HOUSTON, TX - At least 150 homes in Meyerland a neighborhood ravaged by floods have for sale signs and some sellers are getting low ball offers. Tuesday night's auction should let them know the true worth of their property.
"The auction is going to find the real current true market value of the property and by having competitive bids we're going to find that out for our sellers," said Houston real estate broker Paul Lynn who is handling the auction.
In real estate, "location is everything" and with its close access to downtown the medical center, and the Galleria Meyerland is a great neighborhood. However, after three historic floods home values in Meyerland have dropped substantially.
"The value of the properties before the floods for the typical 3500 square foot 3 or 4 bedroom two two and a half bath were probably in the 5 to 600 thousand dollar range," Lynn said.
Before the floods Lynn says this home would go for around $600,000. It's been completely remodeled and unlike most of the other homes on the auction block it's ready for immediate move in.
Lynn estimates the starting bid on this home will be between 200 and 300 thousand.
Those who want to bid during the auction must bring a 10 thousand dollar cashier or certified check, must sign a contract that night and must be prepared to close in 30 days.
Most of the properties must be razed rebuilt or demolished.
The auction is at 7pm Tuesday night at the Hilton Galleria area hotel at 6780 Southwest Freeway. Visitors are welcome to watch the process.
If you're interested in any of the properties, you can view them and get more information at www.meyerlandauction.com