graphrix_IHB
New member
<a href="http://bluemove.blogspot.com/2008/11/2626-victoria-drive-auction-report.html">Hat tip to kn for posting this</a> on Lansner's <a href="http://lansner.freedomblogging.com/2008/11/29/home-selling-methods-obsolete-insider-qa-told/7492/#comment-89860">blog</a>.
http://3.bp.blogspot.com/_xiurCxNLPBU/STIoG0ejSzI/AAAAAAAAAI4/r7I1jV_ft2Q/s320/2626+Victoria.jpg
<em>The auctioneer tried to make a big deal out of his opinion that people would be getting one heck of a deal. He started bidding at $5,000,000 as somewhat of a joke. Silence.
He went down to $4,000,000. More silence.
He went down to $3,000,000. More silence.
He went down yet again to $2,000,000. More silence!
He went down to $1,500,000 and got a hit. One of the "Internet" bidders seemed to have placed a bid. Was it a real bid? I have no idea.
Having a starting point, the auctioneer went to $1,600,000 and did his auction lingo in that price range for a while. This was met with silence from the crowd. No one bid. The auctioneer then singled out a person in the crowd - "Sir, you are interested in this property, aren't you?"
To which the gentleman replied "Not at this price." Priceless!!!
The auctioneer, having absolutely no success in getting any other bids, announced that the action was over and that there was no winning bid because the reserve price hadn't been reached. All expectations were deflated and the bidders dispersed into the sunny Laguna Beach afternoon.
I'd say the owner of 2626 Victoria Drive can't face the reality that his home is really worth $1,500,000. It probably will be worth less next month! This shows me that Laguna Beach home values are a LOT lower than the asking prices. Only a moron would pay anything close to the asking prices of most of the properties currently listed in the MLS. In some coming posts, I'll detail some actual moronic buying decisions and how these buyers have lost huge amounts of money in very short times. Until then, enjoy the weekend and any open houses you attend</em>.
Further proof sellers have no concept of reality. It was also nice to see this blog, that I had never heard of, has IHB on his/her's list of links. Thanks Blue Move, and if you read the forums, I hope you post something here, if you have not already.
http://3.bp.blogspot.com/_xiurCxNLPBU/STIoG0ejSzI/AAAAAAAAAI4/r7I1jV_ft2Q/s320/2626+Victoria.jpg
<em>The auctioneer tried to make a big deal out of his opinion that people would be getting one heck of a deal. He started bidding at $5,000,000 as somewhat of a joke. Silence.
He went down to $4,000,000. More silence.
He went down to $3,000,000. More silence.
He went down yet again to $2,000,000. More silence!
He went down to $1,500,000 and got a hit. One of the "Internet" bidders seemed to have placed a bid. Was it a real bid? I have no idea.
Having a starting point, the auctioneer went to $1,600,000 and did his auction lingo in that price range for a while. This was met with silence from the crowd. No one bid. The auctioneer then singled out a person in the crowd - "Sir, you are interested in this property, aren't you?"
To which the gentleman replied "Not at this price." Priceless!!!
The auctioneer, having absolutely no success in getting any other bids, announced that the action was over and that there was no winning bid because the reserve price hadn't been reached. All expectations were deflated and the bidders dispersed into the sunny Laguna Beach afternoon.
I'd say the owner of 2626 Victoria Drive can't face the reality that his home is really worth $1,500,000. It probably will be worth less next month! This shows me that Laguna Beach home values are a LOT lower than the asking prices. Only a moron would pay anything close to the asking prices of most of the properties currently listed in the MLS. In some coming posts, I'll detail some actual moronic buying decisions and how these buyers have lost huge amounts of money in very short times. Until then, enjoy the weekend and any open houses you attend</em>.
Further proof sellers have no concept of reality. It was also nice to see this blog, that I had never heard of, has IHB on his/her's list of links. Thanks Blue Move, and if you read the forums, I hope you post something here, if you have not already.