Real Estate Auctions Continue to be White-Hot as REDC Sells 100% of Luxury Miami Condo Units Over the Weekend for $6.5M

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Total Weekend Generates $48M in Sales at REDC Live and Online Real Estate Auctions

Today's housing market is a great buyers market, and it is the perfect time for the public to get great deals on properties at a REDC auctions.

Real estate auctions continue to be the hottest and trendiest way for homebuyers and investors to purchase new residences, a second home or an investment property. This weekend, Real Estate Disposition, LLC (REDC), the nation's leading real estate auction company, sold 100% of luxury San Lorenzo condos in Miami in just two and half hours for $6.5 million before a crowd of 400 at Hyatt Regency Miami.

Overall, REDC conducted a combination of live and online auctions over the weekend that generated $48 million in sales.

“The San Lorenzo condo auction was a once in a lifetime opportunity for buyers to gain ownership in a premier community, and many people took advantage of this unique opportunity to be at the heart of this magic city at a price they can afford,” says REDC CEO Jeff Frieden. "Consumers walked away with incredible deals. Many people bought the residence of their dreams at a huge discount.”

For REDC's next auction, go to its web site, Auction.com.

The San Lorenzo Condominiums feature an ideal blend of location, views and amenities. The redevelopment of downtown Miami as an urban icon is redefining the future of the city itself, and reviving the lifestyle of the vibrant South Florida community. Thousands of families, young couples, and professionals are moving to the area as part of the most dramatic transformation ever seen in Miami. Projects like the Center for Performing Arts, the Midtown Mall, and the new Florida Marlins baseball stadium are giving downtown Miami and Little Havana a complete makeover, making it one of the most ideal places to live in the country.

“The sellers were very motivated to sell these properties and get them back in the hands of home buyers,” Frieden says. “That's the case at all our auctions. Auctions are the only way to buy real estate where the pricing starts at the bottom and works its way up. Auctions are also the only buying alternative where you can set your own price. That’s why we continue to see amazing deals at our auctions, one after another.”

San Lorenzo's one- and two-bedroom residences include Panoramic views including downtown and the Miami skyline, European style cabinets in kitchen and bathroom, Impact resistant glass windows and sliding doors, Private and expansive balconies and Washer and dryer in each condo. Building features include 24-hour secure gated entry, Covered garage parking, Recreation plaza with BBQ area, Swimming pool in garden setting, Meditation gazebo, Elegant lobby and ground floor retail, and Fitness center.

“For people looking to buy or invest in today’s housing market, now is the best time,” Frieden says. “Today’s low prices and low interest rates have created a ‘perfect storm’ for home buyers at REDC auctions. This is a very unique period in the real estate market.”

On Saturday, REDC auctioned 218 properties in a national online auction that netted $11.4M; 156 properties were auctioned at a live auction in Phoenix for $9.6M; 126 properties in Michigan were auctions for $1.7M. Yesterday, 249 propertiies in Salt Lake City, Tucson, Ariz. and Phoenix were auctioned for $14.3M as well as 82 in Michigan for $1.7M.

"This illustrates the popularity of REDC real estate auctions," Frieden says."Today's housing market is a great buyers market, and it is the perfect time for the public to get great deals on properties at a REDC auctions."

With today’s low prices and low interest rates, “It’s a perfect storm for home buyers,” he says. “This is a very unique time in the real estate market. If someone is thinking about buying, you can’t find a better combination than low prices and low interest rates."

Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC's primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions at http://www.Auction.com. Information about REDC and a complete list of upcoming auctions are available at http://www.Auction.com. REDC is basedin Irvine, California with additional offices in Dallas, New York and London.

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