Hot Deals at Auctions!

Can you get a good deal at an auction???

Depends. Take a look at this sample of the results from last Saturday's auction.

It seemed like the results were mixed. Looks like on average the auction buyers got their properties for about 20-30% lower than the asking prices. I didn't run the true comps, so you can just assume that those numbers are probably a little higher, considering that these are all bank owned properties and their condition was probably questionable:

Auction Results:

Address List Price/Sold at Auction (in 000's)

6950 Jasmine Street 79.9/ 39.5

15175 E. 51st Avenue 70/ 50

5117 Carson Street 65.9/ 44

137 Hazel 54.9/ 39

1071 S. Grove 93.5/ 95

1965 Cathay 106/ 76

9009 Ithica 99.9/ 86

6600 E. 76th 89.9/ 60

1434 Willow 90.5/ 60

4475 Eagle 104.9/ 72.5

670 S. Raritan 112.5/ 94

7975 Marion 154.9/ 103

5402 108th Place 159/ 118

201 Deer Circle 162/ 112

4885 Blackhawk 154.9/ 107.5

3508 S. Richfield 174.9/ 118

4068 Jebel 179.9/ 144

3885 Federal 190/ 147

17128 Yellow Rose 224.9/ 170

3093 Carter 314.9/ 274

25205 E. Park Crescent 350/ 287.5

17593 Euclid 460/ 387.5

3446 S. Ash 699.5/ 590

There are a few more videos I took from the auction at ColoradoDreamHomes.net.






This Blog is dedicated to Parker Colorado Real Estate and Parker Colorado Homes, Elizabeth Colorado homes and land, Franktown Colorado homes, Castle Rock real estate, and metro Denver Colorado real estate property listings. Search the Denver MLS directly for properties and homes at http://www.coloradodreamhomes.info/ and access a huge real estate resource at http://www.coloradodreamhomes.net/

Wow What an Auction!

Well that was quite an experience. Not only had I not been to an for real estate, but I had never been to an auction in person period! I mean, its not like I'm bidding on Picaso's in my spare time.

Its really interesting how it played out. You start out with standing room only, then people thin out over time. There were probably 400 people in the room. There were some homes that only had a couple bidders, but then others that had at least 10 to start out with. You have about 100 homes, and maybe a dozen of them are sold before the auction even begins. But then they start out with the cheap homes...I'm talking homes being auctioned off for 29,000. No kidding. That's not necessarily a deal either, depending upon what it needs to be fixed up. There are a lot of trashed homes out there, and believe it or not there are homes for under 50K in Denver. So as things progress the bids end up topping 100K, then 200K, then the last couple expensive homes went for maybe 475K. I wrote down what they all sold for, and I have yet to check and see just how good of a deal they were bought at.

These are the properties that were in the auction today.

So this is the live video I took of my property at 25205 E. Park Crescent Drive. It was originally listed for 412K, and at auction time it was 350K. We had two competing offers for it a week ago, then the high bidder bailed out 3 days before the auction, so I was forced to go to see what this house would ultimately go for on the open bidding. It finally went for 287,500. Honestly, it probably needs 12K in improvements in landscaping, appliances, and some doors. Then you are done. Someone is going to make some money on this house. It was bought by an investor that is going to fix and flip it. Not for the faint of heart, but for this deal its pretty low risk as long as its done right.

This Blog is dedicated to Parker Colorado Real Estate and Parker Colorado Homes, Elizabeth Colorado homes and land, Franktown Colorado homes, Castle Rock real estate, and metro Denver Colorado real estate property listings. Search the Denver MLS directly for properties and homes at http://www.coloradodreamhomes.info/ and access a huge real estate resource at http://www.coloradodreamhomes.net/