Developers In The Bay Area Resorting to Auctions
Posted Nov 4, 2007 @ 12:06 pm, Viewed by 1218 Visitors, Read 1302 Times.There were a couple of real estate auctions this weekend, one in the Central Valley and one in Pinole (Contra Costa County, 20 mins from Oakland). Developers are resorting to auctions now in some parts of the Bay Area to move some of the inventory they have piled up.
Basically people are buying homes at a 20-30% below what they were listed for, and for those who are interested in new construction, an auction may be the way to go if they are having one in an area you like. Elk Grove, (fast growing community in Sacramento County) will be having an auction of condo conversions next weekend. These auctions can save you $100,000 or more on your new home!
The turnout is big, because people know what they can save, and as long as the inventory of new homes remains high they will keep having them.
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Hamid Grinage is a Realtor with the Grand Lake office of Prudential California Realty in Oakland. He is E-Certified, a graduate of Sonoma State University, and a member of the National, California and Oakland Association of Realtors.
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Nothing like clearing out the inventory. I hope you guys stabilize soon.