Sponsored by Oregon Business

Auction bargain: two houses for price of one

| Print |  Email
Saturday, November 01, 2008

STATEWIDE  Buy one, get one free — houses that is. A pair of never-occupied two-bedroom homes north of Klamath Falls is headlining a big property auction scheduled for Nov. 15 at the Hilton Hotel near Portland International Airport, with sealed bidding to follow.

Also vying for investor interest are the 102-acre High Heaven Horse Farm in Yamhill County, a 2,114-acre elk-hunting camp in the Wallowa Mountains and a 3,200-acre expanse of forest adjacent to the Strawberry Mountain Wilderness Area.

Sellers are offering to finance most of the deals, pending a review of the buyer’s credit. Cash bids are welcome and in some cases required.

Portland-based Realty Marketing Northwest has been selling properties at auction since 1985 to offer bargains to smart bidders and savings to sellers tired of paying holding costs. The company works closely with timber owners and has moved mountains and company towns in past auctions. Given the economic climate, expectations are less ambitious this year.

“It’s definitely a challenging market,” says president John Rosenthal, adding that it’s no coincidence that more than half of the properties are valued at under $250,000.

Several of the properties speak volumes about the woeful state of Oregon’s real estate market:

• A lender-owned 35-lot would-be resort near Lehman Hot Springs, with no minimum asking price;

• A former realtor’s office (repossessed by the bank) that looks out onto a golf course at Crooked River Ranch;

• A cash-only “as-is” three-bedroom house with a 19-acre clear-cut that has not been replanted.

Rosenthal says at the height of the market 75% of the auction properties would sell. That dropped to about 50% for Realty Northwest’s auction in June. For the fall auction, published reserve prices range from zero to $6.1 million. The catalog is at rmnw-auctions.com.

BEN JACKLET


Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

More Articles

Downtown flower shop readies for the Valentine's Day rush

The Latest
Monday, February 09, 2015
021015-giffords-thumbBY MEGHAN NOLT

VIDEO: Gifford's Flowers brings family approach to PSU-area shop.


Read more...

10 quotes explaining crisis at Port of Portland

The Latest
Friday, February 20, 2015
022015 port portland OBM-thumbBY JACOB PALMER | OB DIGITAL NEWS EDITOR

The ongoing labor disputes at the Port of Portland came to a head two weeks ago when Hanjin, the container port's largest client, notified its customers it would be ending its direct route to Oregon.


Read more...

Everything old is new again: How the EEOC is reinventing itself

Contributed Blogs
Tuesday, February 17, 2015
BY TAMSEN LEACHMAN | OB GUEST CONTRIBUTOR

It is important to understand the EEOC’s priorities, and ensure that your leadership understands the shifting expectations of regulators and the heightened standards to which you (and they) may be held.


Read more...

Get on the bus!

April 2015
Thursday, March 19, 2015
BY APRIL STREETER

How the private sector can ride the next transit revolution.


Read more...

Epitaph for a Boondoggle

April 2015
Friday, March 27, 2015
BY JOE CORTRIGHT

The CRC is a cautionary tale about how we plan for, finance and invest in transportation infrastructure.


Read more...

10 Oregon companies positioning themselves for growth

The Latest
Friday, March 13, 2015
vcthumbBY JACOB PALMER | OB DIGITAL NEWS EDITOR

Ten startups have secured venture capital, angel or seed funding in 2015.


Read more...

On the Brink

March 2015
Friday, February 20, 2015
BY APRIL STREETER | OB CONTRIBUTOR

Leslie Carlson channels the big idea.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS