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Tampabay Florida - Real Estate Auctions up 10%

By Linda Mardi

Services for Real Estate Pros with AuctionFirst

September 24, 2006 10:14 AM

This article (link below) was published in the St Petersberg Times yesterday - and provides a great perspective on the market and real estate auctions. One Clearwater auctioneer said he used to get 10 calls a week last year - and now averages 10-15 calls per day now. They're closing almost everything that they take (apx 15 / month).

The article points out that in a Buyers market - sellers don't always get what they wanted - but they would not have gotten their price thru regular conventional process either.

http://sptimes.com/2006/09/22/Tampabay/Finally_sold_Well__ma.shtml

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Teri Isner

Keller Williams Realty at the Lakes - Orlando, FL

GRI, CRS, CIPS

Linda with as many listings as we have now in our inventory any means to help our sellers sell including auctions is an option. Not surprised they are up but we haven't seen a 10% increase in Orlando I would be surprised it was 1%.

Sep 24, 2006 11:45 AM

Scott Turner

Turner Residential - Austin, TX

I saw this article earlier. Veru interesting!

Sep 24, 2006 11:47 AM

Linda Mardi

AuctionFirst - Austin, TX

Teri - probably the only way to get stats is to find out how much business has changed for the auctioneers. Not all use MLS and I'm not sure that you'd be able to tell any other way. Higgenbothem is from the Orlando area - covers nationwide.

Sep 24, 2006 12:57 PM

Shannon Moore

Green Lion Realty - North Port, FL

Realtor, Sarasota & Charlotte

Very interesting article! I went to my first real estate auction a few months ago. It was an absolute auction and, in my opinion, went for way under what the comps were. I believe it sold for about $100,000 under what other similar homes in the area were selling for. From what I understand it was an investor that bought it and planned to flip it.

Do you recommend doing an absolute auction? It does seem like a good way to get the interest up.

Sep 24, 2006 02:31 PM

Linda Mardi

AuctionFirst - Austin, TX

Yes, absolute auctions do bring the most attention - more attention means more buyers and higher bidding. For some sellers the time/value of money is critical (esp if they add up duplicate holding costs for 3-6 months); another value of the auction from seller perspective is the as-is no contingency sales contract. So the price may have appeared less than market, but when you add in the terms, might get closer.

Sep 25, 2006 11:07 AM