The Gavel Falls

on Portland’s largest public real estate auction in recent history.

Buena Vista Homes apparently found 141 buyers for their speculatively built home inventory–for a total haul of $65 million. It left about 100 homes untouched, including all 29 homes in Bend. Nearly 2,000 attendees poked their head in at some point at the Convention Center.

Homes in Hillsboro and Beaverton apparently sold well (that’s where the jobs are…). Broker Michelle Berry estimated that Buena Vista took in $900,000 in non-refundable earnest money.

Ryan Frank of the Oregonian provided the most comprehensive coverage
141 homes sell for a total of $65 million at real estate auction | Saturday Coverage | Front Porch Coverage

Additional commentary at Portland Housing Blog and Adam Lake’s Deeper blog.

What now for the unsold inventory? My guess, Buena Vista’s sales staff starts cold-calling all the non-winning bidders and registered attendees. Bidder beware!

Technorati Tags: Portland, Oregon, real estate, auction, Buena Vista, homes, houses

Photo by Joe Gratz, used under Creative Commons license.

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1 comment December 17th, 2007