Wednesday, April 29, 2009

San Francisco County - Tax Defaulted Properties Auction’s Result

Last month, I wrote about tax defaulted properties that were being auctioned by San Francisco County. The auction ended yesterday. The original list had 56 properties, which were a combination of lands (10), single family homes (18), multi-unit properties (4), condo (2), office condo (1), commercial properties (2) and timeshares (19). 43 properties had been redeemed by the owners prior to the auction and only 13 properties were available for public auction.

The 13 properties available were all timeshares and only one of them at Union Square sold.
• 4 timeshares of The Suites at Fisherman's Wharf (Fisherman Wharf)
• 3 timeshares of Nob Hill Inn (Tenderloin)
• 6 timeshares of Club Donatello (Union Square)

It makes sense that most of the valuable properties were redeemed by the owners. Had them not been redeemed by the owners, I bet they would sell close to their market value. You could still get a discount, but since the auction was publicly advertised, and San Francisco is such a hot location, everyone with cash would fight to be the winning bidder. Who would not want to win a house in Sea Cliff neighborhood (starting bid was $19,500)?

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1 comment:

  1. Yes, chasing default property auctions is very timing consuming and often does not yield a bargain. The old adage does hold true -- if it's too good to be true, it's probably not.