Your assesment of the outcome was fair and accurate. My company managed this auction. The only comment for this property is that the previous auction was a minimum bid auction, not absolute. It is being auctioned again tomorrow(Dec 3rd) at noon. It will be auctioned absolute. It will be sold to the highest bidder regardless of price. The property has enjoyed a very intensive marketing campaign that has been highly advertised and promoted for over 2 months.
Because the owners decided to switch to absolute after not receiving a successful bid the first time, they have received 2 more weeks of advertising including large display ads in The Miami Herald, TV advertising on Fox, CNN and other channels during prime time, signage, open houses etc. You are correct, it is a very tough market. Buyers have very quickly adapted to this and are making it extremely dificult in many cases to obtain reasonable bids for properties either through the auction or traditional sales process. Thanks for attending and for your comments.
Set a reserve. Start bidding at that. Winner takes all. Simple really.]]>