And Do I Hear $2 Million? No? $1 Million? Sold!

Developers are going back to a tried and true method of moving real estate, the auction.

New York Times - As housing prices around the country began to tumble about three years ago, the New York market kept rising, and only in the last year did it begin to show some weakness.

But now sales in the city have slowed so significantly that worried developers are planning to auction off some luxury condos in the spring for around half of what they were asking just a year ago.

Developers who are awash in unsold inventory see auctions as a tactic to jolt a paralyzed public to life.

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Image from Flickr.com, Peter Tsai Photography