Do auctions really work?
June 03, 2009 03:30PM By Julia Dahl
From the June issue: While the auction gavel has made its way onto the real estate scene in the New York area in recent weeks, not everyone is sold on the idea of putting properties up for bid. Those who run auctions have, of course, very publicly touted them as a way to get property moving in a market where transactions seem to be stuck in quicksand. But the question remains: Do auctions really work for high-end properties, or other properties that are not in distress? Or do they simply set an artificial floor for prices and depress surrounding property values? more
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