TRIANGLE BUSINESS JOURNAL NEWSPAPER STORY: Our client, Kennedy Wilson Auction Group was featured in a story about an upcoming Real Estate Auction in Raleigh, NC.
Kennedy Wilson to auction off Raleigh luxury condos
An exterior view of The Quorum.
The owner of the Quorum Center building in downtown Raleigh is bringing in big-shot Beverly Hills auction firm Kennedy Wilson to help sell the building’s remaining 14 luxury residential condo units next month.
The inventory closeout auction for the Quorum units is scheduled for March 20 with starting bids ranging from $120,000 to $325,000 for condo units that previously were priced between $336,394 and $1.1 million.
Beverly Hills, Calif.-based Kennedy Wilson (NYSE: KW) will be the auction company representing the owner of the Quorum Center, Harrington Street Associates of Raleigh, which is led by Raleigh lawyer and real estate developer Ted Reynolds and his family.
The property is located at the southeast corner of intersection of West Jones Street and North Harrington Street.
The auction is scheduled to begin at 2 p.m. at the Raleigh Marriott City Center Hotel on Fayetteville Street in downtown Raleigh, but participants are advised to arrive no later than 12:30 p.m. The auction should last about one hour.
The 15-story Quorum Center building opened in late 2006 with six floors of office and retail space and 37 luxury residential condo units on top.
Nineteen of the 37 condo units were sold within the first two years, according to Wake County deed records, but sales began to dwindle thereafter as other residential condo buildings opened nearby, creating more competition for buyers.
The Quorum Center auction will be the second major auction event among downtown Raleigh’s condo buildings. The West condo building, one block north of the Quorum, hosted an auction event last October to sell 36 of its remaining condominium units.
Kennedy Wilson will also be offering a free “How to Buy” informational seminar at 2 p.m. March 13 at the Residences at Quorum Center auction information office at 323 West Jones St., Unit 1245 in Raleigh.
More information is available at http://www.QuorumResidencesAuction.com.