Posts Tagged ‘Auction Companies’

Kennedy Wilson Auction Group educates buyers on Condo Auctions

Monday, March 14th, 2011

TV STORY: Our client, Kennedy Wilson Auction Group was featured in a story about an upcoming Real Estate Auction in Raleigh, NC.


Kennedy Wilson Real Estate Auction of Quorum Center Condos in Raleigh on March 20th.

Thursday, February 24th, 2011

NEWS AND OBSERVER NEWSPAPER STORY: Our client, Kennedy Wilson Auction Group was featured in a story about an upcoming Real Estate Auction in Raleigh, NC.

Latest condo auction feeds market unease

BY DAVID BRACKEN – Staff Writer
Tags: business | real estate | condo auctions | downtown Raleigh | economy

When the Quorum Center in downtown Raleigh announced an auction to sell its remaining 14 condominiums next month, it rattled an already jittery market.

Last fall one of the Quorum Center’s competitors, West, auctioned 32 units, a move that essentially froze sales in the market for several months.

“This second auction has really kind of traumatized the condo market again,” said Josh Lindenbaum, a vice president with The Halter Cos., an Atlanta firm that developed the 222 Glenwood condo project along with Trammell Crow Residential.

For projects such as 222 Glenwood, which has paid off its bank loan and is under no immediate pressure to reduce inventory, the auctions present a dilemma.

Ignoring the downward pressure the auctions are putting on condo prices isn’t really an option.

“We certainly understand that, and we’ve adjusted our prices in acknowledgement of what the new baseline is,” Lindenbaum said.

At the same time, 222 Glenwood isn’t prepared to slash prices to fire salelevels when it doesn’t have to.

“We’re just not going to give stuff away,” Lindenbaum said.

222 Glenwood has sold 90 of its 117 units, but the last recorded sale occurred in June.

Over the past six months, Lindenbaum said Halter has received a fair amount of low-ball offers that the company has declined to accept.

The project has equity investors who will eventually need to be paid back, but Lindenbaum said they are willing to wait to get prices close to what they forecast.

Highwoods Properties is in a similar situation with its remaining units at RBC Plaza on Fayetteville Street. It has no debt on the property, and can be patient.

The Raleigh real estate investment trust has sold 114 of the 139 units, but just eight since August, according to property records.

There are 233 condos listed for sale inside the Beltline this month, down 12 percent from the same period a year ago, Triangle Multiple Listings data show.

Although developers have been steadily reducing prices, the West auction last fall was the first real indication that prices might be bottoming out.

“There’s like a psychology to this whole thing,” said Ann-Cabell Baum Andersen of the Glenwood Agency, which represents individual condo buyers and also acts as the listing agent for West. “When the word auction comes up, people immediately think great deal. Investors come, but so do people who maybe had thought it was too expensive.”

Earlier auction’s effect

The West auction established a price point at which buyers were willing to pay – about 40 percent lower than earlier list prices.

West has since kept its prices near auction-level, and has sold nine units since the beginning of the year, according to property records.

The auction, in essence, removed much of the uncertainty about whether prices at West would fall further.

Of course, hosting an auction is both expensive for the developer and has downsides beyond reduced profit.

Auctions hurt the resale value for buyers who bought earlier and inevitably raise questions about the financial health of a project. They also can increase the number of renters living in the building, which may anger existing residents and turn off some prospective buyers.

The 15-story Quorum Center on Jones Street includes 37 units. The property was developed by Ted Reynolds and his son David. Ted Reynolds didn’t return a call seeking comment.

Advertisements for the March 20 auction have already become ubiquitous in the Triangle, and they’re prompting other projects to respond.

222 Glenwood is planning a marketing campaign that will emphasize the project’s strengths in light of the auctions. While patience may not be mentioned, it’s clearly a luxury in this market.

“At some point the demand curve will begin to turn back in favor of developers and owners just because there’s not going to be much new product available,” Lindenbaum said.


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Kennedy Wilson Real Estate Auction of Station Square Condos in Clearwater on March 19th.

