53 new homes, “must be sold”!

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We’ve seen a couple of these before, but this one is worth noting: another auction of brand-new homes is coming this weekend in San Diego. ’53 New Homes in San Diego Must Be Sold,’ or so says the website of REDC, which is running the auction.

We’ve looked at a bunch of the listings, and it appears these are all condos (thanks, D). Opening bids are set at roughly 50% of ‘previous value,’ although both of those numbers are squishy concepts at best. Example: Pricing on 2222 La Boheme, a 2-bedroom, 2-bath, 1097-SF home, is listed as: starting bid $189,000, ‘previously valued to’ $419,990.

There’s an interesting side story here: CNBC’s Diana Olick reports the homes were built by D.R. Horton, but it is unclear whether Horton has already sold the units off in bulk, or still owns them. Horton isn’t talking -- at least they’re not talking to Diana.

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Photo Credit: Reuters