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Old Posted Dec 17, 2007, 11:30 PM
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Developer sells 141 homes at weekend auction

141 homes sell for a total of $65 million at real estate auction
Housing - With 96 percent of the houses going for below the reserve price, "we lost money," says the builder
Monday, December 17, 2007
The Oregonian

Roger Pollock said he wanted to sell a lot of homes at his two-day auction this weekend -- and he did just that.

Pollock said he sold 141 homes for a total of $65 million at the Oregon Convention Center in what was one of the largest real estate sell-offs in Oregon history.

Pollock's Buena Vista Custom Homes had advertised more than 240 homes to sell at auction. By comparison, Real Estate Disposition Corp., the Irvine, Calif. auctioneer, had never done a home builder's auction larger than 60 homes.

Pollock turned to the auction when the housing market slowed this fall and his sales turned to a trickle. Rather than pay interest on his construction loans for a year or more until the homes sold, Pollock opted for the auction.

Westside homes in Beaverton and Hillsboro sold best, Pollock said. None of the 29 Bend homes sold, and homes that are now rented didn't sell well, either. Pollock said the sales also will generate about $250,000 for charity.

Although the homes looked especially attractive with super-low starting bids, some brokers were concerned that the homes had a higher, undisclosed "reserve price" that was the lowest Pollock was obligated to accept. But Pollock said about 96 percent of the homes he sold went for below the reserve price. The reserve price, he said, was equal to his costs.

"We didn't make any money on these homes," Pollock said. "We lost money."

"There's been this perception that this wasn't aboveboard," said Pollock, noting that each home has a one-year warranty, standard for Buena Vista's homes. "But I think the results speak for themselves. I did what I said I would do."

About 1,900 people turned out for the auction.

-- Ryan Frank
http://www.oregonlive.com/news/orego...580.xml&coll=7
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