Thursday, February 24th, 2011

CLEARWATER GAZETTE NEWSPAPER STORY: Our client, Kennedy Wilson Auction Group was featured in a story about an upcoming Real Estate Auction in Clearwater Florida.

CLICK HERE TO READ FROM PDF


Kennedy Wilson Real Estate Auction of Quorum Center Condos in Raleigh on March 20th.

Thursday, February 10th, 2011

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.
Kennedy Wilson

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 www.QuorumResidencesAuction.com.

Kennedy Wilson Real Estate Auction of Quorum Center Condos in Raleigh on March 20th.

Thursday, February 10th, 2011

NEWS AND OBSERVER NEWSPAPER STORY: Our client, Kennedy Wilson Auction Group was featured in a story about an upcoming Real Estate Auction in Raleigh, NC.

Quorum Center in downtown Raleigh to auction off 14 condos

A second downtown Raleigh condominium project is reverting to an auction to reduce inventory.The Residences at Quorum Center announced this morning that it would auction its remaining 14 condos on Sunday, March 20 in the downtown Marriott on Fayetteville Street.

Starting bids for the condos range from $120,000 to $325,000. That’s significantly less than the $300,000 starting price listed on the project’s website.

On Halloween last year, West, the 17-story condo project in Glenwood South, auctioned off 32 of its units and recorded $8 million in sales in a single day.

The auctions are a response to a downtown marketplace where a handful of condo projects are going after a shrinking number of prospective buyers.

As the sluggish sales environment has dragged on, more and more projects face pressure to reduce inventory.

One downtown condo project, Hue, failed last year without selling a single unit and has since been turned into rentals.

Bloomsbury Estates, a 56-unit condo project, has sold just 10 units, according to Wake County property records.

Highwoods Properties has sold 114 of the 139 condo units in the RBC tower. Just 14 of those sales happened over the last year.

The 15-story Quorum Center, developed by Ted Reynolds and his son David, is located on Jones Street. It has a total of 37 units.

The Reynolds took out two loans out on the property, according to Wake County property record.

They borrowed $32 million from Regions Bank in 2005, and $7.45 million from Southern Community Bank and Trust in April 2008.

Next month’s auction will be a “reserve auction,” meaning the seller reseveres the right to accept or decline any bids.

The West auction was similarly structured, although the seller ended up accepting all the winning bids.

The winning bids in the West auction ranged from $169,050 to $425,250 a unit, which were as much as 40 percent lower than earlier list prices.

The prices were also significantly lower than the market rate prices paid by the 80 people who had bought units in West since it opened in 2008.

Kennedy Wilson Auction Group Featured in the HONOLULU STAR ADVERTISER

Tuesday, January 18th, 2011
Newspaper story: Our client, Kennedy Wilson Auction Group was featured in a news story  about a recent  Auction in Hawaii.

http://www.staradvertiser.com/business/20110114_Business_Briefs.html

Kauai luxury homes fetch $5.6M

California-based investment firm Kennedy Wilson reported auctioning six model homes in a troubled Kauai luxury home subdivision for almost $1 million apiece.

The company said it was pleased with the results from the Dec. 28 auction attended by 100 interested parties including online bidders. The homes at the Wainani at Kiahuna subdivision sold for a collective $5.6 million. Kennedy Wilson acquired the homes at an October foreclosure auction along with 63 undeveloped lots for $12 million.

Wainani was planned in 2006 by local development firm Maryl Group in partnership with an affiliate of insurance giant American International Group, or AIG, which intended to sell 70 homes around Kiahuna Golf Club for about $2 million each. But only one home sold, for $1.65 million, in mid-2008 before the project went into foreclosure.

Kennedy Wilson Auction Group Featured in the GARDEN ISLAND NEWSPAPER

Tuesday, January 18th, 2011
Newspaper story: Our client, Kennedy Wilson Auction Group was featured in a news story  about a recent auctionAuction in Hawaii.

http://thegardenisland.com/business/local/article_0882af7a-213e-11e0-b69e-001cc4c002e0.html

Auction brings $5.6 million for 6 South Shore homes

Vanessa Van Voorhis – The Garden Island The Garden Island | Posted: Saturday, January 15, 2011 11:30 pm | (2) Comments

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PO‘IPU — Kennedy Wilson announced Monday that the real estate investment firm’s auction of the six luxury homes within the Wainani at Kiahuna development in Po‘ipu had total sales of $5.6 million.

