Banks big buyers at Prewett auction
Energy levels were high at former investment adviser Daniel Prewett’s Dec. 13 bankruptcy auction.
The Osprey Inn was bursting with more than 500 people, and the night concluded with all properties on the block being sold.
At first, it seemed the auction was revealing something about the real estate market. The packed house and fervent bidding made it seem as if the market had regained some of its froth.
But in the end, it turned out that banks were simply calling in their chips and will wait for another day to find genuine buyers.