Leading Real Estate Forces Team Up To Move Condo Inventory Surplus
Going, Going… Gone!
Miami, FL. (February 5, 2009) – Condo.com, the world’s largest condominium marketplace, announced an industry changing partnership with AmeriBid, a leading auction provider with over 60 years of collective auction experience. AmeriBid and Condo.com have partnered to create online auctions for financial institutions, government agencies, REITs, hedge funds, bankruptcy courts and/or Trustees. This partnership combines two major leading forces in the real estate industry: Condo.com, the dominant global real estate portal for condominiums and AmeriBid, a team of leading real estate auctioneers and nationally known real estate executives, including former RTC leader Stanley Tate and established real estate auction veterans Larry Latham and Louis Fisher.
“This partnership is extremely exciting for us as auctions have always been part of our vision since inception in 2005. The timing was not right until now. The market is ready and this partnership creates a huge opportunity to help unclog the vast amounts of inventory that exists in the condo real estate marketplace. Our online marketing expertise and massive consumer web traffic, combined with AmeriBid’s auction expertise and real estate portfolios from leading institutions, creates a powerful formula for online auction success,” stated Richard Swerdlow, CEO of Condo.com
With banks and developers finally recognizing the need to unload inventory at significant discounts, historically low interest rates and a substantial number of buyers on the sidelines, online auctions are the perfect vehicle to attract qualified bidders from around the world. Traditional auctions (i.e. ballroom auctions) have long been used as an effective tool to unload REO properties but don’t offer the efficiency or global reach needed for today’s unprecedented issues. Online auctions combine technology and proven sales methods to transform the way real estate deals are transacted.
“Condo.com has been leading the technology evolution in the online real estate industry since 2005. As a result they have become experts in marketing real estate online as well as an effective lead generator for real estate professionals and a diverse list of sellers. Condo.com has become the consumer face of the condo market which makes them the perfect partner for us to launch online auctions,” stated Stanley Tate, Chairman of the Board for AmeriBid.
“The real estate market has been constipated for the past 36 months and our partnership provides the opportunity to get things moving again. An online auction is the business model needed to overcome the key barriers keeping the industry clogged: They allow vast amounts of properties to be marketed to unlimited buyers and quickly set what prices the market will support,” added Louis B. Fisher, III, President of AmeriBid.
“It’s really simple: There is too much inventory on the market which is a leading indicator of the unhealthy state of the real estate market. What’s going to change that? We’ve got to clear out this inventory. How is that going to happen? Prices need to be reset to what the market will bear. How does that occur? By using online auctions to set the prices and sell off huge amounts of inventory to the widest audience possible. Online auctions have the potential to be the closest thing to a miracle the real estate industry will experience in 2009,” Larry Latham, CEO of AmeriBid remarked.
Condo.com and AmeriBid will begin marketing properties via auctions on the Condo.com website at the end of the first quarter 2009.
About AmeriBid
AmeriBid provides multiple solutions and proven exit strategies to institutional owners of financial and real estate portfolios using our proprietary global platform while creating maximum returns on investment.
AmeriBid services the accelerated asset disposition needs of financial institutions, government agencies, REITs, hedge funds and bankruptcy courts. Through its network of professionals, strategic partners and business contacts, AmeriBid provides a depth and breadth of talent unmatched in the accelerated marketing arena.
AmeriBid has representation throughout the United States in Las Vegas, Atlanta, Boston, Phoenix, Los Angeles and Miami. Their professionals contribute strong operational and technical abilities with extensive experience with financial institutions and real estate businesses. The group has worked for HUD, Fannie Mae, FDIC, United States Marshal’s Service, SBA, FCC, Freddie Mac, RTC, GSA and hundreds of lenders/federal bankruptcy courts. The management team's combined talents and contacts provide valuable support to a wide range of clients.
About Condo.com
Condo.com is the world's largest condominium marketplace with over 800,000 listings valued in excess of $200 billion. The site receives over 1 million visitors monthly and is dedicated to the evolution and prosperity of the condominium real estate market. Condo.com improves and simplifies the way people buy, rent, sell, manage, market and enjoy the condo lifestyle. Condo.com lists condominiums for sale and for rent in the United States and 70+ countries around the world. The Company cost-effectively delivers exposure and qualified leads to developers, brokers and owners through the seamless distribution of its listings to a global network of real estate websites visited by over 15 million viewers per month. Condo.com is privately held and headquartered in Miami, Florida. For more information visit www.condo.com.
Contact:Wendy Crocquet
Athena Marketing, Inc.
954-294-6467
wendy@athena-marketing.com
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