Going, Going, . . .
|Episodes of Dallas; Sammy Sosa in a Rangers uniform; a $100M live property auction. All things the youngest brokers in your office have probably never seen. Not anymore. The state’s largest independent commercial real estate firm, Dallas-based Henry S. Miller, is partnering with CRE Auction Group on a huge live auction, the first of its magnitude in Dallas since the early 90's. (As for the Dallas episodes, get 'em on DVD.)|
Bisnow was assured that HSM president Sam Kartalis (seated in blue) uses the golf club for putting and not fighting off nosy reporters. HSM EVP Darrell Hurmis and CRE Auction Group president Bill Vaughan (both standing) joined HSM Investments prez Robert Grunnah to tell us about the Dec. 15 auction at Prestonwood Country Club. The CRE/HSM JV is a sign of the times, Robert says; he feels an auction can kickstart sales in a horrible market. If it goes well, Sam tells us it may become a quarterly event. If so, he’ll plan around his annual trip to Hawaii with his wife. He loves golfing there and has done so annually for 30 years.
HSM PR queen Missy Hodges corralled the guys to promote the auction, which features quick closings, simple contracts, and detailed due diligence (we love alliteration). All North Texas properties have been closely evaluated for property quality and price expectations, and about half will be land. Buyers: be ready to pay 10% down. The 300 to 400 bidders anticipated will have cashier's checks in hand; Robert’s counting on it, but, then again, he’s a gambling man who raises and races thoroughbreds—including some of Secretariat’s lineage among his stock. Auction info.