Video: Unloading properties at auction
May 22, 2009 11:30AM
While residential property auctions have long been associated with distressed properties, some real estate professionals are now testing them on regular apartments that are simply not selling that fast. On this week's Webcast, The Real Deal's Sara Polsky checks out one of the first Manhattan property auctions to provide an alternative to the normal brokerage process. Bid on the City, which operates out of a Fifth Avenue storefront, put five properties -- with starting bids ranging from $299,000 to $1.13 million --- on the auction block last weekend. The Real Deal spoke to all the major players at the auction and got the results. To watch the full Webcast, click on the video above.
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Comments
Anonymous
the part I don't understand with these auctions are if the property isn't worth it with the original prices why would people bid a higher price for them?
Comment #1 Posted By: Anonymous 05/22/09
Anonymous
because they are morons
Comment #2 Posted By: Anonymous 05/22/09
VallotAuctioneers
The answer is that auctions are a very effective way to give buyers the confidence they need to buy (transparency) and auctions get seller's their properties sold. However, in my opinion B.O.C. relies too much on an ebay approach (why go to their offices to place a bid on-line?) instead of holding a classic live auction.
Comment #3 Posted By: VallotAuctioneers 05/22/09
Anonymous
V.A. I understand what an auction is but again if the properties were over valued why would anyone purchase them? Who's giving them the money to buy unless they are purchasing cash.
Comment #4 Posted By: Anonymous 05/22/09