CHICAGO—Earlier this year, Sperry Van Ness launched a Chicago-based franchise, called AuctionWorks, which hosts multi-property auctions online, and in November it will hold its largest auction to date, with more than 90 listings. Nearly half of the properties are bank-owned, including 17 that the firm will sell absolute. The Nov. 24-26 auction includes office, medical office, industrial, retail, mixed-use, single-family, multi-family, and vacant land. A June online auction by SVN AuctionWorks listed 27 properties. Buyers can bid online or submit pre-auction offers.
“I've found that live auctions were not very exciting because the best properties usually sold long before the auction,” Diana Peterson, the president of SVN AuctionWorks, told GlobeSt.com. The online method combines efficiency and convenience with the competitive bidding an auction inspires. Previously, Peterson was an executive vice president of Auctions by ATG, where she was responsible for building the firm's auction platform.
“The sheer volume of properties in this online auction speaks to the firm's success and demonstrates how many owners and brokers are now turning to SVN AuctionWorks to sell their properties in an efficient and timely manner,” she added. “Banks especially have found our online auctions to be an ideal venue for selling their REOs.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.