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Absolute auction takes place in Naples, FL

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Big ole Boy

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Dec 6, 2003
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Tennessee
My uncle stopped through town yesterday on his way from Naples to North Carolina. He is in the used car business ..... he got out Naples about a year ago. One of his used car buddies did not sell a single car in February.

He went on to say that a large new condo project which was totally built out and never occupied went up for "absolute auction" last week in Naples.

I am not completely familiar with the term absolute auction other than what it implies. I suppose lenders have gone ahead and written off certain projects where there is little or no occupancy.

At least this will give lenders an idea of liqudiation value ........ and set a bottom ...... for the market ..... hopefully ......

...meanwhile my mom and my step-father who "live-large" ..... parking their 150K Allegro Bus on their 4,000 sf lot in Naples that cost 250K ..... are experiencing financial distress with their large and highly developed real estate education business up North .......

.....

....

.... I am building a wood shop with a toilet in it and possibly a kitchenette .....

..... it won't be an Allegro Bus ... but at least they will have shelter .......
 

Lobo Fan

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Nov 28, 2004
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Certified Residential Appraiser
State
New Mexico
Who knows if that will set the bottom. If there is still an oversupply of inventory then the prices will continue to drop. Investors will be looking for any cash value. Things could get really ugly before it is over.
 

moh malekpour

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May 25, 2002
Professional Status
Certified Residential Appraiser
State
California
If I want to buy a property in an auction, I would rather to buy it in absolute acution.
In absolute auction, the highest bidder gets the property and the seller cannot reject to sell it no matter how low the highest bid is going to be unlike the reserve auction in which the seller has already provided the minimum auction price to the auctioneer but not to the bidder and if the highest bid was not equal or above the seller’s minimum price, the seller can reject the highest bid and not to sell it to the highest bidder. Reserve auction is a waste of time which lures some people to the auction but most of the time doesn’t produce sell because knowledgeable buyers don’t bid on the price that the sellers want.
 
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