Slowing Housing Market Drives Hawaii's Largest Real Estate Auction

| From

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.

(c) Send2PressElite 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

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:
Like, Share, Save this press release:
  TWEET   SHARE   G+   STUMBLE   LinkedIn   Instapaper   Buffer

The content of the above press release was provided by the “news source” (Elite Pacific Properties) or authorized agency, who is solely responsible for its accuracy. Send2Press® is the originating wire service for this story and content is Copr. © 2007 Elite Pacific Properties with newswire version Copr. © 2007 Send2Press (a service of Neotrope). All trademarks acknowledged.

Rights granted for reproduction by any legitimate news organization. However, if news is cloned/scraped verbatim, then original attribution must be maintained with link back to this page as “original syndication source.” Resale of this content for commercial purposes is prohibited without a license. Reproduction on any site selling a competitive service is also prohibited. Information is believed accurate, as provided by news source or authorized agency, however is not guaranteed, and you assume all risk for use of any information found herein/hereupon. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License.
STORY READS for this single page only, as of Oct 28 2016:
[ count retired 8.4.16 ]

or: Search

back to top
REFERENCES: Elite Pacific Properties, Hawaii 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, news, press release from Elite Pacific Properties, Jun 28, 2007, Real Estate, , , , , Slowing Housing Market Drives Hawaii's Largest Real Estate Auction