The most pessimistic prediction (Jim’s) came true. Good call, BTW. I think this could be the shape of things to come. You almost can’t get too pessimistic about the pricing in a declining market.
I’m sure the sellers are motivated to get out. I can’t understand why they didn’t have a Plan B and a Plan C in place to deal with the possibility that the bids were going to start off coming in a little shy. It seems like they almost would have been better off selling the lowest price home first to it’s highest bidder no matter what just to set the psychology in motion. Starting off with the big house and the big price, only to come up a little shy and then refuse to sell at all established a we’re-not-that-serious attitude that probably hardened the resolve of the remaining bidders.
I mean, if there were only 8 active bidders then they didn’t have enough buyers to go around in the first place.
I wonder how much the advertising and auction costs were?
