San Jose Mercury News – Bidding on new Manteca homes makes 34 new owners ecstatic
When homeowner Dave Cantrell walked into the hotel ballroom Saturday where Anderson Homes was auctioning off one-third of the brand-new houses in his Manteca subdivision, he tried to be optimistic.
He approached Anderson Homes executive Craig Barton, shook his hand and wished them both luck that the buyers would bid close to the latest asking prices of the 34 homes in the Paseo West subdivision that have been sitting empty since the real estate market soured.
But when the rapid-fire bidding was over 90 minutes later – and one winning bidder stood up like a prize fighter with his arms raised in triumph – Cantrell didn’t even want to look at Barton, the man he invited into his home two weeks ago to calm the fears of his 26 neighbors who worried the auction would tank the value of their homes.
“I’m feeling my worst fears right now,” said Cantrell, who estimated that the auction devalued his neighbors’ homes by roughly $200,000 each compared with what many of them paid a year ago. “I lost a quarter million dollars in value. I’m screwed.”
Cantrell bought his home a year ago for $670,000 (not including the $90,000 he paid to install a pool and miniature golf course). The winning bidder Saturday of an identical home five doors down the street paid $391,000 – 38 percent less than what he paid.
Burbed Reader Mike forwarded this on to me. Do you have any words of wisdom or advice for these Manteca folks?