Oceanside Terraces Sold at Auction Block


by Roberta Murphy

Oceanside Terraces

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.

Auction pricing?

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

Oceanside-Terraces-Auction-Sheet-2Prior 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 roberta@sandiegopreviews.com and I will forward).

6 responses to “Oceanside Terraces Sold at Auction Block

  1. The auction certainly was an eye opener! It broke my heart to see an owner who paid $1.2M for their unit see the unit next door go for $595,000!!!!! As she left almost in tears she said to me “They told me they wouldn't give them away”.
    My answer to her was “yes, they told us ALL lots of things”.
    What was of utmost concern to me was the auctioneer was touting these units as ocean front and ocean view…..they seemed to ignore the fact that almost all those units will be losing their “ocean view” and “ocean front” status in the coming years.
    Hang on to your hats people…..it's going to be bumpy ride!!!!

  2. I toured the units and cannot make out the prices on your site. I am curious about the final prices on Units 604, 508 and 302. It would be nice if you could publish the results in a table. The illustration was illegible even when I reduced my resolution on my computer.


  3. EveSieminski, I agree Oceanside doesn't give a rats xxx about property values and will build anything in front of these units. Nothing promised by the city council can be trusted. The reason I did not bid on the units is because I already have one home in Oceanside and the city council threatened to widen College Blvd with imaginary money and take out my neighbor's home (an elderly widow). I suspect they were spending money provided by Ocean Ranch for the study with no intention of doing the project. The city council cannot be trusted to manage this gorgeous location.

  4. Grrr! I am having trouble with the tables in WordPress, but here is a link
    to the results of yesterday's auction:


    As you can see, 604 sold at $696,000; 508 sold at $645,000; and 302 sold at

    We are still assessing the impact of these numbers. If you have any
    questions, please feel free to give me a call at either 760-942-9100 or

    Best regards,

    Roberta Murphy

  5. I completely agree!!! Having worked downtown for 15 months I personally saw them in action. Not only didn't they do anything to help us out, it seemed like they were on a mission to throw road blocks in our way. One of those things included not allowing us to put up open house signs to attract downtown visitors. This definitely made a HUGE difference in not only our numbers but those of adjoining businesses.
    I have a feeling that San Miguel and other nearby condo owners will be tearing their hair out once those comps hit.

  6. Yes it is really kind of sad. All one needs to do is drive around Carlsbad and see how well the city has been managed. Every inch of that city is a model of good planning. The minute you cross over into Oceanside the entire ambiance of the coastline changes to tacky. It must be from years and years of city council corruption. Had I known better, I would not have purchased a home north of the the 78 corridor in 1988. I was warned at the time. It's time to remove the existing politicians who built the Taj Majal for 20 million in 1990 (talk about greasing palms) and start fresh. Oceanside needs a complete overhaul. I currently live in Denver and still own property in Oceanside. I think it has a gorgeous location but the crooks on the city council must go. Chuck Lowrey who was bad mouthed as a “liberal breadmaker” would be a good start in cleaning up this corrupt mess.

    Best Regards,


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