Not one of the bids on 18 luxury homes in the lake area met reserve prices in an auction of builder Susanne Helbig's properties on Saturday.

Auctions have become a hot selling technique made popular by the economic crisis and the mortgage meltdown.

Helbig could not be reached for comment Monday, but auctioneer Marcus Gilbert said 150 people attended the event, which was held at Bernard's Landing in Moneta.

"We had the right to decline the bids but chose not to decline," he said. "We are hoping to work through to a higher number. The bids were lower than what we want to get."

Gilbert said each bid is being considered on an individual basis in hopes that counter offers will be made by a Nov. 21 deadline. And though no sales were made Saturday, he called the auction "successful."

The list prices for the 18 homes in The Waterfront, Park Place, Bayview Estates, The Boardwalk and Winding Waters subdivisions of Franklin County totaled about $15 million. Five lots in The Reserves at Westlake subdivision also were on the block, but Gilbert said the offers on those properties were too low to consider.

Two cash investors were the highest bidders on 10 of the homes, he said.

The average list price for 10 of Helbig's homes, which were located in The Waterfront, was $725,000, and the average starting bid was $435,000.

Helbig said she planned the auction to clear out the lake-area inventory so that her company, Genesis Mansions, could focus on renovating a former Merita Bakery in downtown Roanoke into luxury condominiums. She said she also plans to open a franchise real-estate auction business at the lake.

-- Courtney Cutright