If you plan to attend the auction, you need to be represented …

Have you read the Updated Terms and Conditions of the upcoming Solaria Auction November 22, 2009?   I have. The following is a direct quote from the first paragraph of Section 3

    Bidding and Buying at The Auction:
    Reserve Price: All Properties have a Reserve Price, meaning the Seller of each property has established an unpublished, minimum selling price. The starting bid is not the Reserve Price. In order to become the Winning Bidder for a Property, a Bidder must meet or exceed the Reserve Price and have the highest bid (see Subject to Confirmation section below). Except where prohibited by law, the Auctioneer may open bidding on any Property by placing a bid on behalf of the Seller and may further bid on behalf of the Seller, up to the amount of the Reserve Price, by placing successive or consecutive bids for a Property, or by placing bids in response to other bidders. If no bidders meet the Reserve Price, the Seller is under no obligation to sell the Property. Conduct of the Auction and increments of bidding shall be at the direction and discretion of the Auctioneer. Auctioneer is not acting as an agent for any Bidder in any capacity, and is acting exclusively as the Seller’s agent.

A representative for the auctioneer, Real Estate Disposition Corporation (REDC) has informed me that New York City and New York State do allow the practice of the auctioneer bidding on behalf of the seller while the current bid amount is below the reserve price. While in my heart of hearts I still believe that this practice is unethical, we must deal with it, and I have a plan to ensure my clients are not bidding against themselves.

My clients and I will be prepared on Auction Day, November 22, 2009, going in with what I believe should be the maximum prices paid for any of the units available. The prices will be determined based on recent appraisals of similar units as well as recently closed condo sales in Riverdale.

Pricing is a science. The numbers do not lie. I will analyze closed sales in order to determine the appropriate value in terms of dollars per square foot, adjusted up or down for the floor and view as well as whether the common charges and real estate taxes are above or below the average common charges and real estate taxes for those units recently sold.

If you choose to hire me or another buyer’s agent/broker, our services are absolutely free to you the buyer, and are paid by the seller. I look forward to hearing from you soon.

Call Lee Presser today to assist and accompany you to the auction on Sunday, November 22, 2009. Do not go it alone! Lee can be reached at (347)829-9996.
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