Ultra-rich Picking up Real Estate Properties in Auctions. How Do They Do It?
Real Estate Luxury Property Management
Housing auctions are plentiful these days, including builders’ closeouts that lure hundreds of bidders to hotel ballrooms and public sales of foreclosures on the courthouse steps. However, this time the steel-nerved speed-talkers at Kennedy Wilson Auction Group are unloading a palatial 13,500-square-foot bank-owned spec home that had been listed for $9.775 million just a year earlier.
A four-week marketing campaign and a budget of $25,000 bring in 250 viewers and 29 registered to participate in auction. They bring family, friends and real estate agents. They carry the requisite $25,000 cashier’s checks. A uniformed security guard keeps a low profile in the background.
The affair is catered, with strawberries, cookies, assorted appetizers and coffee in cardboard cups. Rented furniture, rugs and knickknacks have been brought in.
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[...] This post was mentioned on Twitter by TReX Partner Program and TReXGlobal.com, Gloria Randal. Gloria Randal said: Housing auctions are plentiful these days, including builders’ closeouts that lure hundreds of bidders to hotel ba… http://bit.ly/8wUI9h [...]