In today’s Daily Times, mention of a planned Ocean City, Maryland auction tomorrow that the article calls a “new direction”:
“A Baltimore-area developer is auctioning dozens of condominium units from an Ocean City building, evidence that the resort’s real estate market is moving in a new direction.
Up to 80 studio and two-bedroom units will be auctioned Saturday from the Makai building, a seven-story former hotel just north of the resort’s convention center. At least 15 will be auctioned to the highest bidder regardless of price.”
I don’t know if I’d define it as a “new direction,” but I do think we will see a lot more of these going forward. One of the most interesting quotes is this one by Daniel DeCaro, a “32-year auction veteran based out of Easton”:
“I think it’s already priced well. It’s just that they needed an auction to bring the buyers. An auction creates a level playing field — right now, the buyers can tell them what they think it’s worth, versus the sellers telling the buyers.“
Yes, that is a novel idea. The buyers setting the price rather than the banks, REO administrators, underwater owners and their “advisors.”
The full article–
