Million Dollar Homes for Half the Price

Home auction saves home buyers thousands.

By Kim Fischer
|  Saturday, Nov 7, 2009  |  Updated 6:45 PM CDT
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Million Dollar Homes for Half the Price

Peter Dazeley

Home auction saves home buyers thousands.

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Some prime North Texas real estate was sold off to the highest bidder Saturday morning. Many of the deals were so good, they were almost unbelievable. For example, a home valued at $1.2 million in Craig Ranch, went for half the price.

That was just one of more than a dozen homes and lots up on the auction block. From Craig Ranch to Preston Hollow, bidders got a slice of luxury, for a portion of the price.

Richard Bradford was the winning bidder on a beautiful new 3,700 square foot home in Craig Ranch.  "It will be a good deal if he (the seller) accepts the bid." Richard said. If the bid is accepted, Richard said he'll save $130,000 on the home.

Craig Ranch was originally built to accommodate 60,000 residents, but only 7,000 are living there now.

After the builder of the homes up for auction went bankrupt in 2008, the banks decided it was time to move the inventory out.

And that was good news for bidders like Bradford.
 

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