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Alan Miller on last week's poll

Six to 12 months from now, some sort of auctions will be taking place.'

By Paul Bubny | Updated on October 31, 2008

Will the Markets See More Assets Auctioned Off?

Whether it’s due to acute distress in the form of bankruptcy or a less-urgent desire to part with assets as quickly as possible, real estate auctions have been in the headlines lately on GlobeSt.com. Last month, GlobeSt.com reported that the land for an 800-acre MXD in Gulf Shores, AL is being auctioned as its developer works through the Chapter 11 process, and another article reported that in the current economy, some property owners see auctions as a faster way to move properties than going through the traditional sales process. By an unassailable margin—96% of respondents—visitors to this website from around the US agree that we’ll see more auctions where these came from. On a more local level, we asked Alan Miller, senior director at Eastern Consolidated, about the likelihood of sellers in the New York metro area going this route.

“During the downturn in the early 1990s, there was a company formed to do accelerated auctions. They would do bulk sales in auction style. When banks would take back the REO, the real estate owned, they would hire this company. While it was a little distressed, they actually got good numbers because they created demand. We may see those days again, although it’s a little early to tell. But six months to 12 months from now, some sort of auctions will be taking place.

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