No more bidding wars for real estate
I spoke with a REIT executive who confirmed my impression that the days of bidding wars for commercial real estate, even in the hot Washington DC market, are over for now. Where once brokers set bid deadlines and were assured of a dozen offers, brokers are now “quietly marketing” properties to a handful of buyers. The fear? No one wants to strike out, end up with no offers for their building, and be embarrassed.
The parallel is the residential side where once brokers could have an open house on Sunday, set a bid deadline of 7 pm on Monday, and count on a bidding war.