NYC Auction Offers Sneak Peek of This Weekend's Big Auction in DC
Hundreds of foreclosed homes in NYC were auctioned off and the event provided a glimpse of what DC’s could be like this coming weekend.
Real Estate Disposition Corporation (REDC) auctioned off hundreds of foreclosed homes from around the New York City area on Sunday at Manhattan’s Javits Center. The event provided a glimpse of what DC’s own auction could be like this coming weekend (see our post for auction details).
About 1,000 people attended Sunday’s auction, according to The Associated Press. Bids started as low as $1,000, and many properties ultimately sold for well below their most recent assessment value. Many of the properties reportedly need some work, but the general consensus was that there were good deals to be had for the real estate investor.
Auctions are rare in New York City, especially in Manhattan, but this one is a sign that even the Big Apple, which just a year ago many were predicting would be immune to falling home prices, has been unable to escape the ravages of the housing crisis. “Auctions have not been used in New York in any significant way since the early 1990s,” wrote The New York Times a few weeks ago in a front-page story about condo developers being forced to auction unsold inventory.
It will interesting to witness this weekend’s auction in DC, where dozens of properties from across the metropolitan area (32 from DC proper) will be up for a quick sale. Will there be a big turnout? Will there be deals to be had? And, will there be protesters?
More recent articles about DC area real estate from UrbanTurf:
- DC Needs An ENERGY STAR Infusion
- The Best New Listings in the DC Area
- Getting on the Bandwagon: UrbanTurf Twitters
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