The auction, held at the Grand Hyatt in Po‘ipu on Dec. 28, drew 75 people and 25 online bidders. Many out-of-state bidders visited the luxury development in the weeks leading up to the auction, the company said in a press release.

Final sales prices were as high as $1 million for a two-story, three-bedroom house. Average price per square foot was $434, the firm said.

The live webcast auction platform, produced seven out of every 10 bids and resulted in four sales.

Bidding started at $450,000 to $595,000. Kennedy Wilson auctions typically have an unpublished reserve price, which allows the firm to refuse the highest bidder. The starting bid price is not the reserve price.

Reserve-price auctions are an effective low-to-no-risk marketing vehicle. It allows a seller to aggressively market the sale of a property as an event, tap into the bargain-hunting psychology of the marketplace, pool a group of pre-qualified buyers into one place on one day and have them compete against one another, while reserving the right to decline the highest bid if it does not meet expectations.

In October, Kennedy Wilson purchased the Wainani subdivision from the original developer for the distressed price of $12 million. In addition to the homes, the sale included 63 undeveloped lots averaging 8,000 square feet each.

The developer had completed construction of the 2,000- to 2,300-square-foot model homes at the end of 2008 and had put them on the market for $1 million to $1.5 million each in early 2009.

Kennedy Wilson Auction Group President Rhett Winchell said, “Within the Wainani at Po‘ipu development, the seller anticipates that the lots will either be sold individually or in bulk to a home builder.”

Kennedy Wilson Auction Group featured in the UNIQUE HOMES WEBSITE BLOG

Monday, December 20th, 2010

BLOG story: Our client, Kennedy Wilson Auction Group was featured in a news story  about an upcoming  Auction in Hawaii.

Kennedy Wilson to Auction Six Luxurious Hawaiian Residences

On Tuesday, Dec. 28, Kennedy Wilson will open bidding on six residences at Wainani at Poipu in exotic sun-paradise Kauai. Starting bids as low as $45,000 with asking prices from $1,075,000 to $1,495,000 brings island lifestyle within your grasp. The auction will begin at 1 p.m. at the Grand Hyatt Kauai Resort & Spa, 1571 Poipu Road, Koloa, Kauai, HI 96756. Try to arrive no later than 12 p.m. (noon) if registered for the auction, which will last approximately one hour.

Registered bidders should also check out the “How to Buy at Auction” informational seminar, located at Wainani at Poipu Auction Information Model on Monday, Dec. 27 at 4 p.m. The free seminar will familiarize you with the auction process and bidding strategies, and will close with a live practice auction hosted by a Kennedy Wilson auctioneer.

The six residences up for auction provide 3 bedrooms and up to 3 and one-half baths, with up to 3,188 square feet of living space, including garage and lanai. The three model homes will be sold furnished and select homes have swimming pools. By combining traditional Hawaiian plantation design with luxurious modern conveniences, tropical breezes will swirl through vaulted ceilings and recessed sliding glass/screen pocket doors. Rich interiors include the finest hardwoods, fabrics, tile, stone and glass, complimenting appliances and fixtures in kitchens and bathrooms. As windows frame ocean, mountain, and golf course vistas, residents can enjoy Hawaiian sunsets on covered lanais equipped with built-in barbecues.

With eight world-class golf courses on Kauai, including Wainani’s Robert Trent Jones Jr.-designed course at the Kiahuna Golf Club; the famed Tunnel of Trees; and the island’s Waimea Canyon, better known as the Grand Canyon of the Pacific by American author Mark Twain, the best of resort-style amenities and exceptional recreation at Wainani at Poipu (“crashing waves” in Hawaiian) further broaden the appeal for relaxing yet exotic island-living.

