Market Just Barely Good Enough To Sell Sex-Party House After All

On Tuesday, Countrywide's sex party house sold at auction for $475K, a substantial haircut from the $1.1 million Countrywide was in for. Keep in mind that as Floyd Norris pointed out last month, that doesn't include any losses from second mortgages.

Real Estate Disposition Corp handled the auction on Tuesday and will collect a 5% buyers fee for their efforts, bringing the total price to just under $500K. That's assuming Countrywide/Bank of America accepts the offer. According to Joe Joffrion of REDC, whom I spoke to a short time ago, the $475K did not meet the reserve price, though it was substantially higher than the minimum bid of $279K. Because of that, the seller now has 15 business days to decide whether to accept the offer.

Read the full story here

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Read more about the housing market:

::Even Sex-Party Houses Aren't Selling In This Market
::Fannie Mae, Freddie Mac Spent $200M To Buy Influence
::Stricter Mortgage Rules Adopted: Borrowers Must Now Prove Income

Comments

[JScott]

Hmm a waterfront home for less than I paid for my house, but then again that's in hurricane prone (and global warming low elevation) Florida. I'll keep my house.

Hey folks there are some deals in L A's Bel Air I'm sure.

[Destin]

After the media gives it lots of free advertising, I'm surprised it took this long to sell. ;)

[satyriasis]

Where I live (northern California) good houses are going fast. Banks deliberately price them low so they'll get multiple offers on them driving the price up in a bidding war. Speculators think the market has hit bottom and are swooping in for the kill.

[the964kid]

A house selling at less then 50% of its value hardly means the market is 'good enough' - this headline and story is silly.

[KillTheMessenger]

What in the world is the news "value" of this?

[peachfuzz]

LOL thank goodness. I can go thru another day getting screwed with my pants on.
I don't think I could take any change.

[ROBOT8]

IS THIS THE PLACE WHERE THEY GO TO SCREW US???????????????