The Cottages & Laguna Terrace auction this weekend

The Builder’s Magazine reports that Silverwing Development intends to auction twenty-two single family homes this weekend.  The properties are part of The Cottages & Laguna Terrace developments.  Opening Bids start at $79,000.  The auction will be held at The Peppermill Hotel Casino on Sunday October 4, 2009.

According to the story the developer will "employ SOLD2U to reduce it’s standing inventory…[and] will allow the developer to sell out and substantially reducing carrying costs, marketing time and exposure to vacancy liabilities."

“All bidders are required to be pre-qualified with a Seller’s Preferred Lender, either Bank of America or MetLife Home Loans, prior to the Auction, including those Bidders who wish to use another lender for their purchase.  Registration is required to attend the auction.”

For more info see the websites: AuctionTheCottages and AuctionLagunaTerrace

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About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
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9 Responses to The Cottages & Laguna Terrace auction this weekend

  1. Avatar GreenNV says:

    I had started a post about the Laguna Terrace auction a few weeks ago, so here are a couple bullets:
    – The $79K opening bid is stated NOT to be the reserve price.
    – The units that have sold were in the $200-$220K range. The “Original Value” of $263K is bogus.
    – Similar units in newer projects are now going under $100K. Some will like the location, others will hate it.
    – In an interesting marketing move, the developer just listed 2 units for $159,900 and the furnished model at $175,000. Is that supposed to mean I got a good deal if I pay $140K at auction? Kool-aid!
    – These might make sense at the opening bid level, but not much higher.

  2. Avatar Perry says:

    Seems like flooding could be an issue some day at the Cottages. I don’t understand high density housing on the fringes either. Pulte out in Somersette, why would I drive so far only to be attached? Silverwing built these cottages out in Stead. Again, why so far to be attached? If I’m going to live wall to wall I want to have a grocery store and other conveniences around the corner. This reminds me, has anyone been to the new/old Ace hardware on Virignia St? What a kool building. The prices are a little high but great service when I went.

  3. Avatar Reno Ignoramus says:

    Green is quite right. $79k for a final price might make sense.
    There is an “undisclosed reserve”, which means that if the developer does not get its price, it just says thanks for coming.
    Yet another “auction” that is not an auction at all but a hyped up sales scheme.

  4. Gosh… what a great blog site!

    I picked it up from Google News search.

    I am an auctioneer and have conducted auctions for 25 years. I’m also a licensed broker in several states.

    I loved the marketing spin from the auction house conducting this sale. Not unlike some of the responses herein, I’ve all but given up on reserve auctions… especially those that do not disclose the true reserves.

    Yep, they are within the scope of most UCC law states that don’t require disclosure. However, they do themselves, the sellers, and buyers a disservice in downward markets.

    The auction house website is dynamic and I am glad that I can attend the upcoming auction this weekend. Usually, I’m conducting other auctions and cannot see first-hand the outcome of such efforts.

    Good Bidding for the buyers… and Best Luck for the sellers!

    I for one hope the outcome is successful.
    Nicholas Varzos
    Auctioneer – Broker

  5. Avatar billddrummer says:

    To Perry,

    Flooding is definitely on the table (pun intended) at The Cottages. For those of us who were here in 1997, that parcel was inundated to a depth of about 3 feet at the height of the floodwaters. Now, there has been some remediation work completed since that happened, but it’s still considered within the 100-year flood plain–which means you’ll need flood insurance on both the structure and your contents.

    The Cottages seem like a better deal than Laguna Terrace only because they are new, and Laguna Terrace is 30 years old.

    If you recall, that’s the apartment complex I used to live in.

    I’m just glad I didn’t buy one of those units (not that I could qualify at the time, but I’m still glad I rented).

  6. I don’t know the results of the “auction”, but I just got a mailer from Laguna Terrace listing the units from the High $130,000’s. So what was with that $79,000 opening bid number? Rubbish.

    Speaking of auctions, both Guy and I got quoted in the RGJ today. http://www.rgj.com/article/20091025/BIZ/910250324/1071/Auctions–on-the-rise–attract-new-audience

  7. Avatar smarten says:

    Read the article Mike. Loved the comment to the effect that most auctions are a farce; a subject we’ve exposed on this blog long before now.

  8. Avatar DownButNotOut says:

    Mike -I’m glad to see the RGJ interviewed you and Guy. Maybe they’re coming around.

  9. Avatar smarten says:

    Don’t mean to hyjack this subject, but I guess I do – these bogus sales vehicles [reserve auctions] are old news.

    I want to discuss Chase Nation. Has anyone been over there lately? What was originally billed as the community’s [not just sales agents’] one stop location for Reno/Tahoe real estate, has turned into nothing more than a Chase agent message board.

    In the last 9 weeks there have been only 25 different posts. 24 have been by Chase agents [the 25th was by an industry affiliate], and NONE [as in zero] has garnered comment by ANYONE!

    What a joke.

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