The Reel

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A blog for breaking sales and neighborhood real estate news.

My firm was hired earlier this year to market 612-18 West 47th Street in conjunction with a court-ordered auction. Although our firm is not a licensed auctioneer, we can help support such auctions. This was one of the few Manhattan properties which sold by auction this year, as many are sold before ending up on the court room steps.

On the national scene, the Wall Street Journal and New York Times are both peppered with advertisements from auction houses offering everything from condos in Florida to large tracks of land in Colorado. Many properties are sold by absolute auction, which is without a reserve price. This begs the question: Are these sales good values?

Unfortunately, many states have recently experienced double dips. Case Schiller recently reported that Georgia and Nevada home prices are now below 2000 levels, having experienced double-digit percentage drops in the last few years. Those who bought apartments in Atlanta and Las Vegas at auction in 2008 and 2009 might well be having buyer’s remorse....

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Neighborhoods: Midtown West