The masses gathered, $5,000 cashiers' checks in hand.
2701 Oak (2bd/1ba, 900 sqft.), a corner lot on the "right" side of Oak, needed a new owner. All the hopefuls came ready to play.
The jokey $799K start price was there merely in place to fulfill a requirement that an MLS-listed property have some kind of pricetag on it.
The auction, however, set the market level: $1,340,000.
That's reasonably in line with an extremely recent comp: A lot sale at 1405 Oak, listed for $1.249M, drew multiple offers and closed last week for $1.300M.
And 1405 Oak lacked the corner location and boasted only 4200 sqft. of land, 280 sqft. less than 2701 Oak. Clearly 2701 was worth more.
Next stop for 2701 Oak: A court confirmation process. This could result in an overbid,……