REDC Auctions 65 Condos in Miami Area

In an announcement Tuesday, Real Estate Disposition, LLC (REDC), a real estate auction company based in Irvine, California, said it sold 100 percent of the San Lorenzo condominiums it auctioned in the Little Havana area of Miami this last weekend.
In just two-and-a-half hours, the company auctioned a total of 65 condos at 110 percent of reserves and 88 percent of retail before a crowd of 375 potential buyers. REDC had marketed and originally planned to auction 62 homes at San Lorenzo, but three additional condos were added by the seller the morning of the auction. The final numbers show that REDC had no trouble selling these last-minute additions.

“We’re obviously very pleased with the results from the auction,” said Jeff Frieden, CEO of REDC. “Our clients were able to sell their entire inventory at the auction to the large group of homebuyers and investors.”

According to Frieden, buyers and sellers alike were very pleased with the entire auction process. While the majority of the condos were bought by on-site bidders, 25 percent of the homes sold to online bidders, which Frieden says is becoming an increasingly-popular option.

REDC is currently in the midst of 125 auctions in 70 days. In addition to the San Lorenzo auction, the company conducted several other live and online auctions over the weekend with total sales exceeding $48 million.

Since 2007, REDC has sold more than $6.5 billion in real estate assets at its auctions. The company says its success is based on the aggregation of real estate assets that are marketed and sold in large event-style auctions across the country and in online auctions through its Web site.

Source: http://www.dsnews.com/articles/redc-auctions-65-condos-in-miami-area-2010-04-13

By: Brittany Dunn