REDC Produces $55 Million in Auction Activity

Real Estate Disposition LLC generated $55 million during a recent weekend of auction activity in New York, Las Vegas and Reno, and a national online auction, boosting its 2009 total sales to more than $2 billion. "Many people had winning bids on properties that were more than 50% less than the house's previous high value," said REDC CEO Jeff Frieden. The national online auction of houses from coast-to-coast generated $33.6 million in sales. The Solaria, a Riverdale, N.Y., luxury high-rise residence, received bids on all 54 residences, generating 21 contracts with over $17 million in proceeds. The Las Vegas and Reno auction sold 49 of 56 properties (87.5%) for $5 million. The company has conducted 302 auctions this year and has auctioned 35,900 properties, including foreclosed houses as well as commercial and builder-developer properties. REDC can be found online at www.auction.com.