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Another auction: 1BR Marina TIC apartment

by sfishome on February 20, 2009

Note the Video walk through below.

Listing price in the MLS was $298,888. 5 and 1/2 hours later is was dropped by $3,000 to $295,888. This morning, only 1 day later, it was dropped another $2,000.

Why such tiny drops you ask?

If you like, start the video walk through and read more below:

So why the price drops? Because price drops are re-emailed to Buyers who have been set up on email alerts for new and changed listings that meet their search criteria. Check out www.Automated-HomeFinder.com if you’d like to set up your own search, or speak to your Realtor who will do it for you. Other sites like CleanOffer and SF-MLS-Search.com also re-email new listings or price changes. So the strategy is to get it noticed by everyone with an active search in the area.

Any why so many drops so fast? Because they are planning to have an auction outside the property on Tuesday at 1pm which is a mere 6 days after entering it into the MLS.

I’ll post yet another video because while there I notice that 4 of the 5 other apartment doors were open. So my guess is that after the auction they will bring on the other 4 apartments. Apparently back in Sept/Oct 2008 unit #6 (correction, it was unit #1, a 1st floor western facing unit) in the building sold for $710,000. They are marketing parking separately, so that might have included parking (update, they definitely did include parking per the above) whereas the $294k price on #2 does not include parking.

To speculate even more, I’ll guess that the auction is designed to determine the true market value of these TIC units. #2 is probably the least desirable in the building, although not a bad apartment at all. #6 (#1 I meant) almost definitely set the high price because it went into contract before the financial crisis became national news. The auction of #2 without parking is likely to set the bottom price. Then all other units may then be brought to market with prices in between.

I haven’t spoken to the listing agent, so the above is guesswork. I saw Brown & Co open house signs in the building, so who knows, maybe the Auction agent and Brown & Co are working together in some fashion.

Auction date and time: Tuesday February 24th at 1pm outside the building. See you there. And if you’re interested in making an offer and are unrepresented by another Realtor, drop me a line at info AT sfishome DOT com

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