Wednesday Morning: New Home For $300,000 Below List Price in Indio

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Curious results from an online auction of high-end homes in Indio by the homebuilder Lennar Corp. You can read the whole thing here, but we also offer this executive summary:
--During the ‘set auction period,’ the 14 Lennar homes garnered 692 bids, but not one that met undisclosed reserve prices.’ (This reminds LA Land of those courthouse steps foreclosure auctions, where 90% of the homes are not sold because bids are too low.)
--’None of the properties fetched their reserve prices during regular bidding, but yesterday Lennar agreed to sell a home for $1.1 million that had been listed at $1.4 million.’
--’Lennar took pains to avoid the appearance of a fire sale -- even instructing salespeople not to refer to it as an ‘auction’.’
--Pre-auction markdowns: ‘John Nelson moved from a nearby town two months ago after Lennar accepted an offer, he says, that was $85,000 below list price.’