In a Tough Market, Luxury Condos Going to Auction

Developers having trouble selling luxury condominiums the old-fashioned way are trying another tactic: auctions.
“It takes the longer period it would take to sell and condenses it down to a shorter time,” says Jim Corum, president of real estate auction company Real Estate Disposition Corporation.
Many of the developments—in cities like Chicago and New York—began construction at [...]