Written by Rick Wesselhoff
Published: November 29th, -0001
I just got an interesting response to what I'd written last week about the home auction on Royal Glen behind Shugrues. I'll print the response here and for the most part I agree....
THE OWNER WILL NOT TAKE LESS THAN $1.2 MIL CASH....THERE WAS ONE REGISTERED BIDDER, SO AUCTION WAS CANCELED. THERE IS A BUILDING GOING UP TO DESTROY THE VIEW OF THE NATURAL ROCKS, A HOUSE OWNED BY EXPOSURE ART GALLERY...WHICH WILL MAKE NOISE FOR TWO YEARS AS WELL. $600,000 STARTING PRICE IS A FARCE.
THE PRICE OF WHAT THE SELLER PAID IS OFF ABOUT A MILLION DOLLARS, IF RICK MORRIS IS TELLING THE TRUTH, AS $2.2 WAS SELLING PRICE TWO YEARS AGO, BUYER PAYING FAR TOO MUCH. PERHAPS WAY OVER MARKET AS TWO YEARS AGO PRICES WERE SOMEWHAT HIGHER. THE BUYER WHO IS NOW SELLING CERTAINLY OVERPAID, AS THE PROPERTY IS HARD TO GET TO, HAVING TO DRIVE THRU A SHOPPING CENTER, AND NOT EVEN ROOM FOR A POOL. IF YOU LOVE CLIMBING STAIRS, THIS IS A GOOD HOUSE FOR YOU.
STATING THAT UPSET PRICE IS $600,000 WHEN IT IS ACTUALLY $1.2 MIL THAT OWNER MUST HAVE, IS QUITE MISLEADING, AND THIS PHONY AUCTION WAS REALLY A WASTE OF TIME. I WAS THERE AND FILMED THIS, AND VERY DISAPPPOINTED IN THIS TYPE OF PHONY MARKETING.
THE ONE EARNEST BUYER WAS COUNTERED AT $1.2 MIL CASH, ORD $1.29 MIL WITH NOTE TAKEN BACK.
The home actually sold in Feb of 2006 for $1.225 - not $2.2M as stated in the article. (also, this property is currently listed for $1.39M) This shows a seller trying to get creative because his house isn't selling. Feb 2006 was a high point, so the valuation might have dipped a bit since then - and if he's looking to sell, then he'll take a hit. I think that the home is very nice, quality construction - and it does have great views.¼/p>