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RESOLUTION TRUST CORP. TO AUCTION 19 NEW HOMES IN RIVERSIDE AREA

 RESOLUTION TRUST CORP. TO AUCTION 19 NEW HOMES IN RIVERSIDE AREA
 RIVERSIDE, Calif., April 17 /PRNewswire/ -- When 19 new homes in Moreno Valley, with a total value exceeding $2.7 million, go on the auction block May 16, at the Riverside Convention Center, bidders will have a chance to bridge the affordability gap that lies between realty and reality for many prospective California homebuyers.
 The event, conducted by Allied Federal Auctioneers for the Resolution Trust Corp., will be an "absolute" auction above a minimum bid of $67,501 for properties originally offered from $163,999 to $194,990. Bidder registration begins at noon. The auction starts at 2 p.m.
 Located at Montego in the master-planned community of Moreno Valley Ranches, the homes range in size from 1,816 to 2,401 square feet, with nine containing 2,300 square feet or more. There are four individual floor plans with three to five bedrooms and two to three baths. Most homes have attached three-car garages. The three designer-decorated models will be auctioned with furniture included.
 Boasting such features as celestory windows, bell tower entrys, double-bath master suites with optional retreats off some master bedrooms and extensive detailing of construction, the development was designed to capture the essence and luxury of "old California."
 "Stately, elegant, rich with texture, finely crafted. The classic grace of San Francisco, the sun-washed beauty of Santa Barbara, the soaring spirit of Monterey ..." are claims that were substantiated by the Pacific Coast Builders' Conference that bestowed the coveted Gold Nugget Award on Montego's "San Martin" floor plan.
 "In 2,306 square feet, to get five bedrooms and create what they've done is excellent. It's got every element you'd want in a house," said the judges, explaining their 1990 choice for "grand award winner for detached home of the year."
 "This is a homebuyer's dream come true," said Joanne Mailhoit, of Allied Federal Auctioneers. "The original prices may fool some prospective buyers into thinking these are just average homes, but they're not. They're luxury properties in a country club setting. Similar homes in Palm Springs would be priced at three times the original asking price."
 Open-house tours are scheduled each weekend from 10 a.m. to 6 p.m. beginning Saturday, April 18. The sales office and models will be open daily at 25943 Yanez Trail Road.
 Two free bidders' seminars to assist bidders in the purchasing of homes at the upcoming auction will be held at 7:30 p.m., Tuesday, April 21, and Saturday, May 2, at the Rancho De Lego Clubhouse, 16010 Rancho De Lego in Moreno Valley. Lenders will also be available for consultations during the open house events, as well as the bidder seminars.
 -0- 4/17/92
 /CONTACT: Joanne Mailholt, 714-488-0437 (Montego sales office), or Claudia Goertz, 602-839-1680 or 800-643-SOLD, both of Allied Federal Auctioneers/ CO: Allied Federal Auctioneers; Resolution Trust Corp. ST: California IN: FIN SU:


DM-CH -- LA004 -- 9677 04/17/92 12:53 EDT
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Date:Apr 17, 1992
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