It took some doing, but we were finally allowed into the auction room in Carlsbad where high bidders would be able to purchase the remaining 29 residences at the Oceanside Terraces. We wanted to be able to report on the results (as we are doing now), but someone with Accelerated Marketing Partners tried to block our entry. An executive with the firm eventually intervened, and we were allowed into the room where approximately 100 registered bidders were seated.
The auction was orderly, and Eve Sieminski, Mike, Scott and I were able to see most of the bidding activity from where we sat at the back of the room. And in a little over an hour, the remaining 29 residences at Oceanside Terraces were sold. Winning bids ranged from a low of $405,000 for a 1986 sf condo on the 3rd floor north end of building, to a high of $781,000 for the prime ocean-facing 6h floor penthouse with over 2500 sf of living space. The largest residence and penthouse on the southeast corner of Oceanside Terraces has 2563 sf, a sweeping ocean view to La Jolla, and was sold at the surprisingly low price of $757,000.
13 sold in the $400,000’s
10 sold in the $500,000’s
4 sold in the $600,000’s
2 sold in the $700,000’s
Prior distributed listing sheets (up to June 1, 2009) at Oceanside Terraces had nothing priced under $600,000–and the bank/developers had turned down two cash offers that exceeded $300 per square foot in late spring. Parenthetically, cash sales were the only means of purchase for months as either builder or bank had dropped the ball on maintaining Fannie Mae approvals–and any hope of conventional lender financing. There was also no model–and all units had concrete flooring.
Had financing been in place, had there been a model, and if prices been more in line with current market conditions, almost all residences at Oceanside Terraces would have been sold long ago.
But that would have deprived today’s lucky buyers of some amazing buys!
(Notes: Successful bidding prices are handwritten just left of minimum bids. The sporadic figures at right are figures Corus Bank indicated they ,might have accepted last spring–but which were never published. If you would like a clearer copy of my notes, just drop me a line email@example.com and I will forward).