Follow up on the Commercial Real Estate Auction I attended last weekend

There were approximately 50 properties scheduled for the commercial portion of the auction.

This being my first commercial real estate auction, I have to say it was interesting event. The company that held the auction did a very good job in picking a location.

Of all of the properties that went on the auction block, only 1 property had a bidder in the room. It was a little office condo in Fountain Hills. It went for $50,000 (approx. $63/SF) subject to Seller approval. I spoke to the people running the auction to see if would actually sell for that price and they stated no.

So, of the 50 properties that went up for auction, there was 1 bidder and no official sales at the auction event.

I noticed a couple of my clients in the crowd. There thoughts were the same as mine, we just wanted to see how the auction would operate, who would be there to bid and see if anything sold.