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Lennar Homes of California, Inc. to Offer 16 Home Closeout Through Online Bidding Event
4/12/2007
Lennar Homes of California has announced plans to sell two Palm Springs, Calif., communities this month through the online real estate bidding system of RealtyBid.com, the nation's leader in online real estate bidding. Competitive bidding for homes in Marquesa at Terra Lago in North Indio, Calif., and Cielo Paradiso in Rancho Mirage, Calif., via RealtyBid.com will begin Wednesday, April 18th and end on Monday, May 7th.
Marquesa at Terra Lago is a master planned community that includes two 18-hole PGA golf courses at the adjacent Golf Club of Terra Lago and access to a 20-acre private lake and large recreation center. According to Bob Tummolo, regional vice president for the Lennar Palm Springs Division, 80 percent of the homes within Marquesa have been sold. The neighborhood's remaining 14 three- and four-bedroom homes, originally priced from $419,990 to $459,990, will be sold through RealtyBid.com with starting bids as low $295,000.
Within the community of Cielo Paradiso, only two homes, previously priced at more than $1.495 million, remain in a luxurious eight-home enclave; Tummolo predicts they will be hot commodities once RealtyBid.com opens bidding at $795,000. The homes of Cielo Paradiso include large lots, custom pool/spas, Wolf appliances, interior courtyards and separate casitas. One of the remaining properties boasts three bedrooms and 3,070 square feet, while the others feature four bedrooms and 3,852 square feet.
According to Tummolo, this is Lennar Palm Springs Division's first foray into competitive online real estate bidding, which has seen an immense rise in popularity over the last year and garnered national media attention. "This division of Lennar has made a conscious decision to begin incorporating online marketing and sales into our overall marketing plan. Partnering with a burgeoning Internet powerhouse like RealtyBid.com is the first step in fulfilling that commitment," said Tummolo.
Tummolo said Lennar elected to utilize the technology created by RealtyBid.com to not only expedite the sale of the last few homes within these communities, but also to provide potential buyers with a transparent approach to making offers. "Through RealtyBid.com's online bidding format, your opinion of value, combined with the opinion of value of other bidders, helps determine the fair market value of each home. Bidders choose a confidential screen name and password and are able to bid from wherever they have Internet access. Bidders are able to see the bid amounts, but their screen names protect their identities.
"The expedited sale of these homes in a final close-out allows us to reduce our marketing costs in the development, which will put us in a position to accept what the market dictates as fair market value," said Tummolo.
RealtyBid.com CEO/President Tony Isbell agreed. "In today's real estate market, the buyer needs assurance that he is paying true market value, and our online competitive venue offers the buyer a clear view of where the market stands for a particular property. If you are the winning bidder, it means that you paid just one increment more than the next highest bidder, giving you confidence that you paid the fair market value for a property-and no more."
Isbell continued, "In the emerging buyer's real estate market and with the growing acceptance of technology as a part of our everyday life and work, competitive online real estate bidding makes perfect sense, and it is being embraced by more and more real estate buyers and investors every day. We have sold more than 5,000 residential properties exclusively online, and it is exciting to know that one of the largest home builders in America recognizes that online competitive bidding provides a fair and proficient alternative to the traditional negotiating method."
Lennar is one of the nation's largest and most respected homebuilding companies, having built more than 700,000 homes throughout the United States. Established in 1954, Lennar has built a reputation for offering quality homes and unparalleled customer care.
RealtyBid.com was founded in 2001 and has since sold more than 5,000 properties in almost every state and internationally via the Internet. RealtyBid.com specializes in the expedited sale of real estate through its innovative online bidding platform and has become one of the most vocal advocates for the use of Internet technology as a means of bringing real estate buyers and sellers together. http://www.realtybid.com.
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