Patterson Park auction: $41,000 per home
The 103 rowhomes in the Patterson Park area that went up for auction together on Tuesday brought a high bid of $4.2 million -- almost $41,000 per property, or $43,000 if you include the buyer's premium. But that's not necessarily the final word.
It was an auction "with reserve," giving owner Grady Management 10 days to accept or reject. In the meantime, Grady could get another offer. Greater Baltimore AHC Inc., a nonprofit affordable housing provider, is interested.
And, of course, no deal is done until it's gone to closing. Auctioneer Sheldon Good & Co. says that generally happens in 30 days.
The small crowd that turned out got to bid on M&T Bank Stadium first -- a tongue-in-cheek practice round.
"Do I have an opening bid of $25 million?" asked auctioneer Jonathan P. Cuticelli. "$25 million, have $25?"
"Let's go, guys," said his father, Sheldon Good CEO John J. Cuticelli Jr., into the short pause that followed. "It's not real money."
Final pretend bid: $100 mil.
"$100 million is always the winning bid," Jonathan Cuticelli said of the practice rounds.
What do you think of the auction results?