Patterson Park auctions: bellwether?
More about that in today's story. But the auctions -- held back-to-back from 10 a.m. to 1 p.m. -- are worth paying attention to even if you're not interested in Patterson Park. They're a sign of change, and not only since the bubble days.
The average price was $70,000. I thought "ouch," because they'd been refinanced for $110,000 on average in early 2007. But auctioneer Daniel Billig with A.J. Billig & Co. said it was about 30 percent more than his company had been expecting.
Nine months ago, he said, investors "weren't even coming to the auctions. I had some really great properties that I either didn't sell or I had a very tough time. I would say since the beginning of May, we've gotten progressively better. Better results, better turnout."