Going To Auction: Real Estate Auctions See An Increase In 2008
The National Auctioneers Association, the nation’s leading association of auction professionals, recently released its 2008 industry survey, which found real estate auctions saw a growth of 1.1 percent from 2007.
“The results of the industry survey are consistent with what we continually hear from auctioneers across the country,” said NAA President Randy Wells. “While some sectors of the industry have been impacted by the economy, other have grown or held strong.”
Gross receipts from real estate auctions have increased every year since 2003 when the NAA began tracking the industry.
On Sunday, April 19, Sheldon Good & Company Auctions Northeast, a real estate auction company, will be auctioning off 16 band-new, one- and two-bedroom condos at the Hyatt Regency Jersey City Hudson 2 Exchange Place.
Located within The Aristocrat, a luxury condominium in Weehawken, N.J., is positioned for easy access into Manhattan.
“These residences are absolutely stunning inside and out, with an ideal location, plenty of garage parking and amenities throughout,” said Lawrence Samberg, managing director of Sheldon Good & Company Auctions, Northeast. “The Aristocrat Condominiums, situated only one block from the ferry into Manhattan, were designed to appeal to those who want the ultimate in luxury with close proximity to Manhattan.”
Ranging from 865 to 1,161 square feet in size, the one- and two-bedroom condos were originally priced from $378,900 to $683,900. Suggested opening bids will begin at $150,000. A certified or cashier’s check in amounts from $15,000 is required to buy.
“The development community throughout the United States is increasingly utilizing the real estate auction marketing program as an alternative marketing tool to accelerate the sales of finished and to-be-built residential inventory,” said Executive Managing Director of Sheldon Good & Company Auctions, Northeast Jeffrey L. hubbard. “This is truly a win/win scenario for seller and purchaser alike.”
—Lauren Varga
