I'm looking for more details on this story.... something I've always wanted a Seller of mine to take me up on... to auction their property. Well, someone did it this week... so far I'm just piecing the VERY interesting details together.
1206 32nd Ave was listed in the San Francisco MLS on Feb 6th, only 5 days ago, for $349,000. Two days later they priced dropped a mere $112 (not $112,000... ONLY one hundred twelve dollars) to $348,000. Most likely a clever ploy to get the listing re-emailed to everyone on an Listings email alert.
The MLS remarks read "Auctioned to highest bidder at the property Feb. 9th 4pm. Starting bid $349k" and in the agent-only remarks it read "Must sell by Monday February 9th 4pm. Auctioned to highest bidder at the property Feb. 9th 4pm." AND it read "Starting bid $349k Bring a pre-approval letter and blank CAR contract."
I just read on Trulia that 300 people showed up at the appointed time (2 days ago) and 135 were pre-approved. I have NOT heard about how the auction went... was it wild, tame, inside, outside, did it go straight up like a rocket, or slowly go up. But I did hear that it allegedly sold for $775,000.
I will not be able to verify that until it Closes Escrow and shows up in the MLS again as "Sold", but if it's true, that is $629 per SqFt which is the TOP of what last year's price per SqFt was in the area... and those FEW homes tended to be in much better condition. Of course a recent nearby sale went for $840,000, but that home was listed as being 400 SqFt larger with an extra bedroom and 1/4 bath.
But it sure looks like this home sold for it's maximum market value... not it's minimum. So if you are a Seller, this is an option worth a serious discussion. Call or email and we can discuss details of how this can work for your home. Full contact info at www.SFisHOME.com or email INFO at SFisHOME dot COM