Starboard Commercial Real Estate

Starboard TCN Worldwide Commercial Real Estate | September 7, 2005

Recently, Starboard TCN along, with affiliate Chartwell Group TCN, sold the Albion Castle in San Francisco at auction. This property is so unique-and is located in a undesirable area-that appraisers and banks could not determine a fair value for financing. This "jewel in the rough" was a one-of-a-kind purchase.

After meeting with the owner, we determined that an auction would be the best way to market this property. Although in the Bay Area the auction has not often been used as a vehicle to sell properties, it is widely used in other parts of the country; in some other countries, auctions are a mainstay in selling both residential and commercial properties.

At TCN, the majority of our clients are well-capitalized corporations, financial institutions, investment groups, and individuals. Their objectives are to maximize value on certain real estate holdings while at the same time planning the sales of those properties and controlling the terms and conditions of the sale. These professional real estate owners recognize that negotiated contracts frequently take many months to finalize. They seek noncontingent contracts that offer the expectation of obtaining the best possible price in a predetermined period of time. Starboard's high-profile real estate auction programs are accomplished in a 45- to 60-day period, and bring prospects from a wide geographic area.

Here are some reasons to consider selling a building through auction. [more]
Posted 14 years, 6 months ago on September 7, 2005
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