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Austin Auction Results - Brazos Place Condo Auction May 17 2009
I attended today's auction of 19 Brazos Condos in Austin TX.  Real estate auction company Kennedy Wilson today auctioned 19 units in under 2 hours.  Although all of the units had very low starting bids, the auctioneer explained at the begining of the auction that the units had unpublished reserves and that to win the bid, the highest bid had to meet or exceed the unpublished reserves.
The auction was extremely well attended, with over 200 packed into the Hilton downtown hotel ballroom. It appeared that many of the bidders had pre-registered with the company - streamlining their entrance into the ballroom.  Only registered bidders were allowed inside.
The auction itself was well paced. The auctioneer did a great job of explaining how the bidding would work and how he would gradually lower the increments, from $25,000 down to not less than $1,000.  The bid assistants also did a great job of maintaining lively interest and tracking the various bidders with loud "yeps" as someone bid a higher increment.
As the bidding proceeded, the auctioneer would announce when the unpublished reserve had been met and that the unit would then be sold to the highest bidder, no longer subject to seller's ... more

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