Tuesday, December 11, 2007
A chasm between what buyers want to pay and what sellers want to sell
Those people who were pragmatic succeeded in selling, but for those who had expectations above the market, people weren’t even undertaking due diligence on the lots,’ Cannon said. ‘We also had one client who decided to raise the reserve price on eight lots that we were selling for them, without any evidence that the market was there for the change, so we decided to withdraw them, as we can’t be seen to misrepresent prices. ‘That had a big effect, as if they had been included at the original guide price I think we would have sold all of them,’ he said.