PREA auction of 500 properties starts tomorrow in Phuket- ?

[usasia8888]

I read in the Phuket Gazette there is a big real estate auction with like 500+ properties from condos, villas, etc. Seems like a clearing out of unused property and potentially great discounts? Obviously need to check the property but what's this all about?

[Bernard Flint]

Be careful Suthep doesnt get involved with this

[steelepulse]

From what I read, it's developers that couldn't move properties and they are now offering "discounts" of between 15-25% off of the listing price. It's not a traditional auction

http://www.thephuketnews.com/500-phuket-homes-to-be-auctioned-off-this-weekend-46257.php

What will be more interesting will be the sealed bid auction, later in the month. That will help give a better idea of actual values.

Edited May 16, 2014 by steelepulse

[stevenl]

Yes, agree.

Easy to claim big discounts if your original prices are so high the goods are not selling.

[KarenBravo]

Most of these auctions are fixed from the get go.

[usasia8888]

From what I read, it's developers that couldn't move properties and they are now offering "discounts" of between 15-25% off of the listing price. It's not a traditional auction

http://www.thephuketnews.com/500-phuket-homes-to-be-auctioned-off-this-weekend-46257.php

What will be more interesting will be the sealed bid auction, later in the month. That will help give a better idea of actual values.

very interesting. looks like it may show some clarity to the market of real prices in those areas and types. Of course bidder beware of developers jacking up the initial price and applying a discount to make it look like a steal when it is not. I am sure most people will not be fooled but the world never ceases to amaze me of stupidity.

thank you for supplying the link.

[obnoxious troll]

hmf no more visa runs has struck already

would i be interested, not on your nelly.

Edited May 16, 2014 by obnoxious troll

[Shot]

^^^ Is that an Irish coffee?

Edited May 16, 2014 by Shot

[nedkellylives]

There will be no auction of property unless they have reserved prices

A auction where the highest bid buys will not happen