I do expect it will a success for the developer. The winning bids will be 5-10% less than last sale price and the new buyers will think they got a great deal.
Tons of attention and press coverage for this- just like that first big house auction down at the convention center.
Just wait until the third, fourth, . . . tenth. . . buildings get auctioned. Already the second auction at the convention center got lots less attention than the first.
When you can hear crickets chirping after the call for opening bids, then you have a chance to actually get a good deal at one of these.
