Bay Area Homebuyers Eager to Set Price of their New Home

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Online Real Estate Auction offers buyers deals on new townhomes, as builder hopes to quickly liquidate inventory.

Brand new tri-level 2 bed, 2.5 bath townhomes at City Crossing, just 15 minutes from San Francisco, have bids starting as low as $179,000

This auction is different though, because the minimum bids are 65 percent lower than previously listed prices, and the buyer's premium is just 1 percent. Clearly the builder is serious about selling these townhomes.

The challenging housing market has left many builders with empty, never-lived-in units and nominal interest from buyers, while asking themselves what will it take to sell their product. One such builder turned to the LFC Group of Companies, the leader in online real estate auction marketing, and their website, Freedom Realty Exchange® to market their new townhomes in the Oakland/Emeryville area. The online auction features 19 deeply discounted townhomes in the brand-new City Crossing development.

Unlike the abundant choice of foreclosure properties on the market, this auction offers bidders a genuine opportunity to determine the final sales price of their own brand new home, and if they qualify, benefit from the state and federal tax benefits currently offered to homebuyers.

"Over the past year there have been many auctions in the Bay Area, so buyers are accustomed to this method of purchasing a home," said LFC Director of Operations Kelly Lovegrove. "This auction is different though, because the minimum bids are 65 percent lower than previously listed prices, and the buyer's premium is just 1 percent. Clearly the builder is serious about selling these townhomes."

City Crossing offers three similar floorplans measuring approximately 1,400 square feet. Interior styling utilizes clean lines accentuated by hardwood, metal and stone for a decidedly contemporary feel. Entry to these homes begins with direct access from the attached, private garage with a bonus area perfect for a home studio or office. The second floor presents a delightful kitchen/dining area with granite countertops, custom cabinetry, upgraded stainless appliances, breakfast bar and pantry. The openness of this level, with no common walls and high ceilings for optimal light, lends itself perfectly to entertaining. The floating bamboo hardwood staircase with custom metalwork leads to the two bedrooms and two full bathrooms on the third floor. Many of the units have private balconies with views of either the city or the Berkeley hills. Some have private yards. These detached townhomes, previously listed at over $500,000, now have opening bids as low as $179,000.

Conveniently located just 15 minutes from San Francisco and in close proximity to public transportation offerings such as; BART, Emery-Go-Round, and the 80 freeway, the City Crossing townhomes are built with convenience and comfort in mind.

On FRE.com, the auction is conducted completely online. Buyers don't waste their day in a chaotic hotel ballroom or convention center, hoping to place their bid on a home, yet missing the chance as a bidding frenzy whizzes past. Bidding in an FRE.com auction is conducted by initially submitting a bid form and bid deposit. Subsequent bids are placed over the web via the privacy and comfort of the buyer's computer. Properties are available for viewing five days a week until the bid deadline of April 2nd. Important property documents and disclosures are available on FRE.com for download and review, ensuring that buyers are fully informed before they purchase. Broker participation is welcome.

Freedom Realty Exchange® - a member of the LFC Group of Companies
For more than 30 years, the LFC Group of Companies has served numerous Fortune 500 companies, real estate developers, investors, financial institutions and government agencies by auction-marketing thousands of commercial, industrial, land and residential properties with an aggregate value well in excess of $5 billion. http://www.FRE.com

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KELLY LOVEGROVE

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