It’s also notable to see the clever marketing game this auction house used. All the homes had two numbers against them.
1. Starting Bid: A very low value which means nothing but generates buyer’s interest.
2. Previously valued at: A very high value which also means nothing. That was the comparable value of the home when market was at peak. Doesn’t necessarily reflect the current value.
Both these numbers tempted buyers to out-bid each other and eventually buy something which in most cases was higher than the retail price.
