Photo of the Day: Straight to auction

Photo of the Day: An odd sight -- 24 brand new homes, listed as for sale in public auction. You don't see that every day: brand new homes, straight to auction. The homes are in Gardena, the auction is May 10th, starting bids are $498,000.

Photo Credit: Catalisthomes.com

 

Comments

[Joseph...The Real Estate Guy]

The Chickens came home to roost!

[the problemwithcaring]

OMG!!!

I give up on California, if "affordable" is a $780,000 detached condo on Budlong and 159th street!!

I refuse to believe that.

I mean - WTF????

[Jackie Romulo]

I've passed by this neighborhood many times and it's right off a busy street (Artesia, which turns into the 91 freeway). I don't think it will all sell at auction. I think the builder should suck up their losses and lower the minimum bid price. But that's just my 2 cents.

[Gman]

Hmmph!

This is nothing more than a ruse to get folks to come by and look. An auction with a starting bid at a half-Mill is NOT an auction. Start the bidding at $200K and MAYBE you'll get some interest.

Cheers.

[LA]

So now that Peter has educated us, we know that the starting bid is not the sale price. Wonder what the reserve is on these homes? Plus the auctioneer's cut. Plus the lender's fees, plus, plus, plus...

[bulwark]

Are there any fools left who think they can make money on a real estate auction? These places are overpriced at the starting bid. Good luck!

[HulaGirl]

$500,00 for a tract-mansion in Gardena?!!

Dream on.

Gardena isn't a city, it's a giant strip-mall..

[peter m]

This is a typical layout of these homes-they are all the same, all 24.

Status: Available Beds: 4 Sq. Feet: 2090
Prop Type: Single Family Res Baths: 2.00 Lot Size: 2930
Agent: WILLIAM DELEON Firm: CATALIST HOMES Phone: 310-376-5125
Current list price: $708,000 Bid order: Not available Lot #: 122

First of all, there is no yard. Houses appear less than 10 ft apart. They are large stacked townhouse-like units on puny lots. Second, this is a complete scam ripoff on prices. LIST $708,000!!@!#%&
auctioned down to 'only' $498,000.

That area is very close to the very rundown eastside edge district of Gardena, adjacent to LA Harbor gateway, or harbor strip , which is a completely gang-ridden and trashed ghetto apts.-
The Gardena areas to the west, past normandie/western ave and adjacent to torrance 90504, are basically OK but not prime middle class and not 100% safe from crime & gang intrusion . Basically these new auction homes are on grey DMZ zone between gang-invested ghetto and somewhat ok middle lower class LA exurbs. Dicy area but survivable though not a pristine westside hood.
Prices are way out of whack in todays decimated markets in LA mid-priced zip areas and should be no more than $350.000 tops, and only because it is relatively close to dwtn LA(1/2 hr) and westside(45 Min)

My summation of Gardena overall is that is on the thin line from turning into another decayed inner LA third world ghetto, at least large parts of it.

[NotBuyersMarketYet]

$498K? Should be more like $198K.

[Tokyo renter - Ex LA Renter]

Still too expensive for that area.

Just wish them good luck with those!

[FromHouseFlipperToBurgerFlipper,]

These are not mcmansions. These are typical bland tract houses. The list data for one of them is below. Can you believe 2930 sq ft LOT size! These are $210k houses.

17326 MAGNOLIA WAY
GARDENA,CA 90248

Starting Bid: $498,000
Current list price: $708,000
Auction Lot Number: 110
Price Per Sq. Ft.: $338.00
Status: Available
Property Type: Single Family Res
Bedrooms: 4.0
Baths: 2.00
Square Feet: 2,090
Lot Size: 2930
Year Built: 2007
MLS Number: S08056165
Agent: WILLIAM DELEON
Contact agent
310-376-5125
Listed By: CATALIST HOMES

[Another]

Where's the sidewalks? I mean come on, I'm spending $500k here and I have to walk in the street in the evenings?

[Alex]

$198k sounds about right, how arrogant these developers are.

[MyLessThanPrimeBeef]

I am thinking about changing my name to IAmNotBuying because I am not buying, though I did try to stock up on food today. I hate to think that I might, for lack of foresight, have to fight for genetic mutated corn one day. So, I am buying...food, not real estate, and only a little.

In the meantime, I am intrigued by GetOutofMySunshine. I might try that name someday.

[Another]

"...Raised panel white cabinetry, ...Cultured marble countertops,..."

Bwahahahahahahahaha. This is $85 sq ft construction starter home.

[William E. Jones]

Does this remind anyone of the movie "The Matrix?" It's just eerie how it looks.

[ugh]

This is a guaranteed slum in five years. Very easy to envision the future junk cars packed along the street, dead mattresses and trash in front of the houses and white body outlines. ugh.

[liz]

Quit complaining guys, you can always buy a house in Mira Loma.

[campechano]

hahahahahah...yeah good luck with that....what a joke! The NERVE.......my god......

[peter m]

Those type of two story squat compact spanish-tiled mcmANSIONS with garage built right into the st floor is very typical mass-produced tract housing which was put up in massive mega-tract developments all over the IE and also probably in Santa Clarita, in fact just plunked down as if off a giant assembly line. Pardee, Standard ,and lennar specialized in mass assembly-line tract housing rolled out in 1000's of new tracts all over the IE and CA hi-desert, and also in smaller scattered developments all over LA. Very cheaply built BTW as i have seen these put up as single units on separate lots all over the uncontrolled downzoned crap areas of LA and THEY APPEAR TO DETERIORATE VERY QUICKLY.

[DF]

I share the instinct that $500k is grossly high for a starting auction price in this market, given location, quality, etc. I'll be really interested to see what happens at the auction.

[jbunniii]

$498k would have bought you a really nice house within walking distance of the beach only ten years ago, and likely will do so again within five years. These POS's will be worth $150k by then, if that.

[JParker]

It doesn't get much more insulting than this. However, a greater fool (any left?) would surely have to consider that 200k haircut. Unfortunately for Catalist Homes, an intelligent person would require that same haircut (200k) plus a shave (150k) and a shoe shine (150k) before the price is a mere joke. Cut that final 200k in half and you'd have exactly what these prefab suicide boxes are worth - 100k!

[anonymous]

shockg, lefty! another great opportunity for you two! buy the whole lot and we'll be BEGGING to buy them from you at twice the price by Christmas!!

[mbob]

Relax, lefty'll snap 'em all up! In beautiful metro LA!