“On December 28th, auction winners will finally realize their dreams of exotic island-living while reaping huge savings in the process,” said Rhett Winchell, president of Kennedy Wilson Auction Group. Successful bidders can choose from a range of financing programs offered by First Hawaiian Bank. Purchasers are also eligible for a special credit.

To learn more about the Dec. 28 auction, visit the Wainani at Poipu Auction Information Model at 2998 Kiahuna Plantation Drive, Kauai, Hawaii, 96756, open daily from 10 a.m. to 5 p.m. If unable to attend, registered bidders can still participate via live internet online bidding at www.BidKW.com. Visit www.PoipuAuction.com for further details about the auction and online bidding.

—Sonja York

Kennedy Wilson Auction Group Featured in the HONOLULU STAR ADVERTISER

Sunday, December 19th, 2010

Newspaper story: Our client, Kennedy Wilson Auction Group was featured in a news story  about an upcoming  Auction in Hawaii.

http://www.staradvertiser.com/business/20101219_Home_auctions_gain_popularity.html

Home auctions gain popularity

While the idea is to boost buyers’ interest and sale prices, there are no guarantees for sellers

By Andrew Gomes

Auctions have become popular in Hawaii’s residential real estate market this year as developers, lenders, investors and owner-occupants turn to the practice as a different tack0 in a market struggling with recovery.

Properties put up for auction is varied, including undeveloped lots, inexpensive rural neighbor island residences, midpriced houses in urban areas and luxury resort real estate.

Auctions aim to create urgency and competition among buyers with an expectation the sale price will go up to more than it would under conventional sale methods.

Many real estate agents contend that auctions often don’t lead to better results for sellers, though other local brokerage firms have embraced the method as an option for sellers.

For buyers, auctions present a variety of conditions that differ from conventional sales. Such conditions can include auction fees in addition to broker commissions, and minimum sale prices that may or may not be disclosed by sellers.

Real estate industry observers note that home auctions aren’t new to Hawaii, and that such events typically become popular at the bottom of market cycles in an attempt to boost sales and prices during sluggish periods.

This year, which could mark a bottom for Hawaii’s real estate market, a flurry of auctions are taking place.

The largest home builder in the state, Castle & Cooke Homes Hawaii, announced plans to auction 11 homes and three lots on Lanai next month.

Kennedy Wilson, a California-based investment firm, held an auction in July for 47 properties comprising mostly residential and agricultural lots marketed as potential home sites on Hawaii island and Oahu. The firm also will auction six luxury homes on Kauai on Dec. 28.

One of the most active auction companies this year has been Concierge Auctions, a New York-based company specializing in luxury property. Concierge auctioned a new house built by singer and actress Cher at Hualalai Resort on the Big Island for $8.7 million in January, and since then has brought more than a dozen local properties to auction.

Laura Brady, co-founder and marketing vice president of Concierge, said Hawaii has been the company’s top market this year in terms of sale proceed volume, which has reached $50 million since the company’s first in August 2009.

Results, however, for Concierge and other auctioneers have been mixed.

In October, Concierge sold two homes and three lots on Kauai at auction after the properties had languished on the market for 16 months with conventional sale and marketing efforts. Three buyers, who were among 19 bidders, bought the properties for a combined $3.7 million.

“Although we exposed this listing with all of the traditional marketing tools available, we had not generated significant interest,” Neal Norman, an agent with Kauai real estate firm Koa Properties, said in a statement announcing the sales. “After partnering with Concierge Auctions, the properties had 60 showings in five weeks — six times the amount they had received in the entire 16 months prior.”

A Concierge auction in July, however, didn’t go as planned. That one involved a 5,122-square-foot home at Hualalai. The seller committed to sell the home at or above $5.9 million, and Concierge estimated the property would sell for $6.5 million to $7.8 million. But on July 2, a day after the scheduled auction date, Concierge announced that it had rescheduled the auction for Aug. 24 because some prospective bidders didn’t have enough time to visit the property or formulate their bid. The home didn’t sell at the rescheduled auction.

