Auction.com Further Expands into the Luxury Market with Successful Corona del Mar Auction

June 15, 2012 - PRLog -- Auction.com (http://www.auction.com/) the nation’s leading online real estate marketplace, reaffirmed its strength in the luxury residential market with the May 23 auction of a signature oceanfront estate located on Brighton Road..

The successful auction of the property, located at 4549 Brighton Rd. in Corona Del Mar’s exclusive Cameo Shores neighborhood, is the luxury division’s(http://www.auction.com/luxury) fourth consecutive major success since its launch.  

With oceanfront sales virtually non-existent in the first half of 2012, Auction.com has sold two oceanfront estates this year with additional coastal home auctions scheduled. The luxury division’s next event will be the June 25-27 auction of 1708 Ocean Blvd. in Newport Beach, a luxury cottage located in the coveted Peninsula Point community.

“We’ve created an ideal sales vehicle for the luxury residential marketplace that attracts a high volume of qualified bidders to a completely transparent bidding process,” said Robert Friedman, Auction.com’s chairman and a founding principal. “As a result, we set a new fair market value for these dream homes that represents the best possible outcome for both buyer and seller, as well as the Realtors.”

Auction.com cultivates pools of qualified bidders using highly-targeted marketing campaigns, which in the case of Brighton Road delivered more than 400 open house attendees, 6,600 unique web visitors and 48 registered bidders.

This most recent success mirrors the results of Auction.com’s other recently completed Orange County luxury auctions:

•   The live and online auction of 1Pelican Hill, the largest estate in Newport Beach drew over 1,200 open-house attendees, 16,000 unique web visitors, culminating in  4 active bidders participating during the auction event, each of whom were required make a $100,000 deposit and show the required proof of funds prior to being approved to bid

•   The two-day online auction of 411 Edgewater in Newport Beach drew more than 150 open-house attendees, 5,000 unique web visitors and 61 registered bidders.

“When you look at the big picture, our extensive preparation and marketing drew over 1,700 open house attendees and over 110 registered bidders to three luxury properties in a very short period of time,” Friedman said. “This is a remarkable level of interest from true, potential buyers.”

Marketing is already underway for the June 25-27 online auction of 1708 Ocean Blvd. in Newport Beach with similar levels of interest expected. The five-bedroom, three-bathroom custom beach cottage is located across the street from the beach on Newport Beach’s coveted Peninsula Point.  With its strong year-round rental history – commanding up to $8,000 per month – this home is an ideal investment or turnkey residential property.

Bidders must register and qualify with a $10,000 deposit at http://www.auction.com/luxury. The first open house, held this past weekend, attracted more than 200 guests.  A second open house is scheduled for June 16 from noon- 4 p.m.

About Auction.com:
Established in 1990, Auction.com has pioneered modern real estate auctions and created the nation’s leading online real estate marketplace. It has established a dominant position in its industry by selling more than $12 billion in real estate assets at auction since 2007. Additional services include residential loss mitigation and title agency and escrow/closing services. Primary clients are residential and commercial mortgage lenders, servicers and home builders. Auction.com’s success is based on the aggregation of real estate assets that are marketed and sold in large format auctions across the country and online. Auction.com is headquartered in Irvine, California and has offices in Newport Beach, Dallas, Miami and New York. Visit Auction.com for more information.