A record number of dollars was spent at an auction of foreclosed properties.
An auction featuring 1,516 bank-owned foreclosed properties generated $45.9 million in sales over a six-day period, with stops in eight Florida cities. That total is nearly double the amount of business generated at the previous record-holder for this year, which took place in Arizona and Southern California, according to Real Estate Disposition LLC.
REDC has been at the helm of several similarly busy auction tours this year in the state of Florida. In April, the company auctioned off $24 million in Florida properties, after generating $22.3 million in business in January.
The claims offered by REDC CEO Jeff Frieden regarding the impact of his company's auction tours are especially powerful, given all the rhetoric over fiscal stimulus and economic development.
“The auctions were a big boost to the local economy,” Frieden said in a release. "When REDC turns a banked-owned foreclosure back into a home, a new family is paying a mortgage, property taxes, gas, electric and water bills, and they're creating jobs by hiring landscapers, painters and electricians — all of which fuels the economy.”
From Aug. 3:
The large-scale auction being conducted by Real Estate Disposition LLC that is currently moving through Florida made its scheduled stop in Tampa last night, and buyers were busy. Attendees spent $4.3 million on 150 foreclosed properties, a release from REDC said.
The auction's visit to Tampa took place during the fourth of its six scheduled days of touring. On Aug. 5, the auction will visit the Sarasota Convention Center.
From July 28:
On Thursday, more than 1,500 Florida foreclosures will be made available to the highest bidder, as one of the largest auctions in history begins a six-day, eight-city tour.
“They include million-dollar and half-million-dollar mansions and homes that homebuyers will be purchasing for as much as 50-60% less than the properties' previous high value,” said Jeff Frieden, CEO Of Real Estate Disposition LLC, which will conduct the proceedings.
The auction will kick off on Thursday, July 29, at the Harborside Event Center in Fort Myers. On Aug. 2, the auction goes to Tampa, at the Tampa Marriott Waterside, and on Aug. 5, the auction will visit the Sarasota Convention Center.
Events begin at 6:30 p.m. on each day. Additional details are available at REDC's website.