Newspaper Story: Our client, Kennedy Wilson Auction Group was featured in a news story about an upcoming Auction in Calgary Alberta.
Monterra moves to auction block
Posted By Brad Herron
Medallion Development’s Monterra on Cochrane Lakes will double their sale of lots in 2010 compared to 2009 asserts the President on Buss Marketing.
Buss Marketing, along with Kennedy Wilson Auction Group, a Beverly Hills auction house, will hold an auction of lots in the Monterra development on May 2 at the BMO Roundup Centre in Calgary. In total, 55 lots of various sizes and values will be auctioned off.
Calvin Buss of Buss Marketing said the lot auction is relatively new to Canada, but it is a type of marketing and sales that has been used often in the United States to move the initial lots in a development and allow for additional phases to be constructed.
“Monterra for example has 120 lots completely finished and serviced . . . and that is an expensive part of your development to put the deep services in. So now they are going to sell 55 lots this summer and that is what they sold last year and the year before,” Buss said.
“You have all that money sunk into a development before you open the doors, then you have to wait eight months to get your pre-sales. If you can get your pre-sales in one day, there has to be a cost-savings to pass on,” he said.
To bid at the auction, registration forms must be completed and submitted by April 29.