NYC sold on condo auctions?

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From the July issue: Auctions work for art, automobiles, jewelry, memorabilia and foreclosures, but it remains to be seen if they can effectively be used to sell units in New York City residential developments. Real estate auctions — generally used in “closeout” deals to off-load remaining units in a building — have long been employed as a sales strategy in other parts of the country and around the world, but have been slow to take root in New York. But with the influx of new developments on the horizon and greater consumer fluency in online auctions following the rise of eBay, the tri-state area could be ripe for real estate sales by auction. more By Lauren Elkies