SOURCE: Serrawood at Sunnyvale

December 09, 2010 12:00 ET

Serrawood at Sunnyvale: This Auction Is Nothing Like the Way the Romans Did It 2,500 Years Ago

Innovative Electronic Auctions Set for Townhomes Dec. 15; Units Once Appraised at $600,000 Will Start Bids at $345,000

SUNNYVALE, CA--(Marketwire - December 9, 2010) - Although the Romans were using auctions to sell all manner of things some 2, 500 years ago, they were nothing like the electronic auction which will be held at the Hyatt Regency/ Santa Clara, Dec. 15, 7 p.m., to sell 14 new townhomes in Sunnyvale.

Perhaps the most notable auction in the history of the world occurred in 193 AD, according to econport.org, when the entire Roman Empire was put on auction after being sacked by invaders.

"However, the auction we're going to conduct at Serrawood will be very different -- and it will be the first time it has been used in the San Jose/Silicon Valley area," smiled the project spokesperson. "We'll be using the new, innovative Intellimarket system, which is software-based and allows bidders to switch their bids between different homes throughout the course of the proceedings," explained Taylor B. Grant, who is the receiver for the estate in which the homes are held.

All of the homes will be auctioned simultaneously, with large-screen monitors displaying the real-time bidding activity. "Thus, registered bidders can easily evaluate their positions and, if outbid, increase their bid or pursue another residence at the same time," he noted.

In contrast, conventional live auctions utilize an auctioneer and offer one home at a time, said Grant, a principal of Newport Beach, CA-based California Real Estate Receiverships.

"All bidders must be registered and prequalify with Bank of America," he added.

Final Bidding Rehearsal Dec. 14
Some of the homes to be auctioned have been appraised at over $600,000, the receiver said, but will have published starting bids of $345,000. Smaller units will have starting bids of just $195,000.

To help bidders prepare for the auction, workshops have been held the past two weekends, and a final practice bidding session will be held Tuesday, Dec. 14, 7 p.m. at the Hyatt Regency.

Housing Design
"Interestingly," says Serrawood sales agent Sheila Donald, "there really is a link between our project and the Romans since Tuscan-inspired design prevails at the community." Eight floor plans -- in two and three-level configurations -- include one, two and three-bedroom townhomes ranging from 960-1575 square feet. 

Anyone who wants to register and attend the final practice bidding workshop at the hotel on Dec. 14 can make a reservation by calling 925.242 8932.

The project is located at the corner of De Guigne Drive and East Duane Avenue in Sunnyvale.

www.serrawood.com

CAPTION

Receiver Taylor Grant is shown at similar electronic auction to the one scheduled for Dec. 15, 7 p.m., at the Hyatt Regency/Santa Clara. It will be the first time the Intellimarket electronic auction is used in the San Jose/Silicon Valley area.

Contact Information

  • CONTACT:
    Dick Lewis
    Lewis & Associates
    310.276 1463
    Email Contact