Bubble Wrap

Luxury Condos, All Bids Considered

The New York Times reports on the upcoming absolute auction at The Beacon where the first 12 units will be sold regardless of price.

“Our biggest problem today,” the developer said, “is buyers’ not knowing if they are getting the best deal — not knowing if they wait a little longer whether a better deal will be available. With the auction, you get everybody in a room, and they can see what other buyers, people who would be their neighbors, think a home is worth, and each one can be confident.”