Another Concierge auction involved a 2,598-square-foot home on Kauai and an adjacent lot slated for bidding on Aug. 23. But after reporting that the auction marketing generated more than 200 showings and 128 qualified buyer prospects in less than six weeks, Concierge said the seller accepted a $4.65 million pre-auction offer for both properties — significantly below “suggested opening bids” for the properties that totaled $5.3 million.

Kennedy Wilson’s July multi-property auction resulted in sales for three of the 47 parcels, according to property records.

Michael Schmidt, principal broker of Coldwell Banker Bali Hai Realty on Kauai, has seen Hawaii auctions that disappointed sellers, but believes the sale tool has a place under the right circumstances. Schmidt’s firm plans to conduct its first auction soon. “We’re going to give it a try,” he said.

Bud Norwood, principal broker of Coldwell Banker Maryl Realty on the Big Island, said auctions are not a superior method to sell homes that are attractively priced and marketed through traditional means.

“If you price it right, it will sell today,” he said. “That’s the No. 1 rule. If it doesn’t move, walk, talk, feel like a deal — it doesn’t get sold. Even in a bidding situation, people are bargain shopping.”

Norwood’s firm recently received a full-price offer for a 960-square-foot home in Ocean View listed for $77,000. The home previously went up for auction in May through California-based auction firm Real Estate Disposition LLC with a starting bid of $25,000. No sale resulted from the auction attempt.

How sellers price their property is a big factor in selling homes through traditional sales or auctions. But for auctions, buyers often have little indication from sellers as to what price is acceptable.

Terms mentioned in connection with auction pricing can include reserve price, minimum bid, opening bid, suggested opening bid, pre-sale estimate and absolute auction.

Typically a reserve price, sometimes also referred to as a minimum bid, is the minimum a seller will accept. Sometimes a reserve price is disclosed, and other times it isn’t. The latter case can result in an auction at which the high bid doesn’t result in a sale.

An absolute auction is one in which a seller has agreed to accept the high bid no matter what it is. Relatively few sellers are willing to gamble with an absolute auction. “It’s kind of a risky game,” Norwood said.

The other terms — opening bid, suggested opening bid and pre-sale estimate — are often not well defined, and can be mistaken for a minimum acceptable price.

For instance, “opening bid” prices for Castle & Cooke’s Lanai properties range form $435,000 to $845,000. The developer’s California-based auction partner, Accelerated Marketing Partners, advertises that the opening bids are up to 68 percent below previous asking prices. But the opening bid isn’t the minimum price Castle & Cooke will accept. That amount isn’t being disclosed.

Bruce Barrett, executive vice president of residential operations for Castle & Cooke, said the Lanai auction will be the first in Hawaii residential property for the company. He said the company turned to the auction in hopes that it will result in a quick sale, allowing development of new homes to resume sooner.

“This is an opportunity to accelerate sales,” Barrett said, adding that selling all the inventory at a high-enough price will be better than taking longer to sell the inventory in a soft home market at full prices that ranged from $750,000 to $2.7 million.

The potential for quick sales driven by auctions can be more advantageous for million-dollar homes, which tend to spend much longer on the market than mid-priced property. But costs associated with auctions also can be higher for buyers and sellers.

For instance, it is not uncommon for auctioneers to charge the winning bidder a premium, often called a buyers premium. At one Real Estate Disposition auction the premium was 5 percent of the purchase price. At one Concierge auction it was 10 percent. The premiums typically are in addition to broker co- mmissions.

Marketing for auctions is typically a short and intense process, often with advertising, open houses, seminars and partnering with real estate agents.

For Castle & Cooke’s Lanai auction, Accelerated Marketing is holding three presentation events at California hotels in Beverly Hills, Laguna Beach and San Francisco.

“We look forward to results of the auction marketing efforts,” said Harry Saunders, Castle & Cooke Hawaii president.

As for the Royal Kunia home that the owner recently listed for $578,900, the auction by Real Estate Disposition began on Tuesday with a set minimum bid of $269,000. As of Friday, the high bid was $475,000, but that had not met the owner’s undisclosed “reserve price,” so the auction was to continue yesterday. The results from that were not available for this story.

