Elite Pacific Properties and Ten-X Team up to Sell Hawaii's Green Market and Café Building Through Ten-X's Online Auction Site

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48-Hour Online Auction Opens March 8, 2016

Elite Pacific Properties, Hawaii’s largest luxury brokerage and vacation rental firm with offices on Oahu, Maui, Kauai, and the Big Island, has teamed up with the nation's leading online real estate auction company, Ten-X, to sell an iconic 0.5+ acre mixed-use site in Hawaii. The Green Market and Café, located in Honokaa on the Big Island of Hawaii, features both commercial and residential zoning. The online auction launches Tuesday, March 8th, and runs for 48 hours at http://www.auction.com/commercial/hi/bm_st/48_rpp/1_cp/table_vt/0_row/

"We are constantly pushing the envelope to uncover new and unique ways to market properties," said Paul Mayer, Managing Partner for Elite Pacific Properties. “We are excited about showcasing a unique Big Island property like this through an online real estate auction site,” he said.

The Green Market and Café building, currently used as a restaurant and shop, is a rare find with both commercial and residential zoning. The more than half-acre lot presents possibilities to add a boutique hotel, B&B, Brew Pub and/or a small home residence at the back of the property. The design and construction of the building adopts both old and new technology in a sustainable design. It is located on Mamane Street in the heart of Honokaa, the entry point to famed Waipio Valley near Kamuela/Waimea, an area bursting with new growth.

Elite Pacific Properties' Hilo-based agent, Donna Duryea R(S), entered into the agreement with Ten-X as a bold move to redefine how real estate in Hawaii is sold. "By harnessing the power of the internet and online advertising through non-traditional sites, we expect to open up a much larger buyers' market," she said, noting that Ten-X prefers to team up with local agents when offering properties on their auction site to be sure that both buyers and sellers are informed of property disclosures, title procedures, and the escrow process. "This was a meeting of the minds between two cutting-edge firms, Elite Pacific Properties and Ten-X," she said.

Ten-X is an online marketplace where buyers, sellers, and the agents and brokers who represent them can easily and efficiently buy and sell high quality residential and commercial real estate. Formally Auction.com, Ten-X is newly branded after receiving a $50 million investment from Google Capital in March, 2014. CEO Tim Morse said that the transition from their previous business model marks the introduction of the “future of real estate.” According to data provided by the company, its platforms have facilitated the sales of over 200,000 residential and commercial properties totaling over $35 billion since 2007. The company reports that over 60% of the commercial properties brought to sale in 2015 were “traditional, high quality assets,” including an office complex in Manhattan Beach, California, that sold for $96 million – the largest online transaction ever.

About Elite Pacific Properties:
Locally owned and operated, Elite Pacific Properties was founded in 2005 by Stephen Cipres and Paul Mayer. The company has seven staffed offices on Oahu, Maui, Kauai, and the Big Island. Elite Pacific Properties is a full service real estate firm focused on luxury residential property sales, multi-unit projects/developer sales, and property management. Elite is a member of Who’s Who In Luxury Real Estate, an exclusive organization of the top luxury brokers in the world; has been named to Inc. Magazine’s “Inc. 5000” list for three years in a row (2013-2015); was a Pacific Business News “Fastest 50” company for both 2014 and 2015, and was Hawaii’s 5th highest volume producer of 2015, according to MLS data. For more information, visit ElitePacific.com.

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