More than 500 New Dallas, Houston, San Antonio Area Foreclosures will be Auctioned by REDC
Jeff Frieden, the CEO of REDC stated that 2010 is the “year of the foreclosure”. He is referring to the three to seven million foreclosures that have taken place this year. This number, which is double from where it was in 2009, is increasing at an unprecedented rate. “There will be great deals at these upcoming foreclosure auctions,” he added.
The participants will choose from a great variety of foreclosures including a 12,800 square foot 24 room 10 bedroom mansion previously valued at $1.4 million. Investors and homebuyers from the Dallas, Houston, Austin and San Antonio area will be there to bid on mansions such as this as well as another 400+ foreclosures.
REDC launches a 4 day, 5 city Texas auction series starting on Sunday, July 25 at 9:30 a.m. at the Houston Hilton. This event will be followed by another auction on Monday, July 26 at 6:30 p.m. in San Antonio at the Convention Center and the McAllen Convention Center. The third day of the auction is Tuesday, July 27 and will be held at the Dallas Hyatt Regency at 6:30 p.m. And, the final auction of this series is held at the Sheraton Forth Hotel and Spa at 6:30 p.m. on Wednesday, July 28.
During the auctions there will be deals such as
- 9843 Fm 1861 Eustace, TX 75124 – 12,800 sq ft, 24 room 10 BR mansion previously valued at $1.4M that has a starting auction bid of $99K;
- 3333 Allen Pkwy #2208 Houston, TX 77019 – 3119 sq ft property previously valued at $1.187M that has a starting auction bid of $339K;
- 28019 E Benders Landing Blvd Spring, TX 77386 – 6579 sq ft, 13 room mansion previously valued at $1.012M that has a starting auction bid of $239K;
Texas has experienced a significant increase in the number of home foreclosure. Because of this, home buyers have had the opportunity to purchase residences at prices that are between 25 and 90 percent of their previously estimated value. In 2010 alone there were auctions of 20,550 properties for more than $850 million.
Another interesting trend is the ability to purchase foreclosures online. The REDC Chairman Rob Friedman said “online real estate auctions are the wave of the future”. It is a very convenient way for purchasers to see what is available and take advantage of the savings being offered on the foreclosures.
Posted by Istvan Fekete
on Jul 23 2010. Filed under Foreclosures, Luxury.
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