CoStar Article and PropertyAuction.com’s Survey Results of Annual Real Estate Auction Industry see Eye to EyeMarch 22nd, 2012 by melissa
CoStar Group recently published on article on the rise of real estate auction sales entitled “Auction Sales Keep Going, Going, Going Up”. This article reflects many of the findings in our 2011 survey of real estate auctioneers, such as Land being reported by respondents as the most frequent commercial property type brought to auction last year at 27%. According to the article, Shawn Miller, director of sales for LFC Group of Companies, noted, “In 2010 to present, we have seen increasing volumes of land / lots coming to market from the banks as they have held onto their balance sheet for several years and have write-down these assets to today’s market value bridging the bid/ask spread within the marketplace.”
The article also recognized the flourishing number of online auctions, stating, “Tranzon LLC officials noted a significant increase in online auctions from 19% in 2010 to 27% in 2011.” This confirms survey data reporting that the majority of our survey participants (75%) offered online bidding last year, with more than 50% of those used 3rd party systems.
Miller of LFC also predicted in the article that REO properties would be hitting the auction block the most this year, saying “There will continue to be significant volume of REO property being released by the banks through 2012 and beyond – tremendous opportunities will be had.” This statement goes hand-in-hand with our survey results, where our respondents predict that Lender REO will be the most frequently auctioned property type in 2012 at 31%.
See PropertyAuction.com’s Survey Results of Annual Real Estate Auction Industry here:
Click this link to view Costar Group’s recent article on the rise of real estate auction sales:
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