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Don't take Zillow zillow.com estimates for homes to be gospel.
Here are the results vs. estimates of an absolute auction in Naples this weekend.
Note that the gross aggregate price was 57.3% of Zillow estimates.
There was a 10% commission (vs. a 6% regular brokerage fee).
So let's guess the following.
Total price paid: $14,840,000 + 10% = $16,324,000
Total Zillow estimate: $25,901,000
Clearing price = 63% of Zillow estimates.
I suspect Zillow estimates were a bit high, relative to a year ago.
But it tells you to a certain degree how much prices and demand in Naples, Florida has really fallen.
And 14 of 51 properties did not sell.
There was also a big auction in San Diego this weekend.
"Sixteen upscale homes in the Bressi Ranch development were advertised as up for auction at La Costa Resort and Spa. Buyers were willing to pay about $1 million for a home listed at $1.4 million or $1.5 million, and as little as $650,000 for houses priced near $1 million."
"None was accepted on-site, though auctioneer Mark Weitz told some of the high bidders that he would take their offers to the homeowners
Not a single property hit the reserve price.
But not to fear, as:
'The good news from the auction is that the investors did not lower the price and kept the value up for people who live there,' said real estate agent Kelly McLaughlin."
... :0) precious ...
Hello? Is she really like CB? Charging on to the Internet, looking for a fight, and then leaving in a huff. The clearing price to sell is 35% that current listing prices.
In any case, it seems that things aren't getting any better yet.
And with US$1 Trillion in interest only and adjustable rate mortgages resetting in the next 18 months ... the 'yet' will likely last a bit longer, enhancing rust rate of the monetary system.
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