The president of Ryland Homes' Washington division said a silent auction on area homes Saturday yielded "reasonably good results."
Ryland put up 140 homes for silent auction Saturday in its Washington division, which includes developments in the Fredericksburg area. The company set a minimum bid on each home, and prospective buyers could write down offers.
Washington Division President Mike Disler wasn't thrilled with the results, but he said it did create some interest in the slumping real estate market. Some homes were sold in neighborhoods hit especially hard by the slowdown.
He said about 70 percent more people came in to look at homes than the average for the past few months. Sales were up about 40 percent.
Disler said he was "reasonably pleased," and he'd probably try another auction in a few months.
Most of the homes that sold went at or near the minimum price. Disler said if he does try the silent auction again, he'll probably offer fewer houses to boost demand.
Saturday was the giant home-builder's first stab at the silent auction. The promotion ran from 1-3 p.m. The company held the auctions at 17 neighborhoods in Virginia and Maryland.
Auctions were at Lee's Parke and Stuart's Crossing in Spotsylvania County, Carriage Hills and Battleground Estates at Celebrate Virginia in Stafford County, and Idlewild in Fredericksburg.
The biggest markdowns in the Fredericksburg area were at Idlewild, where one minimum bid was 44 percent lower than the original sales price. About 15 homes in Idlewild were auctioned.
Bill Freehling: 540/374-5405