Are Auctions the Cure to the Real Estate Market problems?

I have been to a few auctions in the last few months. How people behaved was very surprising. The myth that there are no buyers out there is just a myth. Nowhere else have I seen so many people clamoring to scoop up what they thought were GOOD DEALS, even though the numbers DO NOT support that.
I have seen people buy at auctions at prices they would never pay otherwise. The Bryant Bay Bay Auction on November 7th, was the last example. The auction generated so much buzz that people paid the same prices if not more than they would have, had they just walked into the sales office before!! Mind you,  these were One Million Plus condos.
I guess that deep rooted feeding frenzy feeling and behavior is still strong in all of us!
C.H. Naamad
Broker,
Warren Residential
138 Newbury st
Boston, MA 02116
617-407-9740
CH@warrenre.com