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NEWS ARCHIVES : U.S. and World News :
Real Estate
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Press Release:
Slowing Housing Market Drives Hawaii's Largest Real Estate Auction
 Elite is auctioning over 20 different properties. "There is something for every buyer at the auction, including vacant land, income properties, condos, and houses. Auction properties range from a condo formerly at $299,000, now with a minimum bid of $200,000, to a North Shore beachfront estate previously at $7,950,000 and now with a minimum bid of $5,500,000," said Stephen Cipres, Elite's co-founder. "Naturally, our sellers are expecting to get bids above the minimum, while buyers turn out hoping for a good deal. All minimum bids are substantially below fair market value." *(Photo Caption: This oceanfront estate on Oahu's fabled North Shore is one of 20 properties to be sold at auction.) Elite held some individual "sealed bid" property auctions earlier this year, and was successful at selling properties in a matter of weeks that other firms had listed for over a year without a sale. "An auction compresses the typical real estate marketing process into a shorter time period," says Paul Mayer, the other co-founder. The partners researched auctions in depth and noticed a trend outside of Hawaii for multi-property auctions. When other Oahu brokerage firms expressed interest in working with Elite to auction their listed properties, they knew they were on to something. Property information and Open House schedules as well as bidder registration documents are available at www.elitepacificauctions.com. Absentee bidding is allowed for those who can't be present at the auction. Prior to auctioning off the real estate, Elite will hold a charity auction, with all proceeds going to Habitat for Humanity. Elite Pacific Properties is a real estate brokerage firm specializing in upscale properties, offering buyer and seller representation, property management, and real estate auctions for properties located throughout the state of Hawaii.
NEWS SOURCE: Elite Pacific Properties
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Elite Pacific Properties : » Veteran REALTOR Bob Vieira Joins Elite Pacific Properties as Broker In Charge » Bondroff Realty International Merges into Elite Pacific Properties » Prominent REALTOR Kelly Mitchell Joins Elite Pacific Properties as Partner » Real Estate Auction Could Yield a Bargain for Rare Diamond Head Oceanfront Land » Slowing Housing Market Drives Hawaii's Largest Real Estate Auction
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REFERENCES: Slowing Housing Market Drives Hawaii's Largest Real Estate Auction, Hawaii property auction, Elite Pacific Properties, Stephen Cipres, Honolulu real estate brokerage firm, upscale real estate, buyer and seller representation, property management, North Shore beachfront estate, homes, vacation, home, Paul Mayer, Waikiki, press release, Jun 28, 2007. |
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