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The intense interest in m127 auction is ironic
When my recent posts on the auction of six condos in a new development called m127, at 127 Madison Avenue, generated a record number of page views on my blog, I was struck by an irony.
What hit me – ouch! – was the difference between the number of people who registered to bid for the apartments, which were developed between 30th and 31st streets in Manhattan, and the number of buyers who rush headlong from competition in other purchase situations. To them, the very idea of a bidding “war” is anathema.
But I’ll bet many of these same potential buyers would savor the the chance to bid for properties at an auction. Who knows, maybe even those same wary buyers went to the auction on June 23, attend other auctions and follow auction news assiduously?
The irony, of course, is that the difference between an auction and a competitive bidding situation is virtually nil.
Everyone understandably wants a bargain. What everyone doesn’t appreciate is that the market determines value, whether at an auction or in an offer for a single property through the usual channels. Sometimes the buyer in either situation gets a bargain, sometimes not.
As I have written, ... more
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