According to ""Auction.com"":http://www.auction.com, a California-based real estate auction site, investors and buyers spent $112.9 million on assets at five of its auction events for primarily non-performing commercial real estate and notes last month.
The auction offerings, which included 155 assets within 34 states, ranged from hotels with waterpark amenities to non-performing commercial assets and notes. The assets[IMAGE] [COLUMN_BREAK]
sold at 105 percent of the sellers' reserve, according to a statement from Auction.com.
""The February event results are a strong indication of investors' appetite for real estate,"" said Jeff Frieden, Auction.com CEO. ""The number of visitors was the highest since the beginning of the recession with 990 registered bidders - an impressive level of interest compared to just one year ago.""
The February auctions attracted 220,648 visitors, 6,426 of which accessed the Auction.com secured data vault. More than five auctions are slated each month throughout 2011 via the site.
""Auction.com succeeds in bringing the best buyers and sellers together on high-value commercial real estate,"" Frieden said. ""Last month's auctions validate the winning combination of our technology, sales, and marketing platforms in executing trades.""
Financial institutions can auction notes and REO of all property types on the site's disposition platform. Sellers incur no upfront costs, including marketing of the notes.