Commercial Auction Listings

The massive silhouette piercing the Dubai skyline is immediately recognized, widely admired and highly sought after as a prestigious address for global business leaders. The Burj Khalifa, the world’s tallest building, revels in many accolades; the newest one being home to the first ever online real estate auction in Dubai. The current owner of an entire corporate floor above the 110th story has taken the bold and historic step to sell the property through an online auction on the Freedom Realty Exchange, an industry-leading online real estate auction platform.

As the first-of-its-kind auction to occur in Dubai, the online event is expected to attract global attention not because it is as progressive and innovative as the city with a reputation of pushing the envelope, but because of its premier location and low opening bid.

Recent reports indicate that the real estate market in Dubai is improving, mostly on the residential side, as the commercial and office market remain sluggish with sellers looking to sell quickly yet mitigate any loss in price. Auctions have proved to be effective where supply is high and demand is low; case in point with many of the corporate suites in the Burj Khalifa.

The international appeal of the Burj Khalifa lends itself perfectly to an online auction as the barrier to entry for interested buyers is removed when the ability to bid is available directly from their own computer, laptop or tablet, regardless of where they are located in the world.

Facts about the Burj Khalifa

•  It stands over 828 meters or 2,716 feet tall with more than 160 floors with panoramic views of the Dubai skyline
• 76 elevators and 8 escalators are installed in this “vertical city”
• The exterior of the Burj Khalifa has 26,000 glass panels covering a total area of 142,000m2
•  Anchored by the Giorgio Armani designed Armani Hotel Dubai, the building also features Armani-themed condominiums and ultra-luxury residences
• 11 hectares of stunning greenery and awe-inspiring water features serve as the outdoor living space of the vibrant downtown address
• The Corporate Suites and The Offices occupy 37 floors with an express elevator transporting visitors directly to the corporate lobby on Level 123

Facts about the Online Auction

• LFC International Real Estate Brokerage, LLC., a licensed auction and real estate brokerage in Dubai, UAE, is conducting the auction
• The minimum bid is AED 19.900.00 or just over $5.4MM
• Bids must be submitted by June 28, 2012
• Interested buyers must register a user account on the auction website; Freedom Realty Exchange website FRE.com/117R7
• All bidding in the auction is conducted online

Quotes

“As far as notable real estate auctions, this one tops them all”, states Bill Lange, president and CEO, LFC Group of Companies. “Regardless of the notoriety of the Burj Khalifa, the auction will attract serious buyers who understand that this is an once-in-a-lifetime opportunity to purchase an entire corporate floor in the Burj Khalifa at a price they determine through online bidding.”

“Dubai is a global community and what better way to reach the global buying market than with an online auction where anyone interested in purchasing the property can do so no matter where they are in the world”, said the property owner. “I’m also very excited that the auction presents a date certain for sale by compelling buyers to get involved now or risk someone else taking advantage of the auction sale.”

The Freedom Realty Exchange®

The Freedom Realty Exchange is owned and managed by LFC Internet Marketing, Inc., a member of the LFC Group of Companies. For over 30 years, the LFC Group of Companies has successfully auction marketed thousands of office, commercial, industrial, land and residential properties worldwide, with sales in excess of $5 billion. Clients include numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and real estate brokerages.

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This real estate auction, featuring a development site of approximately 43 acres, sits on the westerly side of Grove City, which is considered one of the faster growing suburbs of the City of Columbus. About 8 miles southwest of the Columbus Central Business District, this development site is located directly across from the Central Crossing School Complex (Central Crossing High School and Holt Crossing Intermediate School) and South-Western Career Academy near the intersection of Holt Road and Big Run South Road.

The zoning on this parcel is split; CPD (Commercial Planned Development) for the frontage and multi-family for the rear portion, affording itself to a unique development opportunity of retail shopping and apartments or condominiums.

Attracting much interest from local homebuilders, developers and real estate investors, the online auction on the Freedom Realty Exchange (FRE.com) delivers a fair and competitive online bidding process which will bring true market value to the property and the seller.

