Real Estate Mega Auction (Springfield, MO) WOW

[donsgal]

Tonight dh and I went to the Billy Long Mega Event Real Estate auction at University Plaza Convention Center in Springfield, MO.

I have never been to a real estate auction before. I was amazed (AMAZED) at the prices. Now granted housing prices are coming down so I wonder if these prices reflect that trend or if they are always significantly lower than market prices.

There were NICE little houses (some needing a little TLC) that sold for $20,000 - $30,000. And there were some really large, nice houses that would sell on the market for $200,000 plus which were sold for around $130,000.

There were three commercial properties that no one even bidded on. One was an awesome turn-key restaurant (super reputation, big money maker) that they could not even get an opening bid for $100,000 (this included ALL equipment, inventory, real estate, etc.). (The owner is retiring.) I couldn't believe it!

I am thinking that if any of you are looking for property to certainly find out if there is anything like this in your area. Like I said, it may be due to the poor housing market right now, but these prices were amazingly low as compared to what I have been used to seeing on the MLS for this area.

donsgal

[big rockpile]

Yea its like properties that are going up for just back Taxes.I will admit most are small Lots but I have seen some acreage.I help someone on here find a place and they PM me telling me how happy they were.

big rockpile

[Selena]

Prices were inflated but in some areas, raw land isn't losing value at that fast a clip. There is still a market for those with money looking to delay paying capital gains. Farmers in our area are still selling (though not at as fast of a rate as they were before) and some are still buying farmland in IA and other good growing states. Sadly what I call the walmart mentality is catching up with too many. For reasons unknown to me, the mentality these days is EVERYBODY can have EVERYTHING, be it a big screen TV or a 2400 sq. ft. house, preferably new construction. People sold their souls and financial institutions saw nothing but dollars signs dancing away. Tis time to pay the piper and it isn't going to be pretty. One of the reasons these properties auction so cheap is potential buyers cannot inspect the property and I'm not sure all the normal disclosure laws come into play. And I'd bet dollars to donuts the banks are buying some of these places, just as they do when they foreclose.

[HazyDay]

WOW! All I know is around us the prices seem to go higher and higher every listing!

[quietstar]

The real facts about the national house market are beginning to come out. Looks like it will be 2009 at least before things settle down a bit and recovery begins. As always, market forces will vary from area to area...Glen

[Selena]

Originally Posted by quietstar

The real facts about the national house market are beginning to come out. Looks like it will be 2009 at least before things settle down a bit and recovery begins. As always, market forces will vary from area to area...Glen

Don't forget 'past performance is no indication of future performance', the one size fits all CYA of the financial world!