There remains a persistent gap between what buyers and sellers expect
Newport Beach, CA (Vocus) June 4, 2010
Today’s commercial real estate market is characterized by an unprecedented inventory surplus and an overwhelmed buying public. In order to stand out and attract buyer attention, many sellers have embraced auctions as an alternative to traditional sales methods. With commercial real estate auctions launching across the country, the LFC Group of Companies is quickly becoming the leading online auction marketing provider helping brokers, many from national brokerages such as Grubb & Ellis and Coldwell Banker Commercial, and their clients find common ground with buyers.
“Auctions help restore liquidity to the marketplace, and more and more property owners, developers and financial institutions are turning to online auctions to grab market attention and move inventory quickly,” said Shawn Miller, director of sales for the LFC Group of Companies.
A combination of adverse market conditions and the growing prevalence of Internet sales have made 2010 the year of the auction, and LFC, a company that has been solely conducting online real estate auctions since 2004, is leading the way. The company has numerous auction campaigns for properties located across the country on their commercial real estate auction website, LFC.com.
Here are just a few of LFC’s current commercial real estate auctions:
- +/- 13.72 acres of C-2 development land along Interstate 10 in the Gulf Coast region of Mississippi
- By Order of the Trustee Bankruptcy Auction for +/- 29.1 acres in the historic town of Spartanburg, South Carolina
- Bank-owned, R-3 PO (professional office overlay) parcel of land along California’s Central Coast
- Two prime, large development parcels, one with direct lake access, in central South Carolina
- Super Wash car wash in Wisconsin Rapids, Wisconsin
- 20,000 square foot historic building (currently a nightclub) in Baltimore, Maryland
- Business Center near downtown Los Angeles
- +/-160 acres of development land in Riverside County, California
Auctions have played an important role in bringing liquidity to the residential real estate market, and they are poised to serve a similar function for commercial real estate.
“There are signs that the market has bottomed out,” said Miller. “As we’ve seen in recent months, properties are trading, if the price is right.”
The challenge is determining what constitutes the right price.
“There remains a persistent gap between what buyers and sellers expect,” said Miller. “Online auctions ensure that a fair process allows competitive bidding to set the market value, bridging that gap like no other sales method out there.”
All interested buyers are encouraged to visit LFC.com/AMP16 to view auction details, such as minimum bids and bid deadlines, and to conduct due diligence by downloading all available documentation.
LFC Group of Companies
For more than 30 years, the LFC Group of Companies has successfully auction marketed thousands of commercial, industrial, land and residential properties, with sales in excess of $5 billion, and has been solely conducting online real estate auctions for over six years. With a history of success serving numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and commercial brokerages, the company offers the complete suite of real estate disposition strategies with auction marketing programs for a range of assets, from mortgage notes to real property.