Former Bank Branch Finds Itself in a Bank Auction

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Leading online real estate auction website, FRE.com, brings a vacant bank building to auction at a deeply discounted price.

Bank-ordered auction of building in Lauderdale Lakes, Florida

Former OneUnited Bank Branch in Lauderdale Lakes, Florida

We have seen a good response from interested parties which proves that the market was there, just not at the previous asking price.

After months and months of trying to sell a recently closed OneUnited Bank branch in Lauderdale Lakes with traditional approach, the property is now being offered in an online auction on the Freedom Realty Exchange(FRE.com). The bank-owned building, just a few miles from Fort Lauderdale, is projected to sell quickly because of three important factors; location, price and a very motivated seller.

Located along State Road 7, the property offers incredible street frontage and visibility with a high daily traffic count of 55,000. The +/-10,585 SF Class B building, on over an acre of land, is perfectly suited for a variety of retail and professional businesses such as medical and insurance offices, or even a health club/gym.

Fair market price continues to be an enigma for sellers who find themselves “chasing down the market” and really never knowing where it will stop. In this auction, bidding starts at $499,000 which is considerably lower than the previously marketed price, but is a result of the third factor why this auction is projected to be successful; the seller is extremely motivated to sell the property.

The bank which owns this property has been patient hoping that the conventional sales method would produce a buyer, but they no longer wishes to cover the holding costs and want to sell quickly, on a set date; something an auction can deliver.

Florida property continues to attract overseas/foreign buyers and the online nature of this auction is perfectly suited for them. All bidding is conducted online and all due diligence material is available for viewing and downloading on the website. The convenience of the online auction allows buyers from anywhere to participate without the hassle or pressure of being on-site to place their bid.

“We have seen a good response from interested parties which proves that the market was there, just not at the previous asking price. This auction will allow buyers to determine the fair market value of the property and the seller to quickly sell the property without any further guessing or uncertainty of price”, states Ryan Devin, Director of Operations at the auction company.

This bank-ordered real estate auction features:

  •          Former OneUnited Bank branch
  •     +/-10,585 SF Class B building
  •     1.1 acre lot
  •     Excellent frontage on State Road 7 with a daily traffic count of 55,000
  •     Ample parking
  •     Bids start at $499,000

Interested buyers can access property documents and auction details by visiting http://www.FRE.com/119R2. Bids must be submitted by March 29th.

The Freedom Realty Exchange®
The Freedom Realty Exchange is owned and managed by LFC Internet Marketing, Inc., a member of the 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 for the last seven years, we have conducted real estate auctions exclusively online. We have successfully served numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and real estate brokerages, providing a complete suite of real estate disposition strategies and auction marketing programs for commercial and residential property and mortgage notes.

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KELLY LOVEGROVE
LFC
(949) 706-6113
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