RISMEDIA, July 2, 2007–In a slow real estate market, people get creative to sell their property. So Honolulu real estate brokerage firm Elite Pacific Properties is bringing to Hawaii a technique that is rapidly gaining popularity throughout the US: real estate auctions. Elite, which specializes in upscale real estate, has organized Hawaii’s biggest ever multi-property auction, to be held at the Hawaii Convention Center in Waikiki on July 14th from 10a.m.-3p.m.
Elite is auctioning over 20 different properties. “There is something for every buyer at the auction, including vacant land, income properties, condos, and houses. Auction properties range from a condo formerly at $299,000, now with a minimum bid of $200,000, to a North Shore beachfront estate previously at $7,950,000 and now with a minimum bid of $5,500,000,” said Stephen Cipres, Elite’s co-founder. “Naturally, our sellers are expecting to get bids above the minimum, while buyers turn out hoping for a good deal. All minimum bids are substantially below fair market value.”
Elite held some individual “sealed bid” property auctions earlier this year, and was successful at selling properties in a matter of weeks that other firms had listed for over a year without a sale.
“An auction compresses the typical real estate marketing process into a shorter time period,” says Paul Mayer, the other co-founder.
The partners researched auctions in depth and noticed a trend outside of Hawaii for multi-property auctions. When other Oahu brokerage firms expressed interest in working with Elite to auction their listed properties, they knew they were on to something.
For more information, visithttp://www.elitepacificauctions.com.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com