I just read the (cap-happy) ad in the Times. I have reprinted it below for your convenience.
"AUCTION! By Owner! 2+2, 1,754 sf, Huge Yard, Rock Pool, Firepit, Spa, Ex-Lg Master, Opening Bid $589,000. Inspections Sat-Sun 10/6 - 10/7 Noon-5PM. Home To Be Sold Sunday Night to Highest Bidder"
I have to say that $589k is a great price for this home today and if for some reason you have to buy a house today (I can't think of why that would be, but nevertheless) then this might be the one for you. Personally, I think this home will be less than $589k in the not-too-distant future so I won't be bidding despite the fact that I would have lost my mind over this last January.
I do have some questions about this, however. Like: if it's "by owner" does that mean that there are no agent commissions paid? Also, if the highest bid is $589k will they sell it at that price? If the highest bidder cannot close, will they move on to the next bidder in line? Hmmm.
Anyhoo, here's the rest of the property details:
MLS #: F1735357
Square Feet: 1,914 (NOTE: different from that listed in ad)
Lot Size: 7,910 Sq. Ft.
Year Built: 1945
Listing Date: 09/19/07
List Price: $889k
Last Sale: 05/17/04
Sales Price: $600,000