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A blog about the economy and the Sacramento-area real estate market.

July 13, 2009
133 area homes fetch $11.5 million at auction


gavel_auction.gif Irvine-based real estate auction giant REDC said Monday that it sold 133 capital-area and Northern California homes for $11.5 million at its Saturday auction at the Sacramento Convention Center. That comes out to about $86,000 per house.

 Spokesman Rick Weinberg of the Real Estate Disposition Corp. said the lowest price was $30,000 received for a house in Stockton. It original housing boom high: $290,000.

The highest-priced house sold Saturday was a 3,418 square-foot giant in Santa Rosa for $714,286. It last sold for $1.1 million.

Weinberg pointed to a couple of Sacramento examples, too:

3324 Felham Way sold for $126,000, 72 percent off its housing boom high value of $450,000.
6408 Calvine Road sold for $73,500 - also 72 percent less than its original high.

REDC says it's auctioned 19,000 houses nationally so far this year - for $1.3 billion.

Here's the regional tally:
Irvine-based Real Estate Disposition Corp. has auctioned  2,045 Sacramento-area foreclosed homes for $272.9 million since mid-2007:

June 23: 107 homes, $26.5 million
Sep. 29: 144 homes, $22.4 million
Sep. 30: 134 homes, $18 million

Feb. 16: 174 homes, $28.7 million
Feb. 17: 125 homes, $23.6 million
April 19: 169 homes, $20.7 million
April 20: 147 homes, $21.6 million
July 12: 197 homes, $23.4 million
Sep. 20: 183 homes, $21.6 million
Dec. 6: 191 homes, $19.1 million

Feb. 14: 179 homes, $18.7 million
April 19: 162 homes, $17.1 million

July 11:  133 homes, $11.5 million 

Source: Real Estate Disposition Corp.

 Photo courtesy of cocktailnerd.com 

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