The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Lizzie Tudor who wrote (106145)	2/22/2008 11:28:36 AM
From: alanrs	Read Replies (1) of 306849

I don't think that will work, but who knows. My sister said that the first 5 properties, 3 bed, 2 bath, attached garage, 2 pools and exercise room, went for $190k. As the price came down to $165k for similar properties, the first 5 came back up for bid and went for the pretty standard $165k. Whether this was people backing out as they heard other bids or bids by the contractors agents, who knows. She put her name in to be notified of any units falling through. In the end, the 2/2's went for $135k and the 3/2's went for $165k. The original auction was for 80 units, but the owner put an additional 40 units in the pot near the end of the first 80, so he must have been okay with the process. A straight line appreciation of about 4% from a 1993 data point (when they were built) would have put them around $105k and $120k. I think it's naive to think that everybody involved is dumber than I am. I find it more useful to presume that everybody involved knows something I don't. ARS

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