Chicago-based auction firm launches Vallarta condo auction

Received this press release the other day, regarding an auction for a Grand Venetian condo. Not sure what this is all about, first I have heard about it. An interesting part of the release says:
“These condominiums, which are being resold by a Chicago-based owner, support a trend in the current market toward the use of the auction to sell not only distressed properties but also high-end properties,” said David Schy, vice president of Diliberto Real Estate Services.”
I wonder if this is going to become a trend for this market. Here’s the story:
Chicago-area-based Diliberto Real Estate Services, LLC announces today a Puerto Vallarta, Mexico luxury condominium auction, headlined by two units including one nearly crowning the skyscraping Grand Venetian Bay View Grand, one of the tallest new developments in the hotel district right on a private beach astride the Bahai de Banderas. Originally marketed for nearly $3 million, the penthouse suite will now start at under a million dollars.
The internationally advertised auction will provide a live and Internet bidding forum and will include various commercial and residential properties in multiple locations. Bidders can bid online from their home and view the event live on the Internet.
Also featured at auction will be a second unit in the Grand Venetian: a three-bedroom unit originally marketed for $800,000 will now be auctioned with an opening bid under $400,000.
“Our present economic moment presents some of the best opportunities in decades to claim possession of high-end properties like this,” said Frank Diliberto, president Diliberto Real Estate Services. “Savvy investors know that it is difficult to guess the bottom of the market.   However, an auction, which aligns the most motivated sellers with the most qualified buyers, is a great barometer of the time to buy,” he added.
The Grand Venetian Bay View Grand, a sister property to Puerto Vallarta’s similarly luxurious Bay View Grand, features not only a private beach right on one of the best-reputed beaches along the city’s main Oceanside boulevard, but also several private “Infinty-edge” (or “disappearing-edge”) swimming pools.
Both units feature balconies and a hot tub. In the 5,670-square-foot, four-bath penthouse unit, the hot tub is located on the balcony and offers a private view of the ocean from the tub. The penthouse balcony wraps around the corner of the building, affording not only the titular “bay view” but also an eastern exposure overlooking the complete hotel district.
The building, one of two completed condominium towers (a brand-new third tower is also nearing completion), benefits from the development’s private security team and gated access in what the US government recently deemed one of the country’s safest and most desirable cities for tourism.
“These condominiums, which are being resold by a Chicago-based owner, support a trend in the current market toward the use of the auction to sell not only distressed properties but also high-end properties,” said David Schy, vice president of Diliberto Real Estate Services.
The open outcry auction will be held on May 25.
Diliberto Real Estate Services, LLC, is a real estate, auction and financial advisory firm, located at 13500 South Circle Drive in Orland Park, IL, a suburb of Chicago. To learn more about the company or to list properties in upcoming commercial real estate auctions, please call (708) 460-BIDS (2437) or visit the company’s Web site at http://www.DilibertoRealEstate.com. Diliberto executives’ clients have included Harris Bank/Bank of Montreal, Intel Corporation, BP Amoco, the past president of TWA, Chrysler Real Estate, Centex Homes, Bowne Printing Company, Bank of America, Plitt Theaters, and various government entities.
If you are interested, contact Diliberto Real Estate Services
(773) 327-0436
dcater@darrylcater.com

Chicago-based auction firm launches Puerto Vallarta condo auction FOR IMMEDIATE RELEASE (Photo attached.)
ORLAND PARK, IL. (April 13, 2010) – Chicago-area-based Diliberto Real Estate Services, LLC announces today a Puerto Vallarta, Mexico luxury condominium auction, headlined by two units including one nearly crowning the skyscraping Grand Venetian Bay View Grand, one of the tallest new developments in the hotel district right on a private beach astride the Bahai de Banderas. Originally marketed for nearly $3 million, the penthouse suite will now start at under a million dollars.
The internationally advertised auction will provide a live and Internet bidding forum and will include various commercial and residential properties in multiple locations. Bidders can bid online from their home and view the event live on the Internet.
Also featured at auction will be a second unit in the Grand Venetian: a three-bedroom unit originally marketed for $800,000 will now be auctioned with an opening bid under $400,000.
“Our present economic moment presents some of the best opportunities in decades to claim possession of high-end properties like this,” said Frank Diliberto, president Diliberto Real Estate Services. “Savvy investors know that it is difficult to guess the bottom of the market.   However, an auction, which aligns the most motivated sellers with the most qualified buyers, is a great barometer of the time to buy,” he added.
The Grand Venetian Bay View Grand, a sister property to Puerto Vallarta’s similarly luxurious Bay View Grand, features not only a private beach right on one of the best-reputed beaches along the city’s main Oceanside boulevard, but also several private “Infinty-edge” (or “disappearing-edge”) swimming pools.
Both units feature balconies and a hot tub. In the 5,670-square-foot, four-bath penthouse unit, the hot tub is located on the balcony and offers a private view of the ocean from the tub. The penthouse balcony wraps around the corner of the building, affording not only the titular “bay view” but also an eastern exposure overlooking the complete hotel district.
The building, one of two completed condominium towers (a brand-new third tower is also nearing completion), benefits from the development’s private security team and gated access in what the US government recently deemed one of the country’s safest and most desirable cities for tourism.
“These condominiums, which are being resold by a Chicago-based owner, support a trend in the current market toward the use of the auction to sell not only distressed properties but also high-end properties,” said David Schy, vice president of Diliberto Real Estate Services.
The open outcry auction will be held on May 25.
Diliberto Real Estate Services, LLC, is a real estate, auction and financial advisory firm, located at 13500 South Circle Drive in Orland Park, IL, a suburb of Chicago. To learn more about the company or to list properties in upcoming commercial real estate auctions, please call (708) 460-BIDS (2437) or visit the company’s Web site at http://www.DilibertoRealEstate.com. Diliberto executives’ clients have included Harris Bank/Bank of Montreal, Intel Corporation, BP Amoco, the past president of TWA, Chrysler Real Estate, Centex Homes, Bowne Printing Company, Bank of America, Plitt Theaters, and various government entities.
If you are interested, contact Diliberto Real Estate Services(773) 327-0436dcater@darrylcater.com

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