Valley Homes Going to the Highest Bidder

June 25, 2008 9:38:49 AM PDT
That foreclosure crisis is hitting the Valley hard. Dozens of new homes will hit the auction block in Chowchilla this weekend.This three bedroom, two bath home has a starting price of 280-thousand dollars. That's about 120-thousand dollars less than its previous price. And this is just one of 43 discounted homes that will be up for auction on Sunday.

Flowing waterfalls, serene lakes, and a championship golf course may not seem like signs of a struggling economy. But the builder behind Greenhills Estates in Chowchilla has been impacted by the bleak housing market.

Ginger Hoggarth, Project Manager: "This was his next phase that he built, and the market slowed down, and he ended up just having these available."

That's why 34 new single family homes and nine luxury homes in this gated community are going up for auction with minimum selling prices starting at just 160-thousand dollars.

Ginger Hoggarth: "This is the Milano, and it's also on the lake."

Project manager Ginger Hoggarth says this auction will be very different than those that sell foreclosed homes.

Ginger Hoggarth: "They are brand new homes and you do still get the one year warranty the builder would normally offer as well as a walk through."

Bob Parodi is hoping the auction may help him move closer to his grandchildren.

Bob Pardodi, Prospective Buyer: "It's very nice, we looked at them before about a year ago, but we couldn't sell our house in Modesto at that time, but this has come down some and so has ours, so we might be able to trade. We'll see."

The company behind the auction says putting properties up for bid has become increasingly popular during the housing crisis. And even though some experts believe the market will start bouncing back soon, the company's president expects builders to keep holding auctions for at least another year.

Rhett Winchell: "Sales may get back on track, but they may not be as quick as some builders need, so that's why they'll still consider the auction. Even though maybe prices have leveled out, they still need to look for something that will sell quickly."

The auction will be held at the Pheasant Run Golf Course at 1:00 p.m. on Sunday. To register for the auction, just stop by the office here at Greenhills Estates during business hours.

Call for Information: 1-800-522-6664


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