Friday, December 07, 2007
Saved By The Westwinds
Last Sunday 42 new homes in South Oxnard were auctioned off. By most accounts the event was a success. 40 houses sold in a fast paced well organized event. Here is a newspaper excerpt:
Ventura County Star:
You wouldn't know there's a housing slump by the frenzy of buying on Sunday in Oxnard.
In an hourlong blitz of bidding in a hotel meeting room packed with about 200 hopeful buyers, auctioneers sold 40 new homes in South Oxnard, albeit at huge markdowns.
Prices were $100,000-$200,000 less than what buyers paid this summer. 40 knife catchers, 110 families permanently underwater. The City of Oxnard would do well to revise its budget immediately. The property tax revenues alone are going to be $200,000/yr short from this event alone.