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Thursday, September 4, 2008

Suggested opening bids in largest residential property auction hint at deals

Source: Ann Arbor Business Review
By Dan Meisler

Many of the suggested opening bids on the more than 65 lots and homes on five sites in Livingston and Washtenaw counties up for auction later this month are one-fourth the previous asking prices. Chicago-based NRC Realty Advisors Inc., at www.nrc.com/816, is conducting the auction Sept. 20 and 21, and it will be the largest auction of new residential property in Michigan's history.

In the Turtle Creek development near Howell, for example, half-acre home sites carry a suggested opening bid of $20,000. The previous asking price was $80,000, according to information from NRC Realty.

The Livingston properties up for auction also include five completed condominiums in The Meadows development, and 10 developed lots in Cedar Creek Estates.

Twelve build-ready lots in Brighton and five in Pinckney are also included.

In Washtenaw County, three single-family homes between 1,570 and 2,155 square feet in the Prospect Point East development in Superior Township also will be auctioned. Those homes, between 1,570 and 2,155 square feet, with three or four bedrooms and two-car garages, have suggested opening bids of between $55,000 and $65,000. Asking prices previously were between $213,000 and $243,000.

More than 400 properties will be auctioned.

Details: Visit www.nrc.com/816 or call (866) 447-0672 for more information.

NRC Contact:
Nicole Davis
Marketing Coordinator
NRC Media
312.278.6813
nicole.davis@nrcmedia.com