Caruso Homes Auction Results
In December 2008, Caruso Homes (which filed for Chapter 11 in Jun’08) decided to pursue an auction sale of real property in connection with the following Projects as the means to obtain highest and best returns to their estates and their creditors.
These properties were sold at an auction mostly to lenders at the following prices:
Caruso Homes Auction Sale Prices
Buyers looking for distressed assets – here is the information you should have before bargaining to buy the properties from these banks and other bidders.
It’d have been quite disturbing, if not for the fact that the residential real estate market is tanking. Most of these bids indicate significant reductions in the valuation of these properties. Another implication of the auction results is that the expected loss severity for banks exposed to bankrupt home builders would be much higher during this downturn and potentially reaching levels below 20%.
