At a recent auction in Fort Lauderdale organized by Sotheby's and Daniel DeCaro Auctions, it was a very challenging day to say the least.

Let me give you the highlights of the event:

• 67 of 99 properties did not receive a single bid.
• The auction was originally expected to last between 4 and 5 hours ended after about two hours.
• The first property auctioneed was located at 1850 South Treasure Drive in Miami Beach, the auctioneer tried to get an opening bid of $1 million. After nobody bid he tried to get bids at $500,000. then $250,000, and finally $100,000. No takers. Not a good start to a long day.
• A six bedroom, six bathroom home in Fort Lauderdale's Coral Ridge Country Club was previously listed at $5.9 million could not get a bid at $3.5 million.
• A 3,100-square foot penthouse on Williams Island in Aventura previously listed for $5.6 million could not get a bid at $2.5 million.
• A riverfront property with deep water and 255 feet of waterfront had been priced at $2.5 million and did not receive an offer of $1 million and so it was passed by too.

There were a few homes that did sell at substantial discounts. But the majority of homes did not even receive bids, let alone sell.

But that is not all. Regardless, if their property sold or not, the sellers each had to pay a marketing fee of between $15,000 to $25,000 depending on the value of their property. Not a very good deal at all!!

It will be interesting to see if the results are any different when Daniel DeCaro Auctions teams up with Thorpe/Sotheby's in Vero Beach on April 18,2008.