The auction, which was anticipated to take four to five hours, wound up clocking in at barely two. Two-thirds of the property on the block failed to garner a single bid.
The first property out of the gate was not a good omen: the auctioneer tried opening the bidding for 1850 South Treasure Drive in Miami Beach, a waterfront lot, at $1 million.
There was no response.
He then tried to get something started at $500,000, but again, no dice. $250,000? Still dead air. $100,000? Silence. At that point, DeCaro threw in the towel and passed the property by.
"Please come see us afterwards," he told the crowd, adding that staff from DeCaro and Sotheby's would be around after the event to field offers and potentially facilitate further negotiations.
And so it went for the majority of the properties on the block.
A six-bedroom, six-bath home in Fort Lauderdale's Coral Ridge County Club previously listed at $5.9 million couldn't fetch a bid for $3.5 million. A 3,100-square-foot penthouse on Williams Island in Aventura was listed for $5.6 million and did not even get anyone willing to start bidding at $2.5 million.
The day was not without its sales, though. A number of Wilton Station brownstones and condos that were absolute provoked some heated bidding wars. Five brownstones priced in the $500,000-to-$600,000 range all garnered bids, ranging from $230,000 to $275,000.
How long before we start to see things like this in SoCal? Right now there are still quite a few people buying. These are the folks that are afraid the prices will take off again and they will get "priced out" again. Once these guys are gone we will probably see stuff like this Florida auction. Florida is already in the Panic area of the graph. In Cali we are still mostly in the Denial area and that's a long way from the bottom.