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Rejected At Auction, Toy Factory Unit Boomeranging Back

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Let's be honest: A lot of those condos and homes heading to auction aren't exactly the most desirable properties out there. So it's interesting to see a downtown Toy Company unit (this is that Industrial Street conversion) on an auction sheet list. The 1,226 square foot unit had an opening bid of very reasonable $127,470 at a recent Zetabid auction. But according to listing agent Paul Argueta, the highest bid was rejected by seller, so it's being placed back on the market as an REO sale. It's not clear what the highest bid was, and Argueta says that once a real estate appraisal is done, it'll be re-priced and back on the market. It doesn't look like it's back on the market yet, but at one point it was listed at $424,900. UPDATE: Interesting. Argueta just emailed to note that highest bid that was rejected was $378,000. Did the seller put the starting bid so low just to entice buyers to bid?
· 1855 Industrial #312 [Real Estate Heaven]