Here we were just saying last month that "[a]uctions are fun. Auctions are interesting."
There 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…
Here we were just saying last month that "[a]uctions are fun. Auctions are interesting."
There 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.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of April 1st, 2023 at 3:00am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.