When a buyer client of mine called and asked me to represent him at an upcoming auction here on the Big Island of Hawaii, I felt the burning desire to explain how I truly feel...something I often do!
All "good realtors" know of more properties via the coconut wireless that are "value priced' or "distressed" way before they ever get to the stage of auction. Not that auctions aren't a good thing; but let's face it...the whole point of an auction is to get the highest price possible for a property by the pure competition of multiple buyers driving the price up by working each other's egoes into high gear.
Having attended plenty of auctions in my life time, including antiques and cars, I can't remember one that I didn't leave and have to smack myself upside the head after paying more than my treasure was truly worth just to have "won" the right to do just that...over pay. (ok slow learner, but I did finally get it)
I know my happy buyer/investor is not sitting home regretting his having skipped the chance to pay up!
At this time there are three properties in the Waikoloa Resort; One each in Pauoa and Ka Milo @ the Mauna Lani that are in gated resort communities (4 of them ocean front!) that will be sold to some savy buyers at or very near 1/2 their values without ever going to an auction. Are they a secret...only if you don't know about them.
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