Cheap Property At Auction
The Real Estate Auction industry is growing at a geometric rate. Ten years ago, there was virtually no real estate auction activity throughout the nation. Today, well over a billion dollars changes hands at auction each year. In many instances, the real estate auction (residential & commercial) is being used as a workout tool. Florida,Arizona,Nevada and California are just a few states that have seen accelerated interest in auctions. Why are developers, financial institutions and investors using the real estate auction as an alternative marketing tool? What type of properties lend themselves to be marketed at auction? Are auctions a cost effective workout tool?
Almost any type of real estate is suitable for auction. In fact, more and more owners of quality real estate are using the auction alternative to market their property. Properties being offered at recent auctions include condominiums on Alabama's Gulf Coast ranging in value from $150,000 to 550,000. Florida beachfront condominiums and townhomes ranging in value from $45,000 to 775,000 as well as net-leased office buildings, shopping centers, apartment buildings and vacant development ground. The growing trend of institutional grade real estate professionals who use the auction to market their workout real estate also points to the acceptance of the auction as a marketing tool. The real estate auction no longer reflects poorly on the ownership of real estate. Rather, the message being transmitted to the real estate buying public today is "Quality property is being marketed in an unorthodox way for good reason.
Auctioneers forecast that by the end of 2012 multiple owner auctions will be scheduled in most major cities throughout the country.
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