'Nothing but Heartache'
Published: Monday, June 2, 2008 2:03 PM PDT
I heard back from Mayor Ron Morrison in National City today with his reaction to the eye-catching banner hanging from BayView Tower in that city, advertising condos for auction bids starting from $59,000. Here's a post chock full of links to our previous coverage of the project.
Morrison didn't mince words. The auction's over and the city has demanded the company take down the advertisements.
"They're causing us nothing but heartache," he said, "'cause there are people who are saying, 'Gee, you can't give condos away in National City.' Those stupid signs."
Morrison pointed out the catch with auctions put on by REDC, the company that hosted this one on May 17. The "starting bid" advertised is usually a lot lower than what the company will actually let the unit sell for. There's a hidden reserve price that has to be met before the sale is made.
And in the meantime, the sign still hanging there makes it seem like condo prices in the city are scraping new lows, he said.
"We're demanding they take those signs down," he said. "It's nothing but a marketing ploy that has nothing to do with the market, by a company that does this around the United States."
Now that this particular auction's passed, Morrison said, the sign should come down.
"We're not in the business of advertising for that company," he said.
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