Printer Friendly

AUCTIONS DRAWING BUYERS BACK INTO REAL ESTATE MARKET, EXPERT SAYS; SOME HOMEBUILDERS BUILDING TO AUCTION

 AUCTIONS DRAWING BUYERS BACK INTO REAL ESTATE MARKET, EXPERT SAYS;
 SOME HOMEBUILDERS BUILDING TO AUCTION
 SAN FRANCISCO, May 22 /PRNewswire/ -- Across the country real estate auctions are drawing individuals and investors back into the real estate market because this forum gives buyers a true sense of market values in today's economy, a leading real estate auction marketing expert said today at the Pacific Coast Builders Conference.
 "The downturn in real estate over the past couple of years has left many buyers -- individuals, investors and institutions -- uncertain about real property values," said Bill McMorrow, chairman and chief executive officer of Kennedy-Wilson, Inc., the nation's largest real estate auction marketing firm. "Auctions provide a level playing field for everyone. Buyers themselves determine the price and are confident that they are not overpaying.
 "With the housing market turning upward, a number of homebuilders are using auction marketing to sell new projects," McMorrow said. "They are building to auction because it is a most efficient manner to sell new homes, lowering marketing, overhead and finance costs and allowing the builder to regain his equity and move on to new projects. Lenders also are finding that auction marketing brings higher prices for properties than traditional sales methods.
 "Since the beginning of the year, Kennedy-Wilson auctions have experienced increasing attendance by qualified buyers," McMorrow added. He attributes this to the fact that there are many homebuyers who are looking for opportunities at this point in the economic cycle and feel comfortable that auction marketing establishes true property values. McMorrow said that this trend also applies to commercial property sales.
 Kennedy-Wilson has developed a rigorous discipline for its auctions that culminates in proven results for its clients. This begins with market evaluations to arrive at a minimum reserve price for each property. Only prequalified buyers who put up an advance deposit are allowed to bid. Competitive bidding directed by a seasoned auctioneer creates a spirited exchange that results in a "fair market" price for each property. Successful buyers go immediately to a closing room where escrow officers initiate preparation of sales documents. Sales generally are closed within 60 days.
 A pioneer in the field of real estate auction marketing, Kennedy- Wilson, Inc. has sold more than $2 billion of residential, resort, and commercial real estate since its founding in 1977. In addition to its Santa Monica headquarters, the firm has offices in Boston, New York, Washington, D.C., San Francisco, Dallas, Houston, San Diego, Orange County, Palm Desert, Chicago, Phoenix and the United Kingdom.
 -0- 5/22/92
 /CONTACT: Barbara S. Casey of Casey & Sayre, 310-457-3676, for Kennedy-Wilson/ CO: Kennedy-Wilson Inc. ST: California IN: FIN SU:


KJ -- LA005 -- 3286 05/22/92 11:57 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 22, 1992
Words:448
Previous Article:VIRGINIA POWER REDUCING ENERGY USE AT CORPORATE OFFICES
Next Article:ANXIETY OVER ENVIRONMENTAL LIABILITY DOMINATES CONCERNS OF CHEMICAL PRODUCTION COMPANIES
Topics:


Related Articles
TEXAS REAL ESTATE MARKET IN STEADY RECOVERY, EXPERT SAYS
Coldwell Banker Burnet to Offer New Auction Services to Minnesota Home Buyers, Sellers
Auction method of sale show properties' real worth.
Surf and Country Pioneers Residential Real Estate Auctions in Southern California.
Millions of Dollars of Luxury Real Estate to Be Auctioned in Newport Beach California by Surf and Country Real Estate.
RealtyBid.com to Auction More Than 250 California Homes in September.
Orlando Brokerage Launching Mega Auction on Oct. 6 - $100 Million in Properties on the Block.
Nation's Largest Real Estate Auction Firm Selects Two of Sarasota's Fastest Growing Realty Firms as its Strategic Sarasota, FL Partners; Will Offer...
Leading Auction, Sales & Marketing Specialists Combine Strengths to Form Dreyer Real Estate Auctions.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters