Kennedy Wilson Expands Real Estate Auction Platform
Kennedy Wilson has added yet another feather in its long list of services. The company that currently has an active auction platform for selling condo units in Southern California, would now auction multifamily properties in the Florida Market. Announcing this, Rhett Winchell, a Kennedy Wilson senior vice president, told the press that the company has signed an agreement with Florida based Noblehouse Realty LLC. Together they have created an investment company that would control these auctions.
Upon further questioning into the matter, Winchell disclosed that Kennedy Wilson is currently holding auctions on buildings that are presently available in the market and also those which are being newly constructed. The company has already conducted two successful condo auctions in Southern California and all the units have been sold out. But, he failed to throw light on whether the company would be expanding its services into other real estate markets in the country or not. He said that only the market situation would decide the possibility of expansion of Kennedy Wilson.
Winchell feels that auctions are a better arena where buyers and sellers can get the appropriate value for their property and money. But, unfortunately, developers and builders consider auctions as the most feasible option for disposing their property during a downward trend of the real estate market. With the current trends in the market along with some active campaigning, Kennedy Wilson has been successful in attracting more builders and developers for auctioning their units under the company. Winchell said that earlier people used to be apprehensive about auctions and sell only a few units per month under any auction. However, nowadays there are more units that are being sold which was an indication of the changing mindset.
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