Comments on: Liquidation Sale in the Catalina Foothills – results.

By: Another Tucson Real Estate Auction | Developer Close-Out on Catalina Foothills Condos

Sat, 18 Apr 2009 08:21:45 +0000

[...] at 50% or more discount (versus 2007 prices in the same community). My estimate is based on the 2008 Public Home Auction results, when many Condos were sold in $122,500 – $145,000 price [...]

By: Jzetter

Jzetter — Thu, 19 Jun 2008 00:50:03 +0000

It will be interesting to see how these kind of “auctions” fair over time. I assume it something of a phase, however it does serve the purpose of liquidating property quickly, if that is the ultimate goal.
If nothing else, it’s a facinating place to people watch.

JZetter

By: Anjelina

Anjelina — Wed, 21 May 2008 16:25:43 +0000

Duane,

Thanks for sharing inside information. I was also told that auctioneer – Real Estate Disposition Corporation or REDC – was accepting backup offers (bids?) after the auction, in case original bidders wouldn’t close on the transaction. As of a few days ago, it was still possible to participate by coming to the REDC office at the Villas at Sabino Canyon, or even better by calling me.

$132,500 is a very good price, even considering extra 5%. Congratulations!

Anjelina.

By: Duane

Duane — Wed, 21 May 2008 12:06:21 +0000

The title company informed me that 31 of the 40 units were sold. I believe the nine (9) units referred to as coming across the auction block twice were the ones the auctioneer closed the bidding on the first time and did not come close to the reserve the second time and were not sold.
My bid was accepted subject to seller approval. The seller had until Friday of the following week to decide whether or not to accept the bid. At 4:15pm (45 minutes before deadline) title company informed me that seller accepted all bids that were initially hammered as sold subject to seller approval.

I paid $132,500 plus 5% commission for an upgraded 2 bedroom near the pool.