Foreclosures could soon produce real estate auction boom

real estate


Sagging prices for commercial and residential property have sparked an uptick in business for many real estate Auctioneers, National Auctioneers Association members say.

Lower prices have lured potential buyers and investors to auctions in search of bargains that were unheard of just a few years ago.

Jay Edwards, AARE, of Jay Edwards & Associates, Bel Air, Md., says he conducted 25 real estate auctions bringing in $4 million during the first quarter of 2011 — a 30 percent increase over the same time last year.

Tom Hirchak Jr., CAI, MPPA, of Thomas Hirchak Co., Morrisville, Vt., says not only is his business up compared to last year, but returns that he has been able to secure for his clients often are far from bargain-basement prices.

“We’ve sold things for twice what our sellers want,” he says.

John Kurtz, CAI, of Kurtz Auction & Realty Co., Owensboro, Ky., even has seen a spike in prices for agricultural real estate.

“I think there is new money investing in farmland,” he says.

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Filed under Auction Industry, Auction marketing, Auctioneer magazine, NAA Members

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