Auction Action Heating Up
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Sometimes the advertisements in the newspaper contain real news, and that was the case in Sunday’s Los Angeles Times. Two ads in the Real Estate section promoting sizeable, upcoming real estate auctions.
Lennar, the big homebuilder, is auctioning a total of 25 Southern California homes through the online auction site www.realtybid.com. Highlights: 13 homes at Marquesa at Terra Lago, an 84-unit golf course development in Indio. Bidding starts at $295,000 for homes previously priced at $459,900. (Question: how do you think the first 71 buyers feel about the remaining properties being sold at auction?).
An even bigger round of auctions coming: U.S. Home Auction is renting out convention centers to unload 300 Southern California homes over the next month or so. Interested? Head to the LA Convention Center on Sunday May 19th.
Sample home for sale: 7913 Capistrano Ave., Canoga Park; 4 bedrooms, 3 baths. The newspaper ad says it was ‘valued to’* $727,000, and bids will start at $439,000.
*LA Land is not sure what exactly ‘Valued to’ means. We’ll find out.
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