Deciding to take a pro-active approach to dealing with a glut of condo properties led RAM Development -- and their sales and marketing agent, Robertson Real Estate Services -- to hold a one-day auction of available units at
Riverfront Towers on the West Riverfront and
The Ellington in Midtown on May 9.
The result: 23 of 23 available Riverfront units and 15 of 23 at the Ellington were sold -- in ninety minutes. And to top that off for the property owner, Jim Clarke of Robertson points out that unit sales prices were driven up by the auction format -- from 20 to 60 percent of the original asking price in days prior to the autcion up to 75 percent on the day of.
With $4.6 million in real estate sold, Clarke says the auction was "a home run for Detroit -- it shows the depth of the market. A lot of people want to be down there, and they recognize a deal."
The auction was handled by
Accelerated Marketing Partners.
Source: Jim Clarke and Paul Robertson, Robertson Real Estate Services
Writer: Kelli B. Kavanaugh
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.