REDC Portland Auction Recap. SOLD!
I attended the Portland edition of REDC’s/Auction.com real estate auction this morning. Our out-of-town client was the winning bidder on a property via the webcast. I tracked the sales prices of the 26 properties and the graph shows the sales price in relation to the published catalog value: the overall average was 44% (three of the properties did not have previous values). The screen shot below (randomly chosen) is what an online viewer was seeing at the same time. The web was only fraction of a second behind the live. How long doe a real estate auction take? I timed the opening bid to gavel on the the first few properties: 61, 55, 94, and 121 seconds! They move through them very quickly but make sure that bidders know what they are getting into. There is a 5% buyer premium added to each sold property that can be financed into the purchase if the property is eligible for lending; about half were.
September 21st, 2009 at 9:00 am
[...] were the expectations? At September 13th’s REDC Auction property sold for an average of 44% of their previously valued prices so yesterday’s average [...]
September 24th, 2009 at 10:29 am
[...] attend two Portland real estate auctions in the last couple of weeks. The first, run by REDC featured bank owned properties throughout the area. The second hosted by Accredited Marketing [...]
January 18th, 2010 at 9:20 am
[...] in September, I attended the first REDC Portland real estate auction out at the Portland Airport Sheraton. The group is returning for a second auction on February [...]