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.
News Source: Elite Pacific Properties :: This press release was issued by Send2Press® and is Copyright © 2007 Neotrope® News Network – all rights reserved.
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Elite Pacific Properties specializes in Hawaii's Upscale Real Estate and offers the highest level of service to our clients. We offer Professional Buyer Representation to help you buy any Hawaii real estate. Specialists in representing Mainland, International, and Investor buyers are ready to serve you. For sellers, our state-of-the-art marketing results in a faster sale at a higher price. Stephen Anthony Cipres; Co-Founder, Principal Broker: Stephen Cipres is recognized by Hawaii Business Magazine as a "Who's Who in Hawaii Real Estate", and is continually ranked as one of Hawaii's Top 100 Real Estate Agents. Most discussions on buying or selling upscale residential real estate in Honolulu would be incomplete without mentioning Stephen Cipres and his talent rich Honolulu based real estate firm, Elite Pacific Properties. Based in Honolulu, Hawaii - Cipres and his team have carved out a niche over the past five years by representing buyers and sellers of properties in the upscale neighborhoods of Diamond Head, Kahala, Black Point, Lanikai and Beachside Kailua. Cipres identified early on that there was a need for an upscale real estate firm that provided representation for discriminating buyers and sellers as well as a full suite of concierge services to include luxury vacation rentals and long-term property management for investors and absentee owners. Clients value Cipres's 16 years of experience in finance to weigh complex market conditions in order to establish strategic pricing and define marketing tactics. He also is known for his impressive contract negotiation skills and for always exercising the utmost professionalism. Cipres received his Bachelor of Arts in Communications and Marketing from the University of Hawaii. He and his wife and three teenage children are residents of the Diamond Head District. Both Cipres and his wife are avid athletes and water people. They are both active in surfing and tennis respectively and recently purchased a Boston Whaler. "At Elite, we treat our clients as we would our friends, and each property and transaction as we would our own." MEDIA ONLY CONTACT: Paul Mayer Elite Pacific Properties +1.808.286.9788 paul @ elitepacific.com
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