By Jeff Adolph
Residential Real Estate
Real estate auctions are continuing to be a popular medium for builders and developers who are looking to sell luxury homes, and residential building lots in the current economic climate.
Using auctions to sell luxury homes and building lots means that builders and developers are able to reduce their waiting times to sell, and costs, by avoiding traditional sales methodology.
Paul Rogers, of Inland Real Estate Auctions, feels that auctions are a growing trend that would not have been a viable option years ago.
"In the current real estate climate, an auction may be the only avenue for a developer or builder looking to move inventory and quickly realize value," Rogers said.
Inland Real Estate Auctions currently has two luxury homes listed for auction in March. One is a 6,000 square-foot manor that is located in the western suburb of Oak Brook in Illinois, which comprises of 5-beds, 6-baths (pictured above - image 1), while the other residence is a 3,800 square-foot, 4-bed, 5-bath in Elm-wood, Illinois (pictured above - image 2).
The residences were originally priced at $2.9 million and $1 million respectively, and will be sold via sealed bid, with all bids considered.
In addition to these homes, 10 home sites in the sub-divisions of Frankfort, and the Bridges, of Monkena community Monkena will be sold. These residential sites were priced at $200,000 each and are expected to have a starting bid of $50,000 each. Regardless of price, at least three of these blocks will be sold.
For more information on these , and many more home auctions please visit www.inlandreauctions.com
Sources: Cunningham, John (2009) FReal Estate Auctions, Inc. to Auction More Home Sites and Luxury Homes; available online at http://www.inlandreauctions.com
Image Source: www.inlandreauctions.com
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I have to agree with you that real estate auctions are a growing trend nowadays and the fastest way to sell a property. In that way, we were able to curtail the time of waiting for so long. Those residential real estate are beautiful and I am pretty sure that many of home buyers will bid to that stunning houses.
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Posted by: DLF Capital Greens Delhi | September 21, 2009 at 01:17 AM
Using auctions to sell luxury homes and building is a great idea. This great idea will grow revenue for the house builder, since building a property is not that easy.
Posted by: Jolly Ville | August 17, 2009 at 08:41 AM
Yeah! I agree with you, "Using auctions to sell luxury homes and building lots means that builders and developers are able to reduce their waiting times to sell, and costs, by avoiding traditional sales methodology." This is the easiest way to sell. Wish I can also buy luxury homes someday. Thanks for sharing.
-Joicee-
Posted by: real estate in philippines | July 02, 2009 at 11:50 PM
We all need to get into the frame of mind that the economy is going to get better. Stop being afraid to go out and spend money!
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