Mansion in Cleveland Heights auctioned!

Laura Johnston of the Plain Dealer was in attendance along with around 70 people, myself included, to experience the auction of this amazing home.

I was very impressed by the turnout, especially in this market, and the bidding ran up pretty quickly... starting around $200,000 and running up to $250,000, to $300,000, to $350,000, then to $400,000... Tom Seaman, the auctioneer, tried valiantly to get the bidding up, and over the next ten minutes, could not cajole any of the bidders to wander over the $400,000 mark, not to $450,000, not to $425,000... He then mentioned that the family selling the home had a reserve (he had indicated such before the auction began) which had not yet been met. The auction still remained stalled. He then closed the formal auction, and indicated that the auction staff would work privately with the bidders to try to come to some agreeable price with the family.

Most people milled around for 20 or so minutes more, the whole auction taking really only about a half hour... and in those 20 or 30 minutes after the bidding, an agreeable sales price was met... the sellers were disappointed not to see their reserve met... the winning bidder must have been pleased to get the home for a value price. In this market, the sellers, like all sellers, are disappointed with the lack of even greater activity. However, in the end, their unique home is sold!

Here is Laura Johnston's artcle:

3rd-floor ballroom doesn't swing bidders: Heights mansion struggles in auction

http://blog.cleveland.com/metro/2008/10/3rdfloor_ballroom_doesnt_swing.html