We're pleased with the results from the auction
Irvine, Calif. (Vocus) April 23, 2010
Foreclosure auctions remain 'white hot' as Real Estate Disposition LLC completed its five-day Florida auction tour last night with $23.2 million in sales, the company announced today.
The $23.2M in sales is 50% more than REDC's previous Florida auction series in March, which generated $15.5M in sales. "That illustrates the white-hot trend and success" of REDC auctions, says REDC CEO Jeffrey Frieden.
REDC's just-completed Florida auction series featured 437 new foreclosures that were auctioned in Orlando, Miami-Ft. Lauderdale, Ft. Myers, Tampa and Jacksonville over the last five days.
REDC, the nation's leading real estate auction company, has auctioned a U.S.- leading 10,300 properties for $539 million this year (1,750 in Florida for $70M) and is in the midst of a record 125 auctions in 65 days.
"We're pleased with the results from the auction," Frieden says. "First-time homeowners, investors and homeowners looking to upgrade walked away with some incredible bargains. The auctions were also a boost to the economy both locally and nationally.
"When a house sits vacant, no one is paying a mortgage, property taxes, nor gas, electric and water bills -- all of which hurts the local and national economy. But when we put a family into a home, they're paying a mortgage, property taxes, gas, electric and water bills, and they're creating jobs by hiring landscapers, painters and electricians - all of which fuels the economy."
Here is a list of the Deals of Day from the Florida auction campaign:
1631 N Market St Jacksonville, FL 32206 sold for $61,950 -- 73% less than its previous high value of $156K;
7701 Timberlin Park Blvd #1522 Jacksonville, FL 32256 sold for just $35K -- 73% less than irts previous high $126K value;
403 W 17th St Jacksonville, FL 32206 sold for $20K -- 72% less than its previous high $70K value.
6907 20th St. Tampa sold for just $25K -- 85% less than its previous high value of $160K;
6607 N Elizabeth St Tampa sold for just $28,500 -- 77% less than irts previous high $120K value;
10113 Lake Oak Cir Tampa sold for $40K -- 75% less than its previous high $155K value
10410 Carolina Willow Ft Myers, FL 33913 (2544 sq ft, 9 rm) sold for $166,950 – 52% less than its previous high $342,750 value:
2612 Windwood Pl Cape Coral, FL 33991 (3600 sq ft 12 room house) SOLD FOR $223K – 60% less than its previous high valued of $542K;
12640 Equestrian Circle Unit 1907 Ft Myers, FL 33907 sold for $26K – 87% less than its previous high value of $197K;
2223 Sw 28 Ter Cape Coral, FL 33914 sold for $120,750 – 79% less than its previous value of $563K;
2121 Ne 168 St #11 Miami, FL 33162 – sold for $22,500 – 87% less than its previous high value of $165K;
12833 Sw 20th Ter Miami, FL 33175 -- sold for $154,875 – 78% less than its previous high value of $680K;
1800 Ne 114th St #807-808 Miami, FL 33181 – sold for $102,375 – 67% less than its previous high value of $309K
2558 Robert Trent Jones Dr #1415 Orlando, FL 32835 sold for $22,500 -- 92% less than its previous high value of $254K;
9157 Lee Vista Blvd #203 Orlando, FL 32829 -- sold for $25K -- 82% less than its previous high value of $135:
321 Valley Dr Longwood, FL 32779 sold for $157,500 -- 68% less than its previous high $370K value;
The dismal state of foreclosures in the U.S. and Florida is staggering. The State Foreclosure Prevention Working Group, which is made up of state banking regulators and attorneys general, released a report that reports, "Despite efforts of servicers, homeowners, and the government, the foreclosure crisis continues to worsen. These signs point to more foreclosures in 2010 than in 2009."
In response to the millions of foreclosures hitting the market, REDC ramped up operations to auction bank-owned residential homes and condos, commercial buildings and notes in more than 47 states, both in live auctions and online. Thousands of these foreclosures will change hands through REDC's auctions, which directly impacts the local and national economy by helping to minimize the ramifications of another economic crash. REDC auctions have emerged as a hot new trend in home buying and investing, whether it's residential, commercial real estate or notes.
Since its launch in 1990, REDC has helped tens of thousands of families and individuals purchase homes for affordable prices through its unique auction process, establishing the company as the global leader in real estate auction marketing. REDC's real estate auctions have gained tremendous appeal and popularity among buyers and sellers in today’s market and now play a major role in property sales in the U.S., helping make auctions a preferred choice over conventional, time-consuming and expensive real estate sales methods. REDC also conducts commercial and notes auctions, which can also be reviewed at http://www.Auction.com. REDC's headquarters are in Irvine, California with offices in Dallas, New York and London.
Rick Weinberg | VP, Public Relations
Real Estate Disposition LLC| http://www.AUCTION.com
1 Mauchly, Irvine, CA 92618
Direct/Fax: (949) 639-3558 / Mobile: (949) 648-3815