Here are the Gallery auction results [xlsx].
All condos sold. Prices ranged from $309 to $565/square foot. Prices were about 68% of the “previous list price”.
Popularity: 9% [?]
Gallery Condo Auction Results: $309-$565/SF
September 27th, 2009 · View Comments · By Matt
Tags: Gallery
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View Comments so far ↓
1 Chris // Sep 27, 2009 at 8:12 pm
Wow, prices were much higher than I expected.
2 Jason // Sep 27, 2009 at 8:41 pm
I had assumed, since buyers are escorted from the room after they win, that the later auctions would have less competition than the earlier ones. In both the Brix and Gallery auctions, there were late units that still went for 40% over minimum, comparable to the first few units. (Some of the Brix units went for as much as 80% over minimum. I think the $185k and $225k price points were just picked to lure bidders in.)
3 Eric K // Sep 27, 2009 at 9:13 pm
Yeah, starting with a crazy low minimum is the classic strategy of auctions – when I sold my old car a friend convinced me to list it for $1 with no reserve. Sure enough, that brings out the bargain hunters who then feel like they “own” it and aren't going to let someone else “steal” it from them. There's a great book about this called _Predictably Irrational_.
4 Terri // Sep 28, 2009 at 5:27 pm
Thanks for posting. How did you figure the discount? i.e. #1020 – $735000 is about a 26% discount from the $995,200 price? Am I looking at it incorrectly?
5 menace2200 // Sep 29, 2009 at 1:34 pm
Discount was 26% at final bid, the greater discount is in reference to the (Min Bid) as related to the (Prev List) which really means nothing.
6 menace2200 // Sep 29, 2009 at 8:34 pm
Discount was 26% at final bid, the greater discount is in reference to the (Min Bid) as related to the (Prev List) which really means nothing.
7 government auction // Jul 31, 2010 at 1:17 pm
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