International real estate investment and services company Kennedy Wilson today announced that its auction division offered and sold 26 units of Edge condominiums at an auction that it conducted on Sunday, August 29, 2010 at Hilton Americas-Houston. Gross sales totaled $6 million, and prices averaged 204% of starting bids, exceeding the seller’s expectations.
“The seller chose a Kennedy Wilson auction over a number of other options, including an extended traditional sales program,” Rhett Winchell, president of KW Auction Group, commented. “They were pleased with the results and correct in concluding that the auction was the preferred method for accelerating absorption in the current market. They have avoided long term carrying costs, which would only have eroded their returns on investment.”
Approximately 400 people attended the auction, and Winchell reported over 2000 leads of qualified buyers in just four weeks.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 21 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.