Up for auction were six residential and three commercial Key West properties. Most properties didn't receive more than one bid. Some did not receive any.
The few bids that were made for the residential properties were "opening bids" - made prior to the start of the auction and, in the words of the auctioneer, "way off", "not going to sell", and "too far off."
There were no second bids for any of the residential properties.
Sellers reserved the right to sell at a minimum price (which were not disclosed) and it is unlikely that any of the residential properties sold. The auctioneer was so disheartened by the meager bidding that he skipped and didn't bother auctioning off two of the eight residential properties.
Many in the small crowd of approximately 65 people were there for the commercial properties. Most notably was the Harpoon Harry's Restaurant auction which included a liquor license. More than a couple big name local restaurateurs were there - but none were willing to bid more than the opening bid of $2 million. The property received one other bid, for $2.1 million. Unless the seller agrees to that low price, it will not have sold.
Also up for auction was 606 Duval Street and a commercial property on North Roosevelt Blvd. Those properties also received bids that were likely too low for the sellers.
Prices are clearly still too high in the Key West real estate market for where buyers are at. Also, the effects of the liquidity sqeeze may be appearing.
Even the auctioneer commented that there was a lot of property for sale in Key West. No wonder he began the auction with a prayer.
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