I believe this was first reported by Matt this morning. It definitely caught me by surprise.
Gallery has changed their auction format in the 11th hour.
This won’t be a “game changer” as it was already obvious that demand for the units offered had been relatively low. With that being said, it is still news at the last minute for anyone interested in buying tomorrow at auction. I just spoke to a representative of the sales team and its obvious that they don’t know exactly how this will all shake out. Here are the basics:
- Buyers can preview the homes from 9 am – 2 pm both today and on Saturday, March 5th.
- Prospective buyers and investors can sign in at the Gallery Sales Center starting at 2 pm on Saturday, March 5th and you will be assigned a number on a first come, first serve basis to participate in the offering. (when I spoke to Melissa, she confirmed this format)
- The “buy now” offer presentations will begin at 2:30 pm on March 5th at Gallery (not at the hotel as previously scheduled)
This is where it gets interesting. Once you have you “scheduled” your time slot, you sit with a representative from the ownership group or the auction team and you present your offer. I asked how flexible they are going to be with pricing and she said that those details have not been worked out. I asked if the pricing would start at the same opening bid numbers and she also did not confirm if that was the case. If anyone would like to hear my opinion on how to successfully approach this format, I will have some time to discuss this afternoon.
Here are some previous posts to get you up to speed on the auction:
