Online Real Estate Auctions Becoming More Popular
Newport Beach, CA – June 1, 2011 – (RealEstateRama) — Bringing a property to market is easy, trading that property however can be difficult, especially in a depressed market. Yet there are a growing number of real estate professionals who are expanding their service offerings to compete and succeed in such conditions.
Jim McMenamy of RE/MAX® Realty Group is one such forward-thinking broker who has engaged the Freedom Realty Exchange, a leading online real estate auction marketplace, to market two industrial buildings and three development land parcels in the Fort Myers area.
“The goal for my clients is to sell their properties quickly and at the highest possible price. The best way to achieve this is to conduct an auction because it accelerates the sales cycle by setting a sale date and a low minimum bid to attract buyers,” states Jim McMenamy.
Often times an auction will only be utilized if a property has languished on the market for months or even years with very little activity. Auctions are effective since they incite buyers to take action by the bid deadline or miss purchasing the property all together.
“Some areas in Florida are improving while others are still struggling, so it will take an innovative approach for the more difficult properties to trade,” said LFC’s Director of Operations Ryan Devin. “An auction will attract buyer interest because it allows them to set their price while also communicating that the owner is serious about selling because it ultimately puts the pricing in the buyers’ hands.”
The auction features these incredible investment opportunities for buyers:
- A ±7.7 acre industrial land parcel on Hanson Street and surrounded by several similar businesses. The property was listed at $800,000 but now has a minimum bid of just $399,000
- ±25,000SF multi-tenant industrial building situated on about 1.84 acres. The property has a private, fenced yard and is zoned Heavy Industrial (I-2). Currently it is 20% occupied with leases through 2012 and 2013. The minimum bid only $699,000 for a property that was marketed at a price over $1.0MM
- A recently remodeled and updated ± 2,480 SF industrial office / warehouse that sits on a ±13,300 SF lot and has a small private yard. The building has two front bay doors for ease of loading/unloading. Bidding starts at just $49,000
- ±0.52 acre commercial land parcel zoned C-1 which allows for a variety of commercial uses. The site delivers great visibility with the high traffic along Dr. Martin Luther King Jr. Boulevard. The minimum bid is $59,000
Three BANK-OWNED parcels totaling ± 4.80 acres. This particular zoning is considered “Neighborhood Commercial” which is suitable for businesses such as; general and medical offices, automobile service stations, drugstores, restaurants and other retail shops. The site also sits directly across the street from the world famous Shell Factory. The minimum bid is 50% below previous asking price, only $249,000.
“This auction presents some great real estate deals for serious real estate buyers,” said Jim McMenamy. “The seller has demonstrated that they are absolutely motivated to sell the property by setting a low minimum bid and understanding that the public will dictate its true value through bidding in the auction.”
As with all auctions on the Freedom Realty Exchange website, bidding will be held entirely online, removing the need to spend hours in a crowded ballroom with all the unwanted pressure and intimidation that comes with an outcry auction. Interested buyers can view due diligence materials online by visiting the auction website at FRE.com/104R2. Bids must be submitted by June 30, 2011.
The Freedom Realty Exchange®
The Freedom Realty Exchange is owned and managed by LFC Internet Marketing, Inc., a member of the LFC Group of Companies. For more than 30 years, the LFC Group of Companies has successfully auction marketed thousands of commercial, industrial, land and residential properties, with sales in excess of $5 billion; and for the last seven years, we have conducted real estate auctions exclusively online. We have successfully served numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and real estate brokerages, providing a complete suite of real estate disposition strategies and auction marketing programs for commercial and residential property and mortgage notes.