“The inventory levels of similar land is high, but when a seller such as this bank steps up and sets a minimum bid well below market value, it’s hard for buyers to ignore”, states Ryan Devin with the auction company.

As an alternative choice to a traditional real estate sale, online auctions can be particularly effective for financial institutions that want to, or need to, get the inventory off their books quickly and believe that the auction creates a trading platform bringing buyer and seller together in such a way that fair market value is realized. Evident by the minimum bid of $499,000, less than $12,000 per acre, the bank is very motivated to sell.

“We have had a good response from interested parties, mostly local builders and investors, but also some from out of state, who see the upside in purchasing at a discount, waiting until the market turns and then being in a great position to take advantage of it”, states Devin.

As with all of auctions on the Freedom Realty Exchange website, property research, due diligence and bidding are conducted completely online, removing the inconvenience and unwanted pressure that comes with a traditional outcry auction. Interested buyers can access property documents and auction details by visiting FRE.com. Bids must be submitted by April 26th.

About LFC Communications, Inc.
The Freedom Realty Exchange is owned and managed by LFC Internet Marketing, Inc., a member of the LFC Group of Companies. For more than 30 years, the LFC Group of Companies has successfully auction marketed thousands of commercial, industrial, land and residential properties, with sales in excess of $5 billion; and for the last seven years, we have conducted real estate auctions exclusively online. We have successfully served numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and real estate brokerages, providing a complete suite of real estate disposition strategies and auction marketing programs for commercial and residential property and mortgage notes.

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German construction and building company, Hallesche Mitteldeutsche Bau AG (HMB) has placed over 30 various types of properties in an online auction on the Freedom Realty Exchange (FRE.de) in an effort to efficiently dispose of standing real estate inventory in the Saxony-Anhalt and surrounding states.

Many of the properties in this portfolio were previously thought to be unavailable, but in an unprecedented move by HMB, interested buyers now have the unique opportunity to purchase the real estate at a deeply discounted rate and in a very convenient and secure auction method.

“As a leading online real estate auction marketplace, Freedom Realty Exchange is proud to be part of this event and feels confident that the local buyers will embrace the online auction method and participate in the sale,“ states Ryan Devin, Director of Auction Operations.

With properties ranging from vacant land to commercial buildings, and even hotels, this real estate auction represents the strong shift by institutional property owners to attract buyers in a market where true real estate value can be difficult to determine, especially when the properties have remained undeveloped for a long period of time.

“The efficiency of an online auction is what appealed us. We have many properties to sell located in a large geographical radius, and we strongly felt that the online auction would be the best option to attract as many buyers as possible from the local region, as well as across the globe,“ states Cahit Oklap, President of HMB.

The online auction format is a convenient, secure and fair process becoming very popular with buyers as it does not require them to physically be present to bid on a property, allows them to bid on more than one property simultaneously and all bidding is conducted from the buyer’s own computer, whether at the office or at home.

The online auction features a variety of properties, here are a few highlighted ones;

#118-11 – Schlosshotel Fincken — a lake front hotel with views of Finckener See. This 3-story hotel with a basement for social events includes 3 hotel bungalow, restaurant/bar and three conference rooms. The minimum starting bid is EUR1,000,000.00.

#118-12 – Hotel am Steintor in downtown Halle is a 4-story hotel with 49 rooms, restaurant/bar and basement. The minimum starting bid is EUR790,000.00.

#118-15 — An office complex with over 77m of frontage along Madgeburger Strasse in downtown Halle. It is comprised of a 5-story office building, a 7-story courtyard office building with multi-tenant leases, a repair shop and garages. The minimum starting bid is EUR1,830,000.00.

Interested buyers can conduct their property research and due diligence by downloading documents directly from the auction website, www.FRE.de/118 as well as contact the Regional Representative in Leipzig to schedule a tour of a property. A fee is offered to real estate agents/broker representing a buyer in a successful sale of a property in the auction. All bids are due May 3, 2012.