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Auction results of 3731 Fillmore – not what they expected

by sfishome on February 24, 2009

Disappointment on all sides, and frankly this was a comedy of errors. Starting with an error of mine – mistakenly writing that the $710,000 October sale was for Unit #6 or the top floor western facing unit. It was actually #1, the first floor eastern facing unit. I just assumed that only the most desirable unit in the building could possibly sell for $710k. Instead, #1, which is probably the 2nd or 3rd least desirable unit got $710k. Something doesn’t add up… but I’ll get to that later.

Starting with the punch line first… the auction ended badly as seen and heard in this video which is the end of the auction (earlier episodes to come)

Listen for the male voice saying “any other terms that you’re going to change on us” and then a “thank you”, which he said sarcastically, and then waved and walked away angrily. Another “buyer” followed him also visibly unhappy with the process. That was in response to an announcement from the auctioneer that instead of selling one unit each to the top 3 bidders, the highest bid was so low, that he would now only speak to that one bidder.

Unfortunately there was a confidential “reserve” bid, which I suspect was close to $500,000. So with the highest bid at $410,000, the auctioneers changed their tune, but that was consistent with not meeting the reserve bid. The above video starts with that change…. something he could have explained better, that it was due to not meeting the reserve.

What happens next is anyone’s guess.

{ 1 comment… read it below or add one }

Anonymous February 27, 2009 at 3:00 am

These dudes belong in a used car lot. Thanks the the great blog!

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