Tuesday’s estate auction by Queens Public Administrator Lois Rosenblatt of ultimately 20 co-ops and houses Tuesday eked out 1 percent more than the total minimum bids of $$4.315 million.
The amount of winning bids reached $4.355 million.
Although I wasn’t present, the results suggest spirited bidding for the properties that went down; many of them significantly exceeded the administrator’s upset prices.
Accounting for the merely apparent weakness in the total were four properties for which nobody raised a hand.
I’d say that the auction went quite well and the results may — may — indicate that the Queens housing market is beginning to regain a modicum of health. I don’t know to what else can be attributed the substantial sums for which many of the properties went over the minimum bids, unless they were significantly underpriced.
Below are the minimum and winning bids: (more…)