The latest from The Montgomery (74 New Montgomery) sales office by way of a tipster:

The Montgomery is pleased to announce a special Minimum Sealed Bid Program for all remaining homes. If you are thinking of buying a new home and looking for incredible value, then don’t miss this unique opportunity to own a new home at The Montgomery as these homes are fully upgraded with hardwood flooring and stainless steel appliances.

The Montgomery will begin accepting sealed bids on Saturday, December 12th at 12:00pm with the bid process ending on Sunday, December 13th at 5:00pm. Homes in this final release include a studio with minimum bid pricing at $340,000 and [two] two-bedroom homes with minimum bid pricing at $680,000.

In February studios were starting from $383,000 and two bedrooms from $882,000. While in August the last nine units were in contract, we’re assuming these three fell out.
74 New Montgomery: Soon To Be Sold Out Assuming Contracts Close [SocketSite]
A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]

7 thoughts on “The Montgomery Moves To “Sealed Bids” To Sell Last Three”
  1. I can’t believe anyone would even pay the “minimum bid” for these places. I’m predicting that anyone who shows up and “bids” the minimum will get the place. Of course, then you’ll have “won” a place that’s worth considerably less than you just paid.

  2. “I’m predicting that anyone who shows up and “bids” the minimum will get the place.”
    I’ll predict that anyone who shows up and “bids” the minimum will find out that there’s a super-secret reserve price exactly equal to the February list prices.

  3. Sealed bids means that each bidder writes their bid down on a piece of paper and seals it in an envelope. Each bidder is unaware of how high his/her competition is willing to bid. After receiving all sealed bids, the auctioneer opens all envelopes and awards the win to the highest bidder.
    Generally sealed bidding favors the seller and increases the buyer’s exposure to the Winner’s Curse.

  4. Yeah, this is just a not-so-sneaky way to make it seem like these are desired properties by creating the false impression of a bidding frenzy, when in reality these are leftover units that didn’t sell at exorbitant prices. What a scam!

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