Monday, March 25, 2013

Bidding Wars: The Formats and Energy of Commercial Real Estate Auctions Are Growing



Michael Bull
 ATLANTA, GA (March 25, 2013) – Owners of commercial properties or notes who are looking to sell their assets at auction now have a variety of formats to choose from – and they’re finding more potential buyers bidding for those assets.

 Those were some of the insights provided by a panel of experts on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

The episode provided an enlightening look at commercial real estate auctions. Topics included the different types of auctions, tips for buyers and sellers, and current activity levels at auctions.

Jeb Howell
 As a result of the slowly improving economy, there are more parties interested in buying and selling commercial real estate, and that has led to more properties being put up for auction and more potential buyers interested in snapping the assets up, said Jeb Howell, president of Auction Management Corp., which conducts live auctions.

 “We’ve seen a major sea change in the last year,” Howell said. “There’s a lot of people buying at auctions now. When we now hold an auction, we’re getting easily 30 to 45 percent more [bidders] than we got a year ago. What it’s telling me is we’ve passed the bottom, and now is the time to buy.”

Louis Fisher
A perception exists that only deeply troubled properties or loans are put up for auction, but that is not true, said Joe Cuomo, senior vice president of Auction.com. About 75 percent of the transactions that closed on the site last year were transactions in which the underlying asset had an occupancy rate of at least 50 percent, he said.

Louis Fisher, national director of Sperry Van Ness Auction Services, outlined his firm’s upcoming online auction called Auction Point 2013 (which will take place at AuctionPoint.com). The auction will feature all property types and is accepting bids until May 31.

 The entire episode on commercial real estate auctions is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available March 28 and will provide a detailed examination of the issues surrounding commercial real estate contracts.

 For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
Office: (404) 965-5026
Cell: (404) 405-2354

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