This is an indication of the gap between buyers and sellers in the Hamptons market today – 45% off asking (at least at these 16 houses) that were put on this “internet auction”.

Several of the houses that didn’t sell had offers of more than 50% off asking price and the sellers were not willing to accept that.  It would have been interesting to see the results if this had been a true “absolute” auction, where the houses would be sold to the highest bidder, regardless of price. I imagine some of the bids would have been higher…but I guess we really don’t know, do we?

27 Fair Hills Lane On market for: $3.895 million Highest bid: $1.8 million 5 beds, 6.5-baths, 5,500 sq. ft., ocean view, marble baths, pool

27 Fair Hills Lane On market for: $3.895 million Highest bid: $1.8 million 5 beds, 6.5-baths, 5,500 sq. ft., ocean view, marble baths, pool

Lucky buyers were able to purchase two luxury Hamptons homes for almost 50 percent off at an Internet auction of 16 properties in the tony East End.

see complete NYPost article here

Also, see the UrbanDigs.com post below

2 out of 16: Hamptons Auction Deemed ‘Success’

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