Those were the words spoken yesterday when 29 Delaport, in the Coronado Cays was sold at auction on the court house steps. I have it on good authority that the estimated value was $786,527 and the opening bid was $111,000. Zealous bargain hunters, armed with comps of recent sales in the Coronado Cays bid feverishly bringing the sales price up to $470,000.
Being a Bargain hunter combing through Coronado garage sales on Thursdays is one thing, but picking up a "bargain" on the court house steps is another. It is not for the amateur. For one thing, it brings "due diligence" to a whole new level. When you purchase a home on the court house steps, you do not get "title insurance". Not having clean title is a nightmare unto itself.
What's interesting about 29 Delaport is that the new owner "inherited" a $30,000 tax bill for unpaid property taxes. So, now the sales price for that Coronado Cays home is $500,000. According to data compiled by CoreLogic, the home has 1,347 square feet. The last recorded sale was on June 30, 2006 for $1,300,000. It still amazes me that this seller didn't even try to Short Sale the property. According to our local multiple listing service, the home had not been listed for sale since it sold in 2006.
If you are a cash buyer and are looking to invest in the Coronado Cays, the following properties are scheduled to be sold on the court house steps within the next few weeks:
1 Buccaneer Way has a sale date of 12/15/10 and an estimated value of $4,122,774
55 Spinnaker has a sale date of 12/20/10 and an estimated value of $1,725,176
31 Sandpiper Strand has a sale date of 1/3/11 and an estimated value of $1,253,288
41 Antigua Court has a sale date of 12/21/10 and an estimated value of $1,022,173
24 Mardi Gras has a sale date of 12/13/10 and an estimated value of $1,064,638
Some of these estimated values are higher than reality. In the example I gave on 29 Delaport, there is a $286,527 price differential in the estimated value and the purchase price. If you would like additional information on how to get a good deal on the court house steps, I'd be happy to share my inside connection with you. Call me!
Expect More Than A Home…..Create A Lifestyle In Coronado!®
Gerri-Lynn Fives, ABR,CIPS,CNE,CRS,GRI,RSPS,TRC
Prudential California Realty
511 Grand Caribe Cswy
Coronado, California 92118