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Yesterday was an exciting day for some home buyers eagerly packed into the Grand Hyatt for Brix and Gallery auction events.  I just came back from vacation and missed the Brix event but managed to get in just in time for Gallery.  Probably 400-500 people were in the room with about 1/3 as bidders.  So how good of a deal did these home buyers get?  Here are some thoughts and observations:

1.) The original listing prices were 15%-25% higher than current fair market values.  So getting a discount of 10% off the original listing price may not mean that you are actually getting a good value.  Fortunately, most buyers managed to get 15%-40% lower than than the previous listing price.

2.) Buyers who bid for one bedroom's averaged anywhere from 5-15% discounts off fair market value; buyers for two bedroom's got a discount of ~10-20% off fair market value.

3.) Most realtors/buyers thought that the bidding prices went higher than they expected.  They were probably hoping for steals.

4.) Overall, buyers got good deals but not steals.

Brix Auction Results : Homes sold were averaging 70% of the previous listing price and $410/sq.ft.

Gallery Auction Results: Homes sold were averaging 68% of the previous listing price and $439/sq.ft.

Gallery Auction Results List

Matt has covered the Brix Auction event on his blog.

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