For only the second time, major blocks of real estate will be auctioned via satellite next weekend when bidders in Los Angeles and San Francisco vie for choice condominiums, home sites and homes on two islands in Hawaii.
Up for sale will be 65 condominiums, part of the Commodore high-rise development in Hawaii Kai on Oahu, and 152 home sites, three of which contain houses, in the high country in Makawao on Maui.
Minimum bids on the Oahu condominiums, which range from 1,081 to 3,206 square feet, start at $85,000, nearly 50% off their last asking price. The Maui home sites range from 21,780 to 73,529 square feet, and minimum bids begin at $25,000, about 65% off their last asking price. Starting bids for the three lots with homes are $75,000, $135,000 and $150,000.
The Oahu condominiums will be auctioned Saturday, starting at noon at the Commodore in Hawaii, and simultaneously by satellite at 3 p.m. at the Sheraton Plaza La Reina Hotel in Los Angeles and the Hilton Hotel in San Francisco. The Maui sites will go on sale next Sunday at the same times, in the same hotels on the West Coast and at the Uplands site on Maui.
The auction firm is Kennedy-Wilson Inc. of Santa Monica, which arranged the first satellite auction, featuring Gulf Coast properties in Punta Gorda, Fla., with a link to Atlantic City., N. J.
The auction firm noted that developers can save by an immediate sell-out rather than a long sales program, lenders can dispose of foreclosed properties quickly and buyers may obtain a home for considerably less than the previous asking price. Further information is available from Kennedy-Wilson or, in California, by calling toll-free 1-800-331-0038.