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 This is the third article in Las Vegas condo auction pricing, and if the buyers who purchased a condominium at Adagio condo auction got a good deal?Due to the increasing popularity of real estate auctions in Las Vegas, especially foreclosure auctions, I have added new pages to the web-site that are dedicated to Las Vegas real estate auctions.

 In How We Prepare Our Customers for bank repo home or condo auctions in Las Vegas I have written

“We will help you set an upper limit on your bid price. The upper limit is calculated by using the comparative market analysis (CMA) of like homes or condos, real estate market trend, asking price for competing homes or condos that are currently listed in Greater Las Vegas MLS and compensation for the additional risk involved in giving most of your rights away as a home or condo buyer in Nevada purchasing a home or condo AS IS”.

So, the correct way to analyze sold prices for this condo auction is that all the factors that I have written about have to be considered. Needless to say those who paid the top prices for the 1344 square foot condo ($173,000) and the 1204 square foot condos ($183,000) each at the auction have paid anywhere from $7,000-$25,000 too much. This is if we only compare the selling prices in the condo auction. Above numbers take in to account about a $17,000 discrepancy in the same model condo pricing due to location and upgrades.

I strongly suspect that those who bid the highest prices in this Summerlin area condo auction are those who were affected by the fast and furious action at the start of the auction, when there was no bid on any condos. Again below is how I describe this in the auction pages of the web-site.

“Good auctioneers make a lot of money and at times are flown to the auction site. Their job description is to cause as much confusion as possible so the bidders can’t tell if someone is bidding against them.

This type of real estate auction starts fast and furious with bids coming one after the other in a matter of seconds. A few homes or condos are declared sold within minutes and at high prices.

If the auction for the home or condo starts at $90,000 and the bid price is up to $130,000 within seconds and keeps going up way past the upper limit on pricing which we have set, and if the same home or condo miraculously falls out of escrow within minutes and is back on the auction block quickly; the chances are that there were no bidders to begin with and the property was sold to no one”.

Sadly these people actually thought that they got a good deal because

THESE CONDOS WERE PREVIOUSLY VALUED UP TO $250,000-$280,000.

When interview by a young and bubbly news reporter from one of the Las Vegas television stations, few buyers quoted the same ridiculous number when asked if they got a good deal in the condo auction. To add insult to injury the same reporter advised the prospective Las Vegas auction buyers to bid fast and often if they don’t want to lose on a great deal. This is a road map to the poor house; follow it at your own risk.

I have already discussed the highest price bids at the auction; these bidders didn’t get a good deal, even if we compare the sold prices for the one day condo auction. But no Realtor picks comparables based on a one day sale and other factors have to be accounted for.

So let’s go radical and pick the lowest priced 1344, 1204 and 1079 square foot condos that have sold in the condo auction and figure out if these lucky devils got a good deal.

Unfortunately you have to wait for the next post to find out.

Related web-site links: Buying Las Vegas condos for sale, Las Vegas homes and condos, real estate market news, : getting the best deal for a Las Vegas condominium