Altair Auction

A

abhinata

New member
What’s the story behind this Altair listing?

redf.in

64 Cetus, Irvine, CA 92618 - 5 beds/7 baths

(CRMLS) Sold: 5 beds, 6 baths, 6860 sq. ft. house located at 64 Cetus, Irvine, CA 92618 sold for $4,000,000 on Jan 4, 2023. MLS# OC22228633. BEST LOT IN ALTAIR! Nobody behind you in this backyard oasis. If...
redf.in redf.in

Is it the beginning of auctions and foreclosures as tech sector layoffs keeps coming?
 
abhinata said:
What’s the story behind this Altair listing?

redf.in

64 Cetus, Irvine, CA 92618 - 5 beds/7 baths

(CRMLS) Sold: 5 beds, 6 baths, 6860 sq. ft. house located at 64 Cetus, Irvine, CA 92618 sold for $4,000,000 on Jan 4, 2023. MLS# OC22228633. BEST LOT IN ALTAIR! Nobody behind you in this backyard oasis. If...
redf.in redf.in

Is it the beginning of auctions and foreclosures as tech sector layoffs keeps coming?
Click to expand...

Nothing to see here, it's just Hardcourts brokerage who does these "live auction" listings, it's not a foreclosure auction. The home will sell for way over $3.5m.
 
usctrojancpa said:
Nothing to see here, it's just Hardcourts brokerage who does these "live auction" listings, it's not a foreclosure auction. The home will sell for way over $3.5m.
Click to expand...
I am always intrigued by live luxury home bidding. how does it work? each bidder needs to be pre-qualified? all cash offers only? other items in contract like
deposit amount, contingencies...etc are standard and no room for haggling?
 
usctrojancpa said:
Nothing to see here, it's just Hardcourts brokerage who does these "live auction" listings, it's not a foreclosure auction. The home will sell for way over $3.5m.
Click to expand...

abhinata said:
Thanks Martin. Is that another way to sell luxury or expensive homes?
Click to expand...

It's just a strategy that this particular brokerage uses to sell all kinds of homes, not just luxury homes. It's just a way to generate multiple offers and seeing if they can get what the seller is looking for. Sometimes if they don't get the high bid up to the minimum amount that the seller wants, they'll just change the price to an amount higher than the minimum amount the seller will accept.
 
The Motor Court Company said:
I am always intrigued by live luxury home bidding. how does it work? each bidder needs to be pre-qualified? all cash offers only? other items in contract like
deposit amount, contingencies...etc are standard and no room for haggling?
Click to expand...

I've never had any buyers bid on homes listed by this broker, but the seller can accept an offer anytime before the "live bidding" happens. It's basically similar to underlisting the home and getting multiple offers and seeing how high the highest bidder will go.
 
I believe there's a reserve price too - where the highest bid has to be above a certain price determined by the seller.
 
Guess the auction didn’t work, it’s back on the market at $4.1M, only $850k discount from when it was originally listed in late October.
 
You must log in or register to reply here.
Back
Top