The article below covers an upcoming auction of a vintage commercial property in Augusta, Georgia. It emphasizes numerous benefits of using an accelerated marketing platform to market real estate which we’ve highlighted in past blogs including:

-A specific date of sale provides potential buyers the incentive to act
-It attracts a broader audience of interested parties
-It achieves fair market value for the asset at that given time

 Auction to Settle Market Value of Vintage Building

Sam Siegel
Associate

The summer is now over and we are hoping the “head in the sand” mentality of many property owners is in our rear view mirror.  Two weeks into our “Fall Season” and we are seeing some positive indicators.  Great Rock Real Estate has been approached by several property owners who are trying to figure out what to do with their real estate.  These sellers range from:

• Commercial property owners that want to tighten up their portfolio or create some liquidity
• Large primary market single family home owner with an aged listing
• Caribbean home owner that is tired of  maintaining their 2nd home from across the country
• Educational institution that needs to sell their building in an accelerated manner
• A handful of Banks who:
        -Are considering if they should “extend” or force their borrower to take a proactive    approach with their asset
        -Asked us to give them an Broker Opinion of Value on a large urban asset
        -Asked us to call one of their borrowers to see if they would be interested in our platform
• Two development site owners that cant get construction financing

Our client base of Great Rock sellers fall into two main categories:

-  Sellers whose real estate is hard to value or unique (properties that fall outside of the conventional brokerage box)
- Seller that for whatever reason, would like to accelerate the sale of their real estate. 

If the above indicators continue, we may be on a very good path towards recovery.
Stay tuned.

Jeremy A. Freid
Managing Principal

Enjoy the final week of Summer.  Hopefully, on a macro level, property owners and banks come back after the Labor Day Weekend with a realistic and proactive approach to their real estate holdings.  Those in favor of a move towards unclogging the market are hoping that decision makers who have had their head in the sand for the last 12 months come back with a strategy that differs from the present one. We do not expect a “Hurricane Earl” flow of properties to flood the marketplace, we anticipate seeing a more gradual schedule. On a positive note, we have had some positive recent instances on a one off basis from both individual property owners and banks, but nothing on a macro high volume level that will get us to appropriate absorption levels.

Jeremy Freid
Managing Principal