"Folio Auction Proves Boston's Residential Market is Alive and Kicking".

Successful Sale Indicates Price Floor Has Not Dropped

BOSTON -- Velocity Marketing, an auction and accelerated marketing company, announced today the results of Folio Boston's auction sale, held this past Saturday, October 7th, at the Seaport Hotel.

The auction, Boston's first residential real estate auction since the early 90's, sold $24,130,000 dollars worth of inventory in less than two hours. Thirty one units throughout the building sold with an average absolute price of $778,000/unit.

"We made a decision to let the market set the value and set the value it did," said Jon Gollinger, Folio Boston's sales agent, whose firm, Velocity Marketing, conducted the auction on behalf of the Folio developer, Michael Rauseo. "The results of this auction prove the Boston residential market is alive and kicking," Gollinger added.

Last week in an article published on September 26, 2006, the Boston Globe reported Boston residential sales volume was in a free fall and price declines were showing greater momentum. Deborah Blair, President of Listing Information Network, or Link, had this to say following the Folio auction; "Bidders came out ahead because they got a little bit of a deal. If this market was stagnant and falling, you wouldn't have had as many registered bidders buying at those prices."

With over 1,100 tour visits through Folio Boston, located at 80 Broad Street, there was a year and a half worth of conventional traffic through the site in just three weeks. "In less than two hours we accomplished a result that would have taken us two years to produce," said Michael Rauseo, managing member of 80 Broad Street, LLC, owner of the site.

Over 80% of the buyers at the auction were owner occupants. The average age of all buyers was over 50 years, with many of them coming from the suburbs and investors coming from as far away as Miami, Florida.

A proven leader in real estate auction sales, Mr. Gollinger was the CEO of Kennedy Wilson East in the early 90's. Mr. Gollinger turned his company into one of the leading auction sales and marketing firms in the country. In the mid-90's, Mr. Gollinger was a part of the team that successfully took Kennedy Wilson, Inc. public. Kennedy Wilson, Inc. is currently traded on the NASDAQ.

Velocity Marketing is an auction and accelerated marketing company created and recently founded by Jon Gollinger and his other partners, Bob Cole and Sue Hawkes.