1034 Apgar : $218,000
1030 Apgar : $212,000
1026 Apgar : no bid submitted
1022 Apgar : $232,500
1018 Apgar : $225,000
1014 Apgar : $275,000
1010 Apgar : no bid submitted
1006 Apgar : $200,000
1002 Apgar : $230,000
1000 Apgar : $271,000
1004 Apgar : $202,000
1008 Apgar : $215,000
1012 Apgar : $231,500
1016 Apgar : $295,000
1020 Apgar : $225,000
1024 Apgar : $200,000
1028 Apgar : $182,500
1032 Apgar : $220,500
1036 Apgar : $216,000
Asking prices and starting bids for all the units started at $179,000 or $189,000. The model unit was located at 1022 Apgar St., Oakland, CA 94608. The developer, Apgar Development Corporation, apparently defaulted on a $8 million dollar loan to East West Bank in January 2009.
The seller chose not to sell any units at the end of the auction, presumably counting on the housing market to pick up in the summer of 2009. Comparable units nearby were asking in the high $200,000's at the end of the auction.
UPDATE 5/11/09
The bank has apparently listed 1022 Apgar -- one of the 19 units in this complex -- on the MLS asking for $520,000. $520,000 was the "suggested value" of the units during the auction so the bank seems to be ignoring the fact that the highest bids at auction were in the high $200's. The bank may be hoping to find a sucker willing to purchase in the high $400's and use that price as the floor for the remaining 18 units. There are plenty of suckers out there but finding one willing to pay almost a quarter million more than the highest bids at a recent auction seems unlikely.
10 comments:
I bid on city crossing as well. how did you know that the seller chose not to sell any units? any info would be appreciated!
I was also curious to how you found out about these prices and the units?
We were also bidders. We were told by the auction firm that none of the bids had been accepted by the seller, and later discovered that the bank (not the developer) was making the decisions on whether to sell. Frankly, we were astounded that the bank would reject a high bid of $295 and then relist at $520. More power to them if they actually find a buyer at, or even within 30% of, that price,
Hi, thanks for this list, I looked at these townhouses a while back and am still interested in them.
I'm wondering where you got this information and if its still available somewhere else (possibly published by the auction company?). Also, any ideas about the future of this project? Has it been foreclosed yet by the bank?
You can try the auction firm and see if they'll release the prices. The auction was conducted by fre.com but the list of final prices was pulled off the site a few days after the auction closed.
I believe the bank has already foreclosed because according to the developer, it was the bank that refused to sell after the close of auction and the bank that chose to re-list at $520,000.
All this information comes from calls to the auction firm or the developer but I have no firsthand knowledge if it's accurate.
Thanks, also wondering which comparable units your seeing priced in the high 200s? Most 2 bedroom 2 baths are still in the high 300s to mid 400s.
2BR/2BA's in the high $300's to mid $400's in the 94608 zip code? I'm not in real estate but that seems high just going off of zillow. I was using as a comp a 2BR/2BA being listed at $302,000 located at 40th & San Pablo that has since sold. The unit was smaller (about 1100 sqft IIRC) but had two parking spaces and was located in Emeryville proper.
Whoops. The 2BR/2BA at 40th & San Pablo apparently has not sold yet and is still asking $302,000. Built in 2005.
http://www.movoto.com/real-estate/homes-for-sale/CA/Emeryville/40th-St-12_40380216.htm
ups sorry delete plz [url=http://duhum.com].[/url]
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