Auctions: Not Just for Distressed Real Estate
Article Finds Commercial Real Estate Auctions Are Not Just for Distressed Real EstateAn interesting article in this week’s Global Real Estate Monitor examines the value of auctions in bad economic times. As the article states, “Auctioneers have a saying that when times are good, the auction business is good too, but when times are bad, the auction business is great. And, as more commercial property owners are struggling to deal with under-performing assets or upcoming debt maturities in a frozen debt market, auction experts expect the auction business, also known as accelerated marketing, to be quite busy in the coming months.”
The article goes on to make the point that auctions and accelerated marketing programs like NAI Global’s Commercial Property PowerSale are not just tools to sell distressed real estate assets, but are also effective in creating competitive bidding for high profile assets. Boston’s John Hancock Tower is one such trophy office building on the block, and other high profile office buildings, shopping centers, industrial parks, residential subdivisions and prime development land are expected to come to market via auctions and sealed-bid sales during the coming year.
You can read the entire article at http://nreionline.com/globalrealestate/mar_article2.html