The new Serrawood in Sunnyvale is on the auction block. Quite literally the current banks that have financed the loans will be selling these units this coming 15th of Dec. For those that sing the all I wanted for Christmas was a new home now is a great opportunity. Their marketing is saying that the homes are all starting in the $195k price point and this is true of the one bedroom units only! The 3 bedroom homes are all starting at about the $395k range. And if your thinking your going to be able to get in on the base bottom price so did the other 300+ buyers that went through their open house just this weekend.
The units were all really nice John Laing homes with the typical high end staging. The rock work is wonderful and the staircases up to the third floors remind me of an old Victorian home. There is only one issue that I could not get past... Why did the the developer go bankrupt? Could he not have sold these units at this rock bottom price point before having to file? Also, now that the developer is out of the picture who is going to finish the construction of all the other units they had planned to build? If you end up winning at the auction you and the 17 other winners may be alone in the complex for a while. (GOOGLE MAP VIEW) It looks like they re-zoned a portion of the industrial land just to make this project happen and now the project is on hold.
One of the sales people let me know that their goal is to reach 51% sold with the auction so they can start selling the other units with FHA financing. That might be tough to do since the other units are not even being built right now. The only activity I saw was the ground squirrels that have made themselves at home.
If you are interested in bidding at the auction they do require that you be pre-qualified through their bank. They also have many other requirements before your even able to raise your paddle. We could help to walk you through the sign-up process and will be at the event on the 15th if you would like our help just let us know.