REAL ESTATE : Property Auctions Remain a Popular Marketing Tool
After gaining popularity during the real estate downturn, property auctions in Orange County continue to be an attractive selling tool during the recovery, brokers say.
SperryVan Ness, a Newport Beach real estate brokerage, announced Tuesday that it has combined forces with an Alabama auction company to sell retail, industrial, apartment and commercial properties, as well as undeveloped land.
“Auctions are becoming a viable marketing alternative that provides quick and efficient disposition of property, saves long-term holding costs and results in the best net profit for the seller,” said Mark Van Ness, CEO of the brokerage.
With Alabama partner J.P. King Auction Co., SperryVan Ness will hold its first auction Nov. 5 at the Sheraton Los Angeles Airport Hotel. About $50 million in property is expected to change hands.
--Compiled by Debora Vrana / Times staff writer