[Meta World] "The Big Board", New York Stock Exchange for sale? — Guide to real estate auctions

May 2, 2023

Meaningful cadastral lots are for “auction”

Auctions are based on lots that are even more meaningful. For example, the auction lot available on Manhattan #1 is Wall Street, where the New York Stock Exchange is located. Unlike the draw, where a specific parcel of land is zoned, and you draw one location from a land or building at random, an auction is for a specific building (including land) located on a famous or meaningful site, like Wall Street. For this reason, the estimated property value is very high, and the competition is more intense.

▲ The second auction available in Manhattan is the building where New York Stock Exchange is located. The projected value is more than 1M Crystals.

"Wall Street", the center of the world's financial markets for auction

The current Manhattan auction is located in the financial district, specifically "Wall Street", home to the New York Stock Exchange and the largest financial institutions that can shake up the global economy. All four properties are Grade 2, Level 5 land, and 6x6 ★4 buildings, valued at over 1M. While this is a similar price to the limited number of ★7 premium buildings available, the value of the building will increase when it is upgraded, and the fact that it is a Wall Street building makes it a great investment potential.

▲ Wall Street auction lots as seen from Meta World - red is lot 1, blue is lot 2, green is lot 3, and black is lot 4

▲ As it is cadastral-based, you can see they are all core buildings of Wall Street

▲ Among the four lots, the 2nd blue lot is where New York Stock Exchange is located

▲ This is what New York Stock Exchange actually looks like

Participating in the auction, “The highest bidder wins”

▲ When the auction begins, the red auction icon is activated on the main screen, and you can begin by clicking it

▲ You can bid right away, or click the move button to check the auction lot

▲ You have to have at least the amount of the bidding price for the bidding button to be activated

"End-of-auction extensions" to prevent last-minute bidding strategies

If a new bid is placed with less than one minute left in the auction, the auction time is extended by one minute. In the meantime, existing bidders can defend by placing new bids. If bidding continues to occur one minute before the end, the auction will continue to extend and may end later than the scheduled time.

▲ If someone bids one minute within the end, the auction is extended by one minute

Bids are low by "property value" standards, but future deals are up in the air

The Manhattan auction currently has four Wall Street lots up for sale. The first lot sold for 670,000 crystals, and the second lot sold for 850,000 crystals. If you compare the first and second auction bids to yolk offerings with higher land grades and levels, they are a whopping 4-5 times more expensive. The building appraisal for the four Wall Street lots is around 810,000 crystals, and the actual sale price is a whopping 1,174,572 crystals. Based on the value of the property alone, you can’t say the winning bids in the first and second rounds of auctions are expensive.

If you invest additional crystals to improve the grade of the building, the appraised value and market price will increase even more. However, even the biggest investors are unlikely to spend more than 1 million crystals at once, making it difficult to close the deal. This makes it difficult to predict future values easily. Therefore, participating in auctions and trading in auctioned properties should be approached more carefully.