Kennedy Wilson Auction Group Featured in THE HOUSTON BUSINESS JOURNAL

Newspaper Story: Our client, Kennedy Wilson Auction Group was featured  in a news story  about a recent Auction in Houston, Texas.

Wednesday, June 9, 2010, 11:31am CDT

Palisade Palms sells out

Houston Business Journal – by Jennifer Dawson Reporter

Palisade Palms

All 27 high-rise condominiums in Palisade Palms offered for sale at auction on June 6 were snapped up.

The Falcon Group auctioned off the Galveston condos as a way to move the unsold inventory and establish what units are currently worth in the two-tower, 288-unit property.

Units with two to four bedrooms ranging in size from 1,044 square feet to 2,767 square feet that were previously priced from $299,000 to $1.35 million carried an auction starting price of $125,000 to $375,000.

The average unit sales price at auction was $489,801 — higher than Falcon Group anticipated, according to Kennedy Wilson Group Inc., the company that conducted the Houston auction.

The auction was standing-room only and attracted more than 600 people, Kennedy Wilson reports.

Bidders have 45 days to close their sales.