Archive for the ‘Land For Sale’ Category
Falconridge in the Peak District of Hong Kong is a Trophy Hunters Dream.
A trophy, residential building lot, located at Falconridge in Hong Kongs’ affulent Peak district, sold at auction for a record $233 Million. The price equates to an eye-popping, jaw dropping $8717.00 per square foot for the one acre piece of land.
The sale emphasizes that at least the luxury end of real estate in Hong Kong continues to command a premium and provides further proof that the sizzling, hot real estate market shows no signs of cooling off. Average home prices in the cosmopolitan city soared 30 percent last year and are up 8 percent so far in 2010, in spite of efforts by the government to cool the market down. To date, higher interest rates, large down payment requirements and increased taxes on luxury homes have done little to stop the flow of big money into the real estate market.
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Real estate auctions are a fast and efficient method for selling property. They work on the principle of competitive bidding and provide an ideal situation for buyer and seller, alike.
The Benefits for Sellers Include:
- Speed- The auction selling process is swift and accelerated.
- No Negotiations- Auctions eliminate haggling, counteroffers and remove the seller from the pain of negotiating.
- No Home Showings- Buyers are given specific dates and times that the property will be Open to the Public for viewing, before bidding begins. The process eliminates the hassle’s of showing the home to numerous people, one person at a time.
- Certainty -The seller knows exactly when the property will sell, decreasing long-term carrying costs, such as mortgage payments, taxes, maintenance and insurance.
- Qualification- Potential Buyers are required to Pre-Qualify for financing before they can bid on the property.
- Exposure- Auction exposes property to a wide range of qualified buyers and the aggressive timeline to sale increases interest and urgency.
- Competition-Auctions create competition among buyers. Due to the competitive nature of auctions, it is not unusual for the auction price to exceed the price the seller would have gotten through negotiations.
- Real Value- Auction sales are live, real time events. The auction process assures that the seller that the property was sold at its real market value.
- Serious-Buyers who attend auctions arrive ready and willing to buy.
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