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Portland Real Estate Auctions Becoming Commonplace?
Auctions aren’t new around here, but on the heels of two high-profile auctions by Buena Vista Homes comes yet another large-scale sell-off of homes.
This time, it’s not by a single builder, but several builders, agents, and owners. On May 4, 2008, over 60 pre-owned homes and new construction will go on the auction block, in an event put on by The Taylor Group, a local real estate broker. They’ve created a website, www.properties2auction.com, designed for this auction, and as a platform ostensibly for more local (and not-so-local) auctions.
In the May 8 round, a mix of townhomes, general single family homes, and luxury properties for bid are located in Portland, Lake Oswego, Beaverton, Tigard, Gresham, Wilsonville, Vancouver WA, Sunriver, Bend, and on the coast. I saw a Street of Dreams home or two on the list. It appears several smaller builders are looking to clear the books of stale inventory, like Buena Vista did earlier.
Similar to the Buena Vista auctions, buyers will need a $5,000 cashier’s check for a bidder’s paddle, enough funds for a 3% earnest money on a winning bid, and a healthy stomach for risk to participate. Inspections and due diligence must happen prior to the auction, and each property offers several times for such inspection.
The live auction takes place at the Hilton Hotel at noon on May 8. Buyer and Seller agents can participate in this and future auctions. More information on the FAQ.
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2 Responses to “Portland Real Estate Auctions Becoming Commonplace?”
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Any word on how the auction went?
I haven’t heard any hard data…just anectodal news that only 10% of the units marketed were bid on. If I hear different, I’ll post here.