Consumers are beginning to understand how beneficial these online auctions are
Irvine, CA (Vocus) April 30, 2010
A spectacular 7,574 square foot luxurious log cabin in Swan Lake, Montana once valued at $2.65 million will be auctioned online by Real Estate Disposition LLC on its website, Auction.com, on May 3.
The majestic waterfront home on 12 Geri Lane features 11 rooms (four bedrooms, 5 ½ baths) and overlooks picturesque Swan Lake. Here is a 360 tour of the property: http://www.Obeo.com/601092. The property is open for inspection 11 a.m. to 4 p.m. May 1-2. The auction begins at 2:30 p.m. EST May 3. The starting bid on the property is $599,000. Bidding ends May 8.
“This is an opportunity for a savvy buyer to acquire one of the most unique and spectacular properties in the Western United States through our online auction platform at Auction.com,” says REDC CEO Jeff Frieden.
As you enter this magnificent Swan Lake property, you’re surrounded by sweeping views of the lake and mountains. The property also features a private beach, balcony, deck, living room and great room river rock fireplaces, a billiards room, theater, wet bar and wine room. The public can view all property details with photos, auction information and how to bid online at http://www.Auction.com.
Consumers all over the country have been snapping up foreclosed homes at REDC online auctions at astounding low prices, buying properties for 50%-60% off the previous high value. REDC has auctioned 11,000+ properties this year for $575 million, including 2,725 online for $112M.
Online real estate auctions have gained tremendous appeal and popularity among buyers and sellers. In fact, auctions – line and online -- now play a major role in real estate sales with ever-increasing numbers of financial institutions, developers, and the public, making auctions the preferred choice over conventional, time consuming and expensive sales methods, according to Frieden.
“Consumers are beginning to understand how beneficial these online auctions are,” Frieden says. “People are walking away with spectacular deals at each of our auctions. Take our Northern California auction over the weekend: a quant 1,466 square foot house in Sacramento, California (5875 Wilkinson St Sacramento, CA 95824) sold for $99,750 at our Sacramento auction -- 68% less than its previous high value of $310,000. At our Charlotte auction, a beautiful 1,568 sq. foot local property (3015 Hibiscus Cir Charlotte, NC 28273) sold for $73,500 -- 59% less than its previous high value of $178,000. There are just two of hundreds of examples from this past weekend alone.”
Three other properties are also featured in the auction including: 449 Evening Star Lane, Bozeman, MT 59715, a beautiful 2,716 square foot, 8 room property on a 1.25 acre lot with a starting bid of $179K; 402a & 402b Sherwood Drive, Plains, MT 59859 and 7251 86th Street in North Grand Forks, ND 58203.
About REDC:Established in 1990, REDC is 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 provide real estate brokerage services, asset management and short sale facilitation. The company has established a dominant position in its industry. 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 as well as via on-line auctions. Information about REDC auctions is available on http://www.auction.com. For more information about REDC, visit http://www.redcgroup.com. REDC's headquarters are in Irvine, California with offices in Dallas and New York.