Back in October, the Cheri Riley Group brought you news of one of our clients, Precient Asset Management, and its auction in partnership with the J.P. King Auction Company. Today, CNBC featured an informative article about luxury condominiums that are going to auction throughout the country.
Some of the advantages of auctions for the seller include an expedited sale, a pre-determined sale date, and eliminating the need for the seller to be involved in the negotiation process. On the buyer’s side, the timeline for purchasing a property is often reduced, the receipt of a due diligence package ensures detailed property information, and in multi-property auctions, a wide variety of properties are available at one time.
One of the biggest benefits of an auction, as the article mentions, is the significant exposure a property receives as result of an auction. The Solaria in the Bronx, New York, saw only a few potential purchasers prior to the decision to pursue an auction, and then experienced several hundred possible buyers. In over two years since its opening, the Solaria, which features a roof deck and telescope observatory, sold only ten apartments. Auctions are often considered a “win-win” situation all around. Bids at this location started at around 50 percent less than their original list prices.
With several large condominium projects in Atlanta now in the hands of the underlying lenders or the F.D.I.C. and subsequent purchasers of those assets look to see more of this type of selling process being utilized.
For more information about luxury auctions in and around the Atlanta area, we encourage you to contact the Cheri Riley Group at cheririley@atlantafinehomes.com or 404.944.9992. Our Facebook page is also updated regularly!
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About the author: Cheri Riley is the Founding Partner of the Cheri Riley Group at Atlanta Fine Homes Sotheby's International Realty. She has overseen almost two billion dollars in residential real estate sales either directly or under her management. Her passion is uniting extraordinary properties with extraordinary people.
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