Bank-Owned Auction Gives Buyers Huge Discounts on Luxury Home Sites in Reno

Share Article

The city of Reno is home to a new auction for 16 bank-owned luxury custom home sites in the exclusive community of Somersett. Unlike all the others, this auction will be held entirely online at LFC.com, the commercial real estate website of the LFC Group of Companies.

The Somersett Kids Pool.

Somersett is one of Reno’s most sought-after communities and buyers from all over the country have shown interest in purchasing land to build a home. These home sites are priced to sell, and the added convenience of participating in an online auction provides buyers with even more incentive to purchase.

There is a new auction in the city of Reno, but unlike all the rest, this auction for 16 bank-owned luxury custom home sites in the exclusive community of Somersett will be held entirely online at LFC.com, the commercial real estate website of the LFC Group of Companies. With such a wide variety of home sites available, all with strikingly low minimum bids, this auction represents an incredible opportunity for buyers to build their dream home in this prestigious suburban community.

The bank-owned auction includes three home sites, ranging from an acre to 1.57 acres, located in Eagle Chase, one of Somersett’s premier gated communities, with the other thirteen home sites, ranging in size from 0.45 acres to more than five acres, residing in the gated community of Champion Hills. Many of the home sites feature unmatched views of the nearby golf course and surrounding mountains.

“Selling bank-owned assets by auction is not uncommon, but we felt that an online auction would deliver the best buyer response because of its universal accessibility,” said Lisa Milke, Executive Vice President and Chief Financial Officer of First Independent Bank of Nevada. “Somersett is one of Reno’s most sought-after communities and buyers from all over the country have shown interest in purchasing land to build a home. These home sites are priced to sell, and the added convenience of participating in an online auction provides buyers with even more incentive to purchase.”

Nestled at the base of the Sierra Nevada Mountain Range in west Reno, Somersett delivers the best of both worlds: the peace and privacy of a secluded suburban neighborhood, all just a short drive away from the vibrant city life of Reno. This award-winning golf community features two golf courses designed by U.S. Open Champion Tom Kite, a 9-hole course available to all residents and an 18-hole course for members of the private Somersett Country Club. For non-golfers, Somersett offers over 27 miles of paved and natural hiking and biking trails amid rolling hills and wandering rivers. In addition, residents of this expansive community enjoy exclusive access to The Club at Town Center, a luxurious, $9 million facility that includes an aerobics studio, a state-of-the art gym, basketball court, massage room, two spas, and three junior Olympic-size pools, as well as a Kids Corner and Teen Club.

“There’s still a market in Reno for home sites in upscale communities such as this one, particularly when the price is right,” stated LFC’s Director of Operations Ryan Devin. “The minimum bids in this bank-owned auction are as low as $29,000, less than 90 percent of the previous listing prices. Buyers would be foolish to pass up this opportunity to take advantage of the market.”

Bidding in an auction on LFC.com begins with the initial submission of a bid form and bid deposit; subsequent bids are placed over the Internet in the privacy and comfort of the buyer's office or home. Interested bidders are encouraged to visit LFC.com/882R2 to view important property documents and disclosures and conduct due diligence prior to bidding. Visit the Somersett Sales and Information Office, open seven days a week, to pick up a map of the bank-owned auction home sites. The bid deadline is July 29, 2010.

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.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

James Gerber
Visit website