Leading Real Estate Forces Team Up to Move Condo Inventory Surplus
Going, Going... Gone!
 
Yahoo! Finance
Wednesday February 4, 2:06 pm ET

MIAMI, FL--(MARKET WIRE)--Feb 4, 2009 -- Condo.com (www.condo.com), the world's largest condominium marketplace, announced an industry changing partnership with AmeriBid (www.ameribid.com), a leading auction provider with over 60 years of collective auction experience. AmeriBid and Condo.com have partnered to create online auctions for financial institutions, government agencies, REITs, hedge funds, bankruptcy courts and/or Trustees. This partnership combines two major leading forces in the real estate industry: Condo.com, the dominant global real estate portal for condominiums and AmeriBid, a team of leading 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.

"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," stated Richard Swerdlow, CEO of Condo.com.

"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," stated Stanley Tate, Chairman of the Board for AmeriBid.

"It's really simple: There is too much inventory on the market which is a leading indicator of the unhealthy state of the real estate market. What's going to change that? We've got to clear out this inventory. How is that going to happen? Prices need to be reset to what the market will bear. How does that occur? 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," Larry Latham, CEO of AmeriBid remarked.

Condo.com and AmeriBid will begin marketing properties via auctions on Condo.com at the end of the first quarter 2009.

About Condo.com
For more information visit http://www.condo.com
 
About AmeriBid
For more information visit http://www.ameribid.com
 
Contact: Wendy Crocquet, 954-294-6467