) taking it to $805k. As the auctioneer set to shut it down, there was a peep from another bidder who seemed ready to take the price up a bit more, but by auction rules, he was too late after "sold," which came very fast after "going twice."

So how did the final auction price compare to market value?

It's not a steal, it's probably a sliver high and it's probably the final price. We just can't fathom seeing a bidder come to court in 30-45 days and overbid this price, which would require at least $845,750.

The winning bidder Sunday faces a stiff penalty of $80k (10%) if she fails to follow through on the deal. Were that to happen, the court would be looking for buyers next month.

No certain word on the auction winner's plans for the property, though we're guessing the home's got a date with a 'dozer (see "Pricing Poll: 1801 Elm" for more on the property condition).

We put word out on Twitter first (@MB_Watcher), and might have gotten the info out a bit quicker if we had connected Twitter to the mobile phone... we'll get that going soon and be ready next time.

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