Auctions & the Real Estate Market

I attended a United Country – Supreme Auctions this weekend at the Omni Hotel in Austin TX. This auction represented two different condo developments in the 78704 zip (The Ivy & The Element). Supreme Auctions estimate that in the coming years more and more property will be conveying in this manner. As an attendant, in my opinion, it was exciting to see the free market in action. Buyers bidding on the properties at its highest value and you could see your competition in the room. The first property sold 25% under last MLS sold price, and quickly moved to 40-50% under last MLS sold price.

My client and I had a good time. I look forward to doing it again.

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