Lower Merion Auction Fizzles

What happens when a home is slated for auction and only a few interested parties show up?

Unfortunately, nothing!
R5Realty.com attended the auction of the stately, yet weathered palace on Montgomery Ave., across from Suburban Square this past Saturday Nov. 6th. We got there about 1:30pm and took the tour of this weathered Goddess with lovely grounds (see October auction post for address details).
We chatted with the lonely auction personnel and the Realtor, who explained that unlike some auctions, this one was being held out of choice and not out of necessity. Owners/property is not in financial distress, but decided an auction might be the best avenue to attract buyers in this market, according to the agent.
Several interested buyers stalked the grounds in anticipation of the 2pm auction. Given the paucity of potential bidders, I wondered if a steal might be in the making.... Should I run to the bank for the needed 20k deposit?
Fortunately I stayed put and at 215pn the auctioneer announced the sellers decided not to go thru with the auction based on the relative lack of interest.
Doh! Was looking forward to seeing the auction happen but no dice.
While the auction did not happen, this once grand house is still for sale hundreds of thousands of dollars below renovated value.
Someday someone will restore this place to its flagship status by Montgomery Avenue, someday I will get to see a hooping, hollering auction in Ardmore, but for now, the status is Quo.

Housing Prices/Sales Lower Merion - Philadelphia R5 Region for October

Address	Bed	Bath	Last Price	Sold Price	City/Station
225 Chestnut Ave	3	1.0	$165,000	$165,000	Ardmore
236 E Spring Ave,	5	2.0	$175,000	$181,000	Ardmore
109 Walnut Ave	5	1.0	$199,000	$200,000	Ardmore
60 Llanfair Cir	3	2.1	$589,000	$563,300	Ardmore
135 Woodside Rd	3	2.1	$685,000	$670,000	Ardmore
2910 Haverford Rd	4	2.0	$199,000	$199,000	Ardmore/Deco
2623 Chestnut Ave	5	1.1	$179,000	$179,000	Ardmore/Delco
2829 Haverford Rd	3	1.1	$263,500	$250,000	Ardmore/Delco
2319 Belmont Ave	3	1.1	$263,000	$260,000	Ardmore/Delco
617 N 20th St	3	2.1	$525,000	$510,000	ArtMuseum
820 N 21st St	3	2.1	$559,900	$520,000	ArtMuseum
5 Derwen Rd	4	4.1	$419,900	$420,000	BalaCynwyd
116 School St	3	1.0	$299,000	$293,500	Bala Cynwyd
711 Fordham Rd	4	2.1	$439,900	$390,000	Bala Cynwyd
6 Elmwood Ave	4	2.0	$289,900	$273,000	BalaCynwyd
1115 Sandringham Rd	4	2.2	$499,000	$450,000	BalaCynwyd
24 Llanberris Rd	4	3.1	$925,000	$855,000	BalaCynwyd
919 Lafayette Rd	4	3.1	$625,000	$575,000	Bryn Mawr
813 Gatemore Rd	4	3.0	$645,000	$617,000	Bryn Mawr
38 Franklin Ave	5	1.0	$199,500	$159,000	BrynMawr
720 Waverly Rd	5	2.1	$699,000	$675,000	BrynMawr
592 Barrett Ave	5	2.0	$359,900	$350,000	Haverford
244 Stoneway Ln	3	2.0	$229,900	$208,000	Merion
613 General Lafayette Rd	4	2.0	$469,000	$450,000	Merion
485 Merion Rd	4	3.1	$695,000	$595,000	Merion
506 Gordon Ave	3	1.0	$285,000	$250,000	Narberth
522 Brookhurst Ave	3	1.1	$285,000	$285,000	Narberth
218 Lantwyn Ln	3	2.0	$335,900	$324,650	Narberth
3 Hansen Ct	3	2.1	$449,000	$420,000	Narberth
436 Anthwyn Rd	4	3.0	$430,000	$425,000	Narberth
233 Righters Mill Rd	3	2.1	$600,000	$497,000	Narberth
238 Righters Mill Rd	5	3.1	$809,000	$750,000	Narberth
7346 Malvern Ave	3	1.1	$119,900	$120,000	Overbrook
7600 Sherwood Rd	3	1.1	$159,000	$130,000	Overbrook
2827 Ogden St	3	3.1	$447,500	$425,000	Overbrook
519 Penn Valley Rd	5	5.1	$899,900	$835,000	Penn Valley
715 Broad Acres Rd	3	2.1	$279,900	$240,000	PennValley
514 Fairview Rd	4	3.1	$649,000	$613,000	PennValley
1330 Centennial Rd	5	4.1	$999,000	$960,000	PennValley
444 Clairemont Rd	4	2.1	$475,000	$445,000	Villanova
2001 County Line Rd	4	2.1	$499,900	$465,000	Villanova
807 Oxford Crst	3	3.2	$899,000	$700,000	Villanova
125 Haverford Rd	4	2.1	$399,900	$395,000	Wynnewood
145 Trent Rd	4	2.0	$465,000	$420,000	Wynnewood
934 Remington Rd	4	2.2	$450,000	$445,000	Wynnewood
724 Argyle Rd	3	2.1	$489,000	$474,000	Wynnewood
1217 Andover Rd	4	3.1	$566,000	$537,500	Wynnewood
547 Wayfield Rd	5	2.2	$879,000	$808,000	Wynnewood