Auction action: New units in Redondo Beach, San Pedro
More straight-to-auction new construction to report, and these units are closer to the beach than your typical auction fare.
From auctioneer Kennedy Wilson: "Starting bid prices for the 3 exquisite, Mediterranean styled townhomes (pictured) in Redondo Beach are just $975,000 -- a significant savings on homes previously priced at up to $1,690,000. These 3 townhomes are offered subject to an unpublished seller's reserve price."
More: "Even greater savings are on offer at the 12 luxury condos at Grand View in San Pedro, with minimum bids of $260,000 to $295,000 on homes previously priced from $503,900 to $598,900 respectively."
The auction is scheduled for Aug. 3.
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo: Kennedy Wilson
I wonder what the "undisclosed reserve prices" for these homes is. Probably something close to those ridiculous bubble prices. Next, please.
Posted by: Fred | July 11, 2008 at 12:22 PM
What 's up with the minuscule unfinished wall up front ?
Front cover of the LA Times this morning : Rich kids going to school in Westlake! Woahhhhh Now that is news right there !!!!!!
Posted by: CD | July 11, 2008 at 12:27 PM
unpublished seller's reserved price = sucker's bet
Posted by: Pat | July 11, 2008 at 01:13 PM
Yawn. In other news, typical LA homeowner Joe Schmoe listed his home at ~$1000 per square foot, confident that "the right buyer" will come along and cash him out before his neg-equity option ARM goes nuclear. He was quoted as saying it's a great time to buy, especially at the significant savings his price represented.
Wake me up when people have figured out all these bogus auctions with fake low prices have no more people attending them, and the home auction has destroyed all of their potential market credibility.
Posted by: Nick | July 11, 2008 at 01:28 PM
What's up with "Townhome?"
When I was growing up it was a "townhouse."
Posted by: xtine | July 11, 2008 at 01:30 PM
THIS AUCTION WILL BE WHAT JUMPSTARTS THE R.E. MARKET AND THEN THE OVERALL ECONOMY WILL MAKE A FULL RECOVERY SHORTLY THEREAFTER.
Posted by: mike | July 11, 2008 at 01:35 PM
All part of the dot.condo bust.
Posted by: E | July 11, 2008 at 02:48 PM
if you knock off a zero at the end of these pie in the sky prices then the RE market will start to go back up again
if not
GOOD LUCK
see you on skid row with all of the other idiot thieving brokers, bankers, agents
get your pie in the sky prices out of your heads please !!!!!!!!
Posted by: George | July 12, 2008 at 09:37 AM
Try to catch a falling knife in S. Redondo on Aug 3rd...LOL.
The time to buy property like these will be in 3 or 4 years, not now. The only event that could bring prices down to reasonable levels before then would be a major earthquake, and let's hope we don't get one of those.
Posted by: David | July 13, 2008 at 10:34 AM
WHAT, These are saving of over 50% for the Condos in San PEDRO.
I don't know about you, but sounds like a really good deal to me. Might have to check it out. Does any one know there website??
Posted by: AY | July 14, 2008 at 08:07 AM
These homes are beautiful! I have seen them personally. The website is www.beachhomesauction.com
Posted by: Michelle Johnson | July 15, 2008 at 04:47 PM