Auction... Not Yet

By Dave Fratello | October 11th, 2016

Here we were just saying last month that "[a]uctions are fun. Auctions are interesting."

710 Manhattan Beach Boulevard Manhattan Beach CAThere was one coming up for a condo at 710 MB Blvd.(3br/3ba, 1675 sqft.). On Saturday, they were going to auction it off. (See "Auctions Aren't Always Distress Calls.")

But no.

Because the "luxury auction" was much more in the discretion of the seller. By setting what they thought to be a low "come-on" start price of $1.475M, they planned to draw a bunch of offers and sell for more.

Now the whole gambit is postponed.

Instead of sorting through bids on Saturday, they cut the price $100K to $1.375M and extended the time for the "auction" to take place.

Now it will be Oct. 22. Probably.

Are buyers feeling the need to rush?

They're not really doing that anywhere these days. Buyers have learned to be patient and strategic when the situation calls for it.

If you've got something like 710 MBB for sale, you're pulling for the seller's strategy to succeed. To draw multiple offers and set a market price, hopefully quite a bit higher.

But if you're a buyer looking at the unit, maybe your response was the same as everyone else's so far: Meh. Nice unit. But I'd rather not be a pawn in your game, thanks.

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