THE IDI GROUP COMPANIES HIRE SHELDON GOOD & COMPANY TO CONDUCT CLOSEOUT AUCTION OF 30 LUXURY CONDOMINIUM RESIDENCES AT LEISURE WORLD® OF VIRGINIA

10 RESIDENCES TO BE SOLD SUBJECT TO MINIMUM BIDS AS LOW AS $95,000

NEW YORK, NY – April 15, 2011 – (RealEstateRama) — Sheldon Good & Company, a Racebrook Portfolio Company and America’s leading real estate auctioneer, has been hired by The IDI Group Companies, one of the region’s premiere developers, to conduct a closeout auction of the 30 remaining luxury condominiums in Riverview, a 242-unit residential building located in Leisure World® of Virginia, a 91-acre active adult community in Lansdowne, VA on Sunday, May 22nd. Ten of these one, two, and three-bedroom residences will be sold subject to low minimum bids from just $95,000.

Located on the banks of the Potomac River and nestled in the rolling hills in northern Virginia, Riverview offers the  best of two worlds: an extraordinarily beautiful natural environment and access to urban amenities. As one of seven residential buildings in Leisure World® of Virginia, Riverview enjoys the full benefits of one of the Washington area’s most desirable and prestigious communities for active adults.

“With suggested opening bids beginning as low as 69% off the original asking price, this auction is a rare opportunity for buyers to live in a very well-established active adult community at a fraction of the original cost,” said Mark Troen, COO of Sheldon Good & Company. “These residences offer true luxury living”. Troen added, “Leisure World® of Virginia and Riverview were developed by IDI, who is widely recognized as the premiere developer and builder of condominiums in the Metropolitan Area – the quality of these residences and amenities is unsurpassed.”

Surrounded by the renowned Lansdowne Resort Golf Course, this luxury community boasts sweeping views of the Blue Ridge foothills and Sugar Loaf Mountain along with world-class amenities, including the central clubhouse that features an auditorium, ballroom, exercise facilities, saunas, indoor swimming pool, hot tub, massage room, rooftop tennis courts, library, computer center, chapel, Lifestyles Hair Salon, a PNC Bank branch, a billiard room and table tennis, and its own gourmet restaurant La Pergola. There are also art and pottery studios, , a woodworking shop, and several dedicated meeting rooms that host clubs, activities, lectures, instruction seminars and special events.

“We are very pleased by the success that we have had at Leisure World® of Virginia and view this auction as an innovative way to sell the remaining 30 condominiums at Riverview in just one day”, said Giuseppe Cecchi, CEO of IDI. It’s an amazing opportunity for buyers to take advantage of great value for an unsurpassed lifestyle.” As one of seven residential buildings in the Leisure World® community, Riverview is conveniently located adjacent to the Lansdowne Resort and Loudoun Hospital, has easy access to historic Leesburg and nearby Dulles Airport, and is just 25 miles from Washington, DC.

This auction comes on the heels of another auction held by Sheldon Good & Company in the region, where in November 2010 they auctioned condominiums in the Grandview at Annapolis Towne Center, resulting in sales for over 50 units, generating close to $25 million in proceeds for the Developer. Across the country, condominium auctions continue to be a successful alternative for developers looking to take advantage of Sheldon Good & Company’s sophisticated marketing and sales techniques, which enable them to sell a large number of units in a oneday event.

Interested buyers can view the property and units during the first pre-auction Open House weekend April 16th – 17th. Open Houses will run every Wednesday through Sunday thereafter. The auction will take place on Sunday, May 22nd at The Westin Washington Dulles Airport Hotel.. Registration will begin at 11 am, and the auction will start at 12 Noon.

For more information on the auction and to view the available residences at pre-auction open houses, visit www.VirginiaCondoAuction.com or call (800) 480-0062.

ABOUT SHELDON GOOD & COMPANY
Sheldon Good & Company is America’s Real Estate Auctioneer™. As the nation’s leading provider of strategic marketing and structured accelerated sales solutions, the firm has a 45-year track record of proven results, has sold billions of dollars worth of properties in every real estate asset class, and has the highest closing ratio in the industry. Sheldon Good & Company is a Racebrook Portfolio Company, part of a family of enterprises offering a wide range of services in the special situation and opportunistic real estate sector that include: advisory and consulting services; acquisition, investment and disposition capabilities; and workout and restructuring services. The firm’s headquarters are based in New York City, with primary offices in Chicago, Miami, Denver, Los Angeles, San Francisco and other strategic locations nationwide.

ABOUT THE IDI GROUP COMPANIES
For over three decades, IDI has been recognized as the premier developer and builder of condominiums in the Washington Metropolitan Area. The IDI portfolio includes over 13,000 condominium homes in 28 different communities. IDI’s Leisure World® communities are the largest adult communities in the entire region. IDI’s leadership in this role, with special expertise in active adult environments, has earned national and international recognition.

MEDIA INQUIRIES
Michael Tavani, M18 Co. | 212-604-0318 | michael (at) m18co (dot) com