As the real estate market began to soften in 2007, a few attempts were made to auction large numbers of high-end properties. For example, Sky Sotheby’s International Realty held an auction of 20 homes with an average value of $3.5 million in Sarasota, Fla. “But that strategy was unusual,” recalled Chad Roffers, then the president of Sky Sotheby’s. Then the housing market collapsed. Now, owners of trophy homes have to decide whether to take the plunge, and in some cases they are being pushed by creditors or the courts.
By Geraldine Fabrikant, August 8, 2009, NYT

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