Since the Oregonian links links have a habit of dying and the article is short, in it entirety here:
Second Buena Vista house auction a more moderate success
Posted by Anne Saker, The Oregonian March 08, 2008 15:48PM
The first auction of his empire went so well that Roger Pollock put on another one today, selling 47 of his Buena Vista Custom homes and lots in the suburbs for more than $10 million.
To the sounds of Stevie Wonder and James Brown, about 450 bidders and onlookers packed the hall at the Ambridge Event Center, near the Rose Garden. As potential buyers arrived ahead of the 10 a.m. event, Pollock smoked a cigarette outside.
“This is a matter of taking your lumps,” he said. “Then, when things get better, I’ll be the only builder in town without huge bank notes.”
Pollock’s Lake Oswego company overbuilt during the real-estate boom across the region’s suburbs. Overextended when the current downturn arrived, Pollock took the unusual course of bringing in a real-estate auction house to clear his inventory.
In December, a two-day auction sold 141 houses for about $65 million, and Pollock said sales on about 120 of those houses have closed.
Saturday, the auction was smaller with fewer houses on the block and fewer bidders. The auction sold 36 of 42 houses and 11 of 18 unbuilt lots, mainly in Happy Valley but also in Sandy, Scappoose, Hillsboro and Beaverton.
— Anne Saker; email@example.com
I was talking to our Australian neighbor a little while back and he said that their home selling system is totally different. The house is advertised, held open and sold right then and there by auction. You might not get what you wanted out of the sale but then on the other-hand, days on market isn’t an issue.