Auction Fever Hits the San Diego Area

BEVERLY HILLS, Calif., Nov. 19 /PRNewswire-FirstCall/ -- Kennedy Wilson Auction Group, a division of the national real estate services and investment firm Kennedy Wilson, conducted an auction of 14 luxury residences located in lovely Escondido, a thriving urban environment, just 30 miles northeast of San Diego. The elegant 1 and 2-story, four and five-bedroom residences ranging from 2,900 to 4,049 square feet feature formal entry foyers, spacious family and living and dining rooms. Published reserves for these 14 properties ranged from $385,000 to $550,000 for houses that were previously priced from $825,000 to 1,199,000.

Potential bidders took advantage of this great luxury estate homes buying opportunity, which was held at the Marriott Del Mar Hotel in San Diego. Over 100 bidders attended the sale. Responding to the new normal in the market, the owner is using Kennedy Wilson's Auction Marketing Process to sell available inventory more rapidly in today's known market allowing buyers to set their own price ... it's a win-win situation.

"We are known for our published reserve auctions," says Rhett Winchell, President of Kennedy Wilson Auction Group. "It creates a lot of interest because buyers know that the homes will sell at or above the reserve prices. Everyone is focused on these properties because everyone wants a deal. The seller was very pleased with the auction results, selling his entire inventory in one day. The rapid sale of the homes is a clear indication of the great demand for quality housing options in San Diego area, and also of the interest auctions are continuing to generate in today's market," continued Winchell.

Founded in 1977, Kennedy Wilson is a real estate services and investment firm headquartered in Beverly Hills, CA, with 20 offices throughout the U.S. and Japan. It seeks opportunities in partnership with clients in pursuit of above-market investor returns and higher real estate values. Kennedy Wilson Auction Group has been a leading force in the auction industry since 1977. Since inception, the Kennedy Wilson Auction Group has conducted many successful auctions of condominiums and single-family home communities throughout the United States, Europe and Asia. It conducts live auctions and sealed-bid sales for all types of residential properties. Click http://www.kwiauctions.com; http://www.bidkw.com or http://www.kennedywilson.com for further information.

     CONTACT: Kennedy Wilson
              9601 Wilshire Blvd., Suite 220
              Beverly Hills, CA 90210
              Marty Clouser
              310-887-6422