Yesterday was an exciting day for some home buyers eagerly packed into the Grand Hyatt for Brix and Gallery auction events. I just came back from vacation and missed the Brix event but managed to get in just in time for Gallery. Probably 400-500 people were in the room with about 1/3 as bidders. So how good of a deal did these home buyers get? Here are some thoughts and observations:
1.) The original listing prices were 15%-25% higher than current fair market values. So getting a discount of 10% off the original listing price may not mean that you are actually getting a good value. Fortunately, most buyers managed to get 15%-40% lower than than the previous listing price.
2.) Buyers who bid for one bedroom's averaged anywhere from 5-15% discounts off fair market value; buyers for two bedroom's got a discount of ~10-20% off fair market value.
3.) Most realtors/buyers thought that the bidding prices went higher than they expected. They were probably hoping for steals.
4.) Overall, buyers got good deals but not steals.
Brix Auction Results : Homes sold were averaging 70% of the previous listing price and $410/sq.ft.
Gallery Auction Results: Homes sold were averaging 68% of the previous listing price and $439/sq.ft.
Matt has covered the Brix Auction event on his blog.
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