J. P. King Sells $50 Million Real Estate in 4th Quarter

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J.P. King Auction Co. totaled over $50 Million in sales in fourth quarter

We had another successful sale with J.P. King

J. P. King Auction Company, the nation’s leading real estate auction marketing firm, announced today that its auctions held to date in this quarter have yielded $50 Million in sales.

Real estate is one of the fastest growing areas of auction sales in the country, yielding $58.6 Billion revenue in 2008. According to Realtor.org, the real estate auction market rose 5.3 percent in 2007, generating $58.4 Billion in revenues – 39 percent more than it did in 2003.

Developers, corporate entities and financial institutions are following the trend and hiring auctioneers to assist in selling their remaining properties. J.P. King completed successful auctions in 19 states including California, Colorado, Florida, Arizona, Texas and Tennessee this quarter, contributing to their momentous annual sales, which have been growing throughout the year. Of the auctions completed by J.P. King Auction Company this quarter, two auctions highlight the company’s successes.

In early October, 23 condominiums in Summer House at Ponte Vedra in Ponte Vedra, Florida were auctioned off by J.P. King. This auction, which attracted 95 registered bidders, sold all 23 units.

“We had another successful sale with J.P. King,” said Steve Broome, Managing Partner with Julia LeCraw & Co., LLC. “This is my third total sellout with them, and I am very pleased with the response and the turnout on the Summer House condos at Old Ponte Vedra Beach.”

More recently, J.P King auctioned off the remaining units in the River Tower at South Bluffs, a river front condominium development located in Memphis, Tennessee. The auction successfully sold out the remaining 15 units.

“The auction proved to be the right approach in this buyers’ market,” said Mike Maerz, McCord Development’s Director of Investments. “In the current market, there is a lot of skepticism and people have no sense of urgency and are in no rush to make a decision. The auction is a call to action.”

ABOUT J.P. KING
J. P. King Auction Co., the nation’s leading real estate auction marketing firm, is a full service auction company serving luxury, condominium, multifamily, developer, corporate and financial institutions in the disposition of strategic assets and has been diversifying its portfolio to banking and government. J. P. King has marketed upscale properties in 49 states and six countries. Operating since 1915, J.P. King is the oldest continuously operated real estate auction company in the country. For more information or sales details, visit http://www.jpking.com.

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