AUCTION TERMS

» Opening bid: A minimum a bidder needs to bid. This is not a minimum the buyer will accept.
» Suggested opening bid:
The number that the auctioneer considers a fair starting point for the oral auction.
» Pre-sale estimate: Estimate made by the auctioneer of the likely sales price.
» Reserve price:
Minimum price a seller will accept. Sometimes this is published, sometimes not.
» Absolute auction:
Buyer has committed to sell for the high bid regardless of what it is.

Kennedy Wilson Auction Group featured in the CALGARY HERALD

Saturday, December 18th, 2010

Newspaper story: Our client, Kennedy Wilson Auction Group was featured in a news story  about an upcoming  Auction in Hawaii.

Click Here to Read from PDF or scroll below

Hawaiian dream up for auction

Exclusive estate homes on Kauai under the gavel on Dec. 28

By Kathy McCormick, Calgary Herald December 18, 2010

As singer/songwriter Bob Dylan would say: “The times, they are a-changin’.”

In his parents’ day — or even his grandparents’ day — the dream of owning an idyllic second home to escape to was nothing more than a dream.

Today, recreation property is a reality and people have access to exotic locations around the world.

But at the same time, the times, they are the same.

The grandparents and parents of yesterday dreamt of certain idyllic locations — and today’s buyers are settling down in those locales.

One of the top choices for all generations is still Hawaii — and you can get it at a bargain price through an auction at the end of this month.

What sells people on the Hawaiian lifestyle?

There’s the island state’s lush tropical rain forests, as well as the exotic wild flowers, shrubs and the palm trees.

There’s the humid, warm ocean breeze that hits you the moment you step off the plane,

There’s also hula dancers with their welcoming leis, along with the warm, beautiful turquoise ocean and the white, soft sand.

Who could ever resist?

And today’s recreation and investment property buyer has a unique, new way to own a piece of heaven.

Kennedy Wilson Auction Group, a leader in real estate auctions around North America, is selling off six exclusive estate homes on the beautiful garden isle of Kauai in Hawaii, on Dec. 28.

“There is not a lot of ready-to-move in inventory in Hawaii, especially in Kauai,” says president Rhett Winchell.

“We expect this to be a very busy auction. These are very high-quality homes that are move-in ready and the price points are tremendous.”

Completed in 2008, the homes have starting bids as low as $450,000 and $650,000 US, and three are furnished.

“The builder built seven homes initially in the development that has around 70 lots, all around the golf course,” says Winchell. “It sold for $1.65 million US, so buyers will be coming in to an auction that represents a great opportunity.”

The homes are part of Wainani at Poipu on the south shore of Kauai.

Homes back onto Kiahuna Golf Club, which was designed by Robert Trent Jones, Jr.

“The combination of designer living spaces, spectacular island scenery and easy access to one of Kauai’s finest golf clubs just can’t be found anywhere else,” says Winchell.

The homes offer up to 3,188 square feet of living space, including a garage and lanai — an extensive outdoor space that has built-in barbecues and spectacular views.

The homes have three bedrooms and three and one-half bathrooms.

Matching traditional Hawaiian plantation design with luxurious modern conveniences, these homes offer expansive living areas with features such as vaulted ceilings, along with recessed sliding glass and screen pocket doors.

Some of the homes have swimming pools.

“The remaining lots in Wainani at Poipu will be developed in the near future, but this was a chance for the builder to sell off the standing inventory before bringing on some of the lots next year,” says Winchell.

“I am looking at this as an exciting auction for people looking to come to Kauai.”

The auction starts at 1 p.m. Hawaiian time, which is three hours earlier than Calgary time (Hawaii also does not observe daylight savings time).

WHAT YOU NEED TO KNOW

WHAT: Auction of six estate homes, some furnished, at Wainani at Poipu on the south shore of Kauai, Hawaii. It is being conducted by Kennedy Wilson Auction Group on Dec. 28 at 1 p.m. Hawaiian time (10 a.m. Calgary time). Starting bids are from $450,000 US.

LOCATION: Grand Hyatt Kauai Resort and Spa, 1571 Poipu Road, Koloa, Kauai.

