AmeriBid Tackles Condo Surplus

""AmeriBid"":http://www.ameribid.com, an auction provider with over 60 years of collective auction experience, and ""Condo.com"":http://www.condo.com, a condominium marketplace, recently announced a strategic partnership aimed at the growing inventory surplus of repossessed condominium homes.
AmeriBid and Condo.com will create online auctions for financial institutions, government agencies, REITs, hedge funds, bankruptcy courts, and trustees to offload condominium property assets. The partnership combines two major forces in the real estate industry: Condo.com, a global real estate portal for condominiums, and AmeriBid, a team of real estate auctioneers and nationally known real estate executives, including former RTC leader Stanley Tate and established real estate auction veterans Larry Latham and Louis Fisher.
Commenting on the companies' cooperative effort, Richard Swerdlow, CEO of Condo.com, said, ""This partnership is extremely exciting for us and creates a huge opportunity to help unclog the vast amounts of inventory that exists in the condo real estate marketplace. Our online marketing expertise and massive consumer web traffic, combined with AmeriBid's auction expertise and real estate portfolios from leading institutions, creates a powerful formula for online auction success.""
Stanley Tate, chairman of the board at AmeriBid, added, ""Condo.com has been leading the technology evolution in the online real estate industry since 2005. As a result they have become experts in marketing real estate online, as well as an effective lead generator for real estate professionals and a diverse list of sellers. Condo.com has become the consumer face of the condo market which makes them the perfect partner for us to launch online auctions.""
According to Larry Latham, CEO of AmeriBid, there is too much condo inventory, which he says is a leading indicator of the unhealthy state of the real estate market as a whole. In order to change that, Latham said, ""We've got to clear out this inventory.""
Latham continued, ""How is that going to happenx Prices need to be reset to what the market will bear. How does that occurx By using online auctions to set the prices and sell off huge amounts of inventory to the widest audience possible.
""Online auctions have the potential to be the closest thing to a miracle the real estate industry will experience in 2009,"" Latham said.
Condo.com and AmeriBid will begin marketing properties via auctions on Condo.com at the end of the first quarter 2009.