cottontail
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Auction sells homes at $60,000 discount
January 20th, 2010, 10:00 am - 2 Comments - posted by Jeff Collins
celadonwA receiver reported that more than 200 people turned out Saturday to bid on eight homes from bankrupt builder John Laing Homes' failed Celadon development.
* The auction generated nearly $4.2 million in total sales for 8 two/three-story townhomes with 1,400 to 1,800 square feet each.
* After several rounds of bidding, the townhomes in the Irvine Co.'s Woodbury East development sold for an average of $520,000 per home.
* While that's about $60,000 below the original prices on the homes, it was 17% above the opening bids, said Taylor Grant of California Real Estate Receiverships of Newport Beach.
* "The final prices exceeded the court approved prices by 30%," Grant said in an email.
celadonkitchenw
celadonlivingroomw
The response to Saturday's sale was similar to an outpouring of buyer interest in a recent sale at another John Laing Homes project, Grant said. Forty-one units in the builder's Element condos at Marina Del Rey sold a few weeks ago in just over 2 1/2 hours, he said.
Irvine-based Laing, one of the nation's largest private homebuilders, filed for bankruptcy in February, and several court-appointed receivers have been auctioning off projects around the nation as part of Laing's liquidation.
January 20th, 2010, 10:00 am - 2 Comments - posted by Jeff Collins
celadonwA receiver reported that more than 200 people turned out Saturday to bid on eight homes from bankrupt builder John Laing Homes' failed Celadon development.
* The auction generated nearly $4.2 million in total sales for 8 two/three-story townhomes with 1,400 to 1,800 square feet each.
* After several rounds of bidding, the townhomes in the Irvine Co.'s Woodbury East development sold for an average of $520,000 per home.
* While that's about $60,000 below the original prices on the homes, it was 17% above the opening bids, said Taylor Grant of California Real Estate Receiverships of Newport Beach.
* "The final prices exceeded the court approved prices by 30%," Grant said in an email.
celadonkitchenw
celadonlivingroomw
The response to Saturday's sale was similar to an outpouring of buyer interest in a recent sale at another John Laing Homes project, Grant said. Forty-one units in the builder's Element condos at Marina Del Rey sold a few weeks ago in just over 2 1/2 hours, he said.
Irvine-based Laing, one of the nation's largest private homebuilders, filed for bankruptcy in February, and several court-appointed receivers have been auctioning off projects around the nation as part of Laing's liquidation.