Compared to warehouse auctions, the site of the property auction was even more chaotic. It was especially so because the phone ringing would not cease.
The houses were auctioned in chronological order based on their numberings. The first property was an urban house in the Santa Monica city area.
Such urban houses were also called condominiums. It was a house with two or more neighboring dwellings connected by sidewalls. It could also be called a row house. The value of such houses was lower than that of a single bungalow. Its lot was relatively small as well.
The value of American houses was dependent on two factors, namely the land and the building itself. Buildings would become cheaper as they aged, and land would change its worth based on regional development and environmental shifts.
