Commercial Real Estate Sale Breaks Online World Record

By
Real Estate Agent with Hart Real Estate Solutions RRE-BRO-LIC-24638

According to the Guinness Book of World Records, a 96 million dollar property sale in Manhattan Beach, California has become the most expensive online real estate transaction ever.

The property itself, a two building 300,734 square foot office space, sold in an online auction on auction.com. In any industry, that transaction is now the biggest e-commerce transaction ever.

Personally, I think its clear that this sale will not hold the world record for all that long—so I think what makes it important is the marked shift in how real estate will perform as an industry moving forward. Up till recently, major real estate transactions have been in the realm of pen and paper. Deeds in particular almost don’t feel right aesthetically if they are not printed. Even if for peace of mind, many people still prefer to ink their signature and have extra copies on paper. Eventually, even this may be a rare occurrence. Doing transactions online will help keep wasted time to a minimum and so long as everyone’s personal security can be guaranteed, the shift feels inevitable.

You never know—even the richest men might not have two pennies to rub together in the future simply because their money is always in the digital realm. Obviously we have a ways to go until that happens but it is very fascinating to see all industries adjust to our slow shift into the digital world. Real estate will have a lot of growing to do, but even in a digital world, real estate will always be on the market.

 

Source: http://realtormag.realtor.org/daily-news/2015/08/05/commercial-sale-breaks-online-auction-record

Comments (3)

Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Interesting. But I suspect with that much money on the line a lot of on site investigation was done first.

Aug 19, 2015 07:33 AM
Eileen Burns
Trans State Commercial RE Ft. Lauderdale/Miami/Palm Beach - Fort Lauderdale, FL
FL Probate Agent, Hotel & Land Specialist

Tim, this is so exciting to see who can top whom...yeat I find due diligences is not performed and is more trophy property and ego more than anything.  

Glad to see you expanding in Big Sky. 

My partner is in NW Michigan close to Mackinaw Island and ski resorts where he owns a 56 acres airpark community development project available for sale for $250K.  He has approval for 7 high end townhomes along the river that runs through his property with a concrete landing strip and grass strip. He is a former pilot and down sizing for legacy income for his heirs.

So many wonderful opportunities in the home of the free and the brave!

Aug 19, 2015 07:39 AM
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

What was inevitable was prior to biding, somebody or team of examiners were performing a comprehensive analysis that costs a boat load of money. Who knows, the sale price might be a bargain yet we'll never know, will we?

Aug 19, 2015 06:23 PM