Looks like even an auction in Laguna Beach can backfire too

NEW -> Contingent Buyer Assistance Program

graphrix_IHB

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<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.
 
I found BlueMove after SouthOCtracker linked to it. Too high end for me, but entertaining nonetheless.



here is the original listing. 704 days on the market at 3M
 
[quote author="Mr Bluemove" date=1230387352]Another key data point - the Laguna Beach median price crashed in November. Down almost 50%.

www.bluemove.blogspot.com</blockquote>


Just wanted to add that Bluemove is a fantastic site for news on the Laguna Beach market and the only site I have found thus far dedicated to a beach market that isn't run by a sun-is-always-shining realtor proclaiming that the high end is immune from any downturn.



I wish we had something similar for Newport Beach as well.
 
Wow, is this house for sale AGAIN? Doesn't it ever sell? I must have previewed this home three times in 2005-2006 and they were asking 1.5-1.7 M even then.
 
Don't look now, but the first Notice of Default was recorded in December. This place is going toward foreclosure.

More detail at

<a href="http://bluemove.blogspot.com/search/label/2626 Victoria Drive">http://bluemove.blogspot.com/search/label/2626 Victoria Drive</a>
 
[quote author="Mr Bluemove" date=1231167605]Don't look now, but the first Notice of Default was recorded in December. This place is going toward foreclosure.

More detail at

<a href="http://bluemove.blogspot.com/search/label/2626 Victoria Drive">http://bluemove.blogspot.com/search/label/2626 Victoria Drive</a></blockquote>


Nice! I wonder if it will make it to the foreclosure auction? Then we can see what real investors think of this place.



I'm thinking we need to add <a href="http://bluemove.blogspot.com/">bluemove</a> to the blog roll as our Laguna Beach blogger. I don' think anyone would object to that idea.
 
[quote author="graphrix" date=1231178058][quote author="Mr Bluemove" date=1231167605]Don't look now, but the first Notice of Default was recorded in December. This place is going toward foreclosure.

More detail at

<a href="http://bluemove.blogspot.com/search/label/2626 Victoria Drive">http://bluemove.blogspot.com/search/label/2626 Victoria Drive</a></blockquote>


Nice! I wonder if it will make it to the foreclosure auction? Then we can see what real investors think of this place.



I'm thinking we need to add <a href="http://bluemove.blogspot.com/">bluemove</a> to the blog roll as our Laguna Beach blogger. I don' think anyone would object to that idea.</blockquote>


I'm in. That is a great site.
 
Do we have any idea how much debt is currently on the property?



Also, do we know the square footage on this place?



(Sorry if I missed this info earlier...)
 
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