Last month, the FDIC auctioned off a series of Signature Bank loans backed by multifamily properties in New York. For auctions like these, many government and non-government entities alike use a traditional offline sealed bid process that can provide rules, conditions precedent, or qualifications for bidders to meet in order to submit a sealed bid response. This...
As commercial real estate transaction volumes have declined by as much as 70% in the second half of 2023, Ten-X has tightened its evaluations of whether auction opportunities will lead to trades. James Searles, Ten-X’s regional director for the NYC Tri-State market, spoke to GlobeSt. about trends he has seen on the platform in response to recent market activity....
After 6 rounds and over 122,000 bets, the second season of Battle of the Bids has come to a close. Finishing in first place is Kevin Buxton from Buxton Capital Group, LLC. Buxton started Buxton Capital Group last fall. “I feel like I had learned just enough to be dangerous on my own,” said Buxton. “I took the leap.” And his plans for the $1,000,000 grand prize?...
The wide bid-ask gap during the first half of 2023—as CRE transaction volumes plunged in the steepest cliff dive since the Great Recession—appears to have narrowed in the third quarter. Ten-X CEO Steve Jacobs discussed these trends with GlobeSt. and shared about how Ten-X has worked with sellers during this time. “As soon as they come in the door, we ask them...
James Searles, Ten-X’s regional director of sales, spoke with New York Business Journal about his advice to New York City office owners looking to sell their property, reinforced by Ten-X’s most recent data. “If you need to transact right now, we have a strong sense of, ‘This what we can get people to show up and pay,'” Searles said. “If they’re not willing to...
This article originally appeared on The Real Deal . It has been republished here with permission. When Sotheby’s sells paintings at auction, no one thinks of them as being distressed. So why does real estate sold at auction get a bad rap? Ten-X, the world’s largest online commercial real estate exchange, makes a positive case for auctions as the fastest and most...