INFORMATION: A free seminar on how to buy at auction will take place at the Wainani at Poipu Auction Information Model on Dec. 27 at 4 p.m. Hawaiian Standard Time. For a map and further information, visit www.poipu auction.com.

Register at www.bid kw.com.

Going, Going …

Calgary Herald December 18, 2010

Kennedy Wilson Auction House is presenting a free seminar on Dec. 27 about how to buy at auction. It’s slated for 4 p.m. Hawaiian time at the Wainani at Poipu Auction Information Model on site.

The seminar will familiarize people with the auction process.

They will be able to rehearse bidding strategies, find out how to pre-qualify for financing and hear a live auction practice hosted by a Kennedy Wilson auctioneer.

For information, including a map to the site, visit www.poipuauction.com

Bid For Knowledge

For The Calgary Herald December 18, 2010

The following are fivetop tips about buying at an auction:

-Auctions aren’t for just fixer-upper homes. Sometimes, they are the most attractive properties in the most desirable neighbourhoods.

-Check if the auction house has made prior arrangements with a mortgage company that has already approved the project.

-Research current sales in the area so you have an idea what you want to pay — and set a firm upper limit based on your pre-qualification so you don’t overbid.

-See if any new home warranties offered by the developer apply to the auctioned units. If not, you should purchase your own warranty policy.

-See if the auction house is having a pre-auction seminar so you know in advance how the bidding will work.

Follow these tips to get a good deal by buying at auction because you know someone was willing to pay just one-bid less.

For more information, visit Kennedy Wilson’s website at www.bidkw.com — Kennedy Wilson Auction Group

Deals’ sought at auctions

More sales expected in 2011

By Kathy McCormick, Calgary Herald December 18, 2010

Real estate auctions are here to stay, says the president of Kennedy Wilson Auction Group.

“The real estate auction in general is doing very well,” says Rhett Winchell from the company’s home base in California.

“The majority of builders are selling most, if not all, of their inventory and buyers are there to buy — and they’re taking advantage of the market to get a deal.”

While already-constructed homes are more attractive to auction buyers than empty lots, the auctions have been successful this year, he says, adding more are planned for 2011. “The market has stabilized and I think we’ll see even more sales next year,” says Winchell.

“Buyers are more confident. Prices were dropping last year and sellers realize the value has gone down, so the auctions are starting at a new price point and buyers are getting a deal.”

Founded in 1977, Kennedy Wilson offers real estate services that include property and asset management, brokerage service, construction and trust management, as well as auction services.

It has 21 offices in the U.S. and Japan.

The company has moved into Canada with auctions as well, including the Calgary area and interior B.C.

“We’ve had a lot of Canadian buyers with all of our auction properties — and a lot of interest from Canadians in our auctions,” says Winchell.

Island golfer’s paradise

By Kathy McCormick, Calgary Herald December 18, 2010

Wainani at Poipu — which means “crashing waves” in the Hawaiian language — is on the south shore of the island of Kauai in Hawaii.

The island offers eight world-renowned golf courses, including Wainani’s Robert Trent Jones Jr.-designed course at Kiahuna Golf Club, where the homes being auctioned Dec. 28 are located.

Poipu Bay Golf Course is also nearby. It was the home of the PGA Grand Slam of Golf from 1994 to 2007.

The area offers five-star hotels and world-class resorts, beautiful sandy beaches and warm, turquoise oceans.

Known as the Garden Isle, Kauai is the wettest of the Hawaiian islands.

But more rain is on the north shore and at the centre of the island, where Mount Waialeale has experienced more than 1,000 centimetres of rain per year.

The south shore and beach areas have as little as 18 centimetres of rain per year. Average winter temperatures overall are about 24 C and average winter rainfall is in the seven to 15 centimetres range per month.

The result of the rainfall is lush, tropical rainforests and mountain canyons with spectacular waterfalls.

These include Waimea Canyon State Park, better known as the Grand Canyon of the Pacific, so named by American author Mark Twain.

The fourth largest of the main Hawaiian islands, Kauai is 1,456 square kilometres and had a population of 58,303 in 2000. It is located 170 kilometres northwest of Oahu.