Some had hoped that auctions were the solution to getting rid of excess properties for sale; however this seems to be getting mixed results.  An auction was recently put on at the DeBary Golf and Country Club, but it was called off early due to lack of profit.  The Orlando Sentinel reported that one unit that was earmarked to sell at $355,000, only sold for $165,000. That is not even half of the original asking price, not a pretty number to look.

Another auction for an assortment of new town homes/condos was just held by D.R. Horton, a prominent homebuilder, and the San Diego Union Tribune says that hundreds of people attended, but the amount actually sold at the even is not yet available, do to it being a private matter. Horton did report that the action was ¨a way to quickly sell completed inventory.¨ In all, each party will have to decide what is in their best interests: to hold on to what they have and wait out the market, or get rid of it now and at least get some cash generated.