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Slowing Housing Market Drives Hawaii's Largest Real Estate Auction

Thu, 28 Jun 2007, 15:45:00 EDT

Edited by Chris Simmons

HONOLULU, Hawaii - June 28 (SEND2PRESS NEWSWIRE) -- In a slow real estate market, people get creative to sell their property. So Honolulu real estate brokerage firm Elite Pacific Properties is bringing to Hawaii a technique that is rapidly gaining popularity throughout the U.S.: real estate auctions. Elite, which specializes in upscale real estate, has organized Hawaii's biggest ever multi-property auction, to be held at the Hawaii Convention Center in Waikiki on July 14th from 10 a.m. - 3 p.m.

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.

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