Harbor Lofts Revisted

[fumbling_IHB]

[quote author="kperez" date=1258768638]So i was driving by this place and being that no one lives here, i guess they ready to bite the bullet and are having an auction to try and drive sales. 54 units starting at $165,000, but that is just the start price and it says there is an unpublished reserve minimum that the seller has that is definitely above the starting price. Any guess on what that minimum is going to be and if these units will be sold? I wouldn't mind picking one up below $200,000.



Here is more info

http://www.bidkw.com/documents/Harbor_Lofts_Brochure_11.11.09.pdf</blockquote>


I never understood why auctions bother with setting a "starting" price but still have a "hidden reserve" price...seems like a waste of people's time when they win with a bid that's under the reserve price. Wouldn't something like this turn off potential bidders? For example, on Ebay (the only kind of auction I've personally done) I never bother bidding on an item with a reserve price, I only bid on items with no hidden reserve price. Or are they assuming people are naive enough to be attracted by the low starting price and that draws a bigger crowd of suckers?

 

[Geotpf_IHB]

[quote author="fumbling" date=1258785849]Or are they assuming people are naive enough to be attracted by the low starting price and that draws a bigger crowd of suckers?</blockquote>


That's it exactly. And it works.