No deal...

That is the answer for the house auction today. The winning bid for the unit we wanted was at $1.075M. Our cap was a bit lower, but not that far off. But we stood our ground. We don't really know if the seller would take the winning bid anyway, as there is an undisclosed reserve.

The front unit went for $1.125M, we were surprised by the small difference between the two units. We thought the front one should command 15% premium over the middle unit. This could be a left over effect from the front unit. The second unit winner didn't get the front one, so maybe he really wanted one of them and he bidded higher after he lost the front one. And no one bidded on the last unit, wow, what a surprise too! I thought people would rather have the end unit than the middle.

What this means for us is we should sit and wait for at least 45 days. We are going to wait for this transactions to go through the escrow and closed. Then the existing homes for sale would have a new comp to set or readjust their price. We like the number much much better and a bit more confident that maybe we can actually afford something really nice. It would be a great Christmas present, wouldn't it? Of course, this is my speculation and wishful thinking.