Update: Auction of new homes in Gardena

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

A number of you have asked for an update on the auction of new homes in Gardena Village, which took place May 10th. Here’s an NPR report on the auction, which reports that 18 of the 24 homes were sold in 37 minutes.

NPR quotes CataList Homes President Mike Davin saying he was ‘thrilled’ by the bids at auction: ‘I think this type of format shows that you can bring together the interested buyers and they can set the price for the project, which means the builder was able to get 87 percent, 88 percent of the last listed price,’ Davin says.

In a brief e-mail exchange, Davin said he now has offers on 20 of the 24 homes, at prices ranging from $535,000 to $595,000. ‘This represents about a 15%-20% discount to the last sales prices,’ he said.

Interesting tidbit: NPR reported, ‘About half the prospective buyers were Korean, reflecting Gardena’s large Korean immigrant community.’

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Hat tips: Numerous, via e-mail and comments, thanks folks.
Photo Credit: CataList Homes

U