Concierge Auctions Generates Sale of Bank-Owned Ritz-Carlton® Condominium in the Heart of Downtown San Francisco

SAN FRANCISCO, Dec. 15, 2010 /PRNewswire/ -- A bank-owned condominium located within the luxurious Ritz-Carlton® Residences on historic Market Street in the heart of downtown sold during a live auction, Concierge Auctions has announced. The auction of Unit 1502 was conducted in cooperation with listing broker Jeffry Peargin of Pacific Union International, an affiliate of Christie's Great Estates. The successful buyer bid via telephone and was represented by Michael Kwiatkowski of J. Rockliff Realtors.

"Concierge Auctions was effective at placing the market on notice that this auction was a real opportunity and the owner was committed to selling," stated Patrick Barber, San Francisco President of Pacific Union International. "The resulting buyer competition was impressive. With broker commissions fully protected, the Concierge process is a phenomenal tool for listing agents to offer their sellers."

Concierge Auctions' global outreach produced more than 140 buyer prospects and 9 bidders. The four-week marketing campaign generated 2,599 visitors to the auction website from 55 countries (led by the US, Canada, United Kingdom, China, Singapore and Germany) and 48 US states (led by CA, NY, TX, FL and IL). Bidders were enabled to participate in person or proxy via telephone or Internet.

Unit 1502 within the Ritz-Carlton® Residences is a 1,195-square-foot, classic luxury condominium boasting two opposing master suites with unparalleled views of downtown San Francisco. The property contains two and a half bathrooms with modern luxury finishes throughout, including wall-to-wall carpet in the bedrooms, polished hardwood flooring in the living areas, Italian-marble flooring and hand-hewn tiles in the kitchen and baths, and an open gourmet chef's kitchen includes top-of-the-line appliances.

Constructed more than a century ago by Chicago architects Daniel Burnham and John Root as the original Chronicle Building, the West Coast's first skyscraper, this historic structure eventually transformed into The Ritz-Carlton® Club and Residences, San Francisco. Owners of the 101 individual residences enjoy access to unrivaled services and amenities, including private lounge access, wine storage, valet parking, a fitness center and full service doorman. Five other Ritz-Carlton Residences are currently listed for sale, and only one other has sold in 2010.

"Our platform is ideal for savvy, innovative buyers and sellers, which is why it lends itself well to San Francisco," stated George Graham, CEO of Concierge Auctions. "With this sale Concierge Auctions assembled more than 140 buyer prospects who are specifically interested in buying opportunities in the Bay Area. And with only one successful buyer today, the rest are anxious to hear about our next sale. Any motivated sellers or agents who desire a guaranteed sale for the highest, market-driven price within a 60-day timeframe should contact us for a complimentary property evaluation."

Concierge Auctions is currently accepting applications from luxury sellers nationwide with premier, storied properties. The company's innovative auction platform offers a 60-day disposition solution from engagement to closing.  For more information about Concierge Auctions and its services please call 888-966-4759 or visit www.ConciergeAuctions.com.

About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-end sellers nationwide through an accelerated marketing process that obtains fair market value for high-end properties in a 60-day timeframe. As a preferred auction partner to Sotheby's International Realty® and other luxury brokerage firms nationwide, the company has executed auctions from New York to Hawaii and hosts a database that includes more than 100,000 luxury real estate buyers and agents from all 50 states and 38 countries and territories.  The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury real estate sales over the past 10 years.  For more information, call 888-966-4759 or visit www.ConciergeAuctions.com.

SOURCE Concierge Auctions