A reader has called my attention to the following article about an auction of new homes in East Oakland. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/01/BUJJVTBTK.DTL.
The same reader attended a rare event in San Francisco last week – an auction at 41 Federal Way of a 1 bedroom waterview luxury condo. This was a single bank owned unit (it had been the subject of a foreclosure). The unit sold in a matter of minutes for just about $700,000. This was more than $80,000 off it’s last list price of $781,200 and $180,000 off the price it sold for in December 2006.