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TEXAS REAL ESTATE MARKET IN STEADY RECOVERY, EXPERT SAYS

 TEXAS REAL ESTATE MARKET IN STEADY RECOVERY, EXPERT SAYS


Not All Eyes on Texas are on Convention -- Many Savvy Investors
 Checking Out Real Estate Opportunities
 HOUSTON, Aug. 19 /PRNewswire/ -- As the nation turns its attention to Houston for the Republican National Convention here this week, the national real estate community is focusing its attention on the strengthening Texas market, a real estate expert says.
 "The recovery of the Texas real estate market is dependent on quickly moving real estate back into the hands of individual buyers," explained Denise Wesling, senior vice president of the Southwest division of Kennedy-Wilson, one of the nation's leading real estate auction-marketing firms. "And the success of our recent auctions demonstrates that buyers are returning to the Texas real estate market."
 Kennedy-Wilson, which has the largest auction-marketing operation in Texas, has sold more than $34 million in properties through Aug. 15, 1992. In 1991, Kennedy-Wilson recorded $31 million in Texas for the entire year.
 "Last week, Kennedy-Wilson conducted the Houston Grand Land Auction for the Resolution Trust Corp. (RTC), selling 50 of the 53 investment land parcels offered for $18 million," Wesling continued. "We expect to sell the remaining three properties within the next few weeks.
 "Two years ago, these properties would not have attracted nearly the buyer interest or prices," Wesling noted.
 Apartment projects in Houston, San Antonio, Austin and Dallas have rebounded substantially this year, Wesling said. She pointed out that four major apartments in Texas sold at excellent prices in last week's International Auction of U.S. Commercial Real Estate conducted by Kennedy-Wilson and Jones Lang Wootton in Los Angeles.
 According to Lew Halpert, executive vice president of Kennedy- Wilson, property owners across the country are finding that auctions, when professionally marketed and conducted, are very effective today in selling residential, commercial and industrial properties.
 "In the current real estate cycle, property values are hard to gauge, and auctions are a true barometer of current market prices," stated Halpert. "Value is set in an open forum through the competitive bidding process."
 Kennedy-Wilson's Texas division holds quarterly multiparticipant auctions, a three-day sale in Houston, Dallas and San Antonio. The upcoming Texas Fall Quarterly Auction is scheduled for Oct. 8 and 10-11 with approximately 200 properties to be offered. The sellers are independent banks, S&Ls, insurance companies, corporate real estate owners and private investors.
 "Our direct mail campaigns realized an unprecedented 48 percent response," noted Wesling. "Our last two Texas Quarterly Auctions received an average of 8,000 inquiries."
 Kennedy-Wilson, considered one of the pioneers of real estate auction-marketing, has sold nearly $3 billion of residential, resort and commercial real estate since its founding in 1977. In addition to its Dallas, Houston and Austin offices, the firm has 14 offices located throughout the United States and an office in London.
 -0- 8/19/92
 /CONTACT: Holly Kinyon of Casey & Sayre, 310-457-3676, for Kennedy-Wilson/ CO: Kennedy-Wilson ST: Texas IN: SU: ECO


JB-LS -- LA010 -- 1243 08/19/92 09:31 EDT
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Date:Aug 19, 1992
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