AN, it depends on the reserve and I understand the purpose, in the event the event has too little interest, the seller doesn’t let it go for 10 cents on the dollar.
However, in the current market, I suspect the reserve is really just about the buyers asking amount at this time and in sense, means the auction is a waste of time. For the small auction near me, I suspect the reserve is in actuality, 80-90% of their current asking price that they haven’t been able to get for the last several months.
Since the Bressi is larger, hopefully, their reserve since there are several properties is lower.
