The Terrazzo Auction Results
The results of the Terrazzo auction are in and it appears that my predictions are right on target. 25 condos sold at an average price of $233.01 per foot with a couple of sales reaching over the $250/ft mark. The average total price of $283,600 represents 62.48% of the original asking prices at Terrazzo.
Approximately 220 people attended the auction at the Renaissance Hotel in downtown Nashville, but I was never able to count more than 47 registered buyers. The auctioneers, Accelerated Marketing Partners, did add 4 new condos to the auction that were not listed prior to auction day.
21 condos sold during the actual auction and 4 sold after the bidding was stopped (marked as AA in the table below). The live auction portion lasted one hour and six minutes and the after auction sale only took 14 minutes. The entire auction and sale only lasted one hour and twenty minutes. In other words: During the 80 minute auction, $92,162.50 was spent per minute. Without further delay here are the complete auction results…
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