For those interested in the details of the 515 Tucker Street auction, this came in a few weeks ago from Tom:
Went to the auction today. It was supposed to start at 1pm, however as the auction personnel were not on-site, it was delayed until around 1:20pm. Not great considering the rain. Once the auction personnel showed up, and after a few technical difficulties (Internet issues since they had an online bidder), the auction started. Although there were quite a few people there (maybe 20-30) only a few seemed to be serious bidders. The price quickly jumped to 600K, after it hit 700K, it could not be pushed to 800K so went in 25-50K increments and then to 10K increments. Final price: 760K plus 5% buyers commission.
The property itself is quite interesting and I am not sure what the buyer is going to do with it. It is currently three rentals. They could turn it back into one house (plus granny unit) but that will take some work. Also, the outside of the property looks good, but the inside (at least first floor) is in pretty bad shape. It will take quite a bit of work to get it up to standards. Then again, given the current rental rates of the property, they may just leave it the way it is, as the rent may almost be able to cover the mortgage.
Note that this was a home that was orignially listed for $1,175,000 in April 2008.
First time reader here. Thanks for posting this. Very interesting.
ReplyDeleteAre any more auctions planned in Healdsburg? I'd like to go and watch one of these myself.
The auctions are not on a regular basis, so not sure when the next one is. Williams & Williams (williamsauction.com) put signs up in town announcing 515 Tucker. REDC (www.ushomeauction.com) is another auctioner site. I don't think that either have upcoming auctions here, but would guess that they will as the market continues to move down its current path
ReplyDeleteThe property did not sell as the owner had a sales price which was not met. It is still on the market for $1,175,000.
ReplyDeleteYou've got to be kidding me. What a joke. All those signs around town for not.
ReplyDeleteSince they didn't meet the minimum I wonder if the Williams^2 gets paid anything.
Was the 765k a schill bidder or did 765k genuinely not meet the unpublished minimum req for sale?
ReplyDeleteHow much is the property worth in yuor guys opinions?