Followup - Real Estate Auction becomes front page news
Posted by Pat Kitano at 11/15/2006 9:51 PM 
Categories: New Business Models, Realty Realities, San Francisco Bay Area, Events and Premieres
Categories: New Business Models, Realty Realities, San Francisco Bay Area, Events and Premieres
Following up on our article about real estate auctions , here's a front page article on the Contra Costa Times (in San Francisco's East Bay) featuring one of PaxBayArea's auctions. (Congrats, PAX)
The article describes the plight of an unsold home for sale in Discovery Bay, a newish development marketed as the last outpost of the Bay Area (for cachet) but really in the historically agricultural Central Valley. A lot of new, more "affordable" housing went up in the Central Valley towns like Discovery Bay, Tracy and Vacaville (note the Spanish translation) that border the expensive Bay Area. The land rush brought in their share of speculators and once they disappeared, Discovery Bay discovered a house selling problem this year. I heard from Realtors in this area that the "old school" brokers and agents were farmers who sold their land to developers and discovered how much more lucrative and less dirty house selling was. A lot of inexperienced newbie agents piled in because there was so much to sell... now the newbie agents as well as the veterans have found out how frustrating it is to list a home and sell it in a ghost buyer market and are giving up. Hence, the real estate auction process... at least the listing agent gets a part of their commission paid back to them by the auction company.
Technorati tags real estate auctions auctions home selling Contra Costa Times PaxBayArea
Just when my fear (anxiety?)of the impending market 'bubble' was beginning to subside I walk into this little shop of real estate horrors. Dear God, please keep those scary auctioneers away from Chicago. I have to sell condos for a living!
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When I read about million dollar mansions being auctioned, I knew the concept had gone mainstream. I spoke with an established company in the Southeast who told me the business is booming. I have no way to verify but any viable alternative is worth trying.
It's during flat markets that creativity and innovation have a chance to flourish. When it's hand over fist, no need to try anything new. Necessity is the mother.
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Pat - Thanks a million for your vote of support for the auction method of selling real estate. I can already tell that the word is getting out that we are here to work with Realtors in our community - either with a referral commission or by referring business to them when a property does not qualify for auction. Thanks so much for getting me into the world of blogging! It's a lot of work - tough to stay consistent - but totally worth it! And thanks for always writing such interesting articles!! Your blog is awesome!
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Hi Stacy, it's a pleasure watching your blog and your business grow! Thanks for the compliments...
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