Home Back Issues November 2008 Auction bargain: two houses for price of one

Auction bargain: two houses for price of one

| Print |  Email
Archives - November 2008
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

Downtime

October 2014
Thursday, September 25, 2014
BY JESSICA RIDGWAY

I'm not very interesting,” says a modest Ray Di Carlo, CEO and executive producer of Bent Image Labs, an animation and visual effects studio.


Read more...

Shifting Ground

November/December 2014
Wednesday, October 22, 2014
BY JOE ROJAS-BURKE

Bans on genetically modified crops create uncertainty for farmers.


Read more...

True Blood

October 2014
Thursday, September 25, 2014
BY JOE ROJAS-BURKE

Antibiotics really aren’t magic bullets.


Read more...

The 100 Best Nonprofits to Work for in Oregon 2014

October 2014
Thursday, September 25, 2014
14BY KIM MOORE

Proud, diverse and underpaid.

Pride in their organizations’ mission, fairness in the treatment of women and ethnic minorities, flexible work schedules — these are just a handful of workplace characteristics that employees of this year’s 100 Best Nonprofits appreciate about their organizations.


Read more...

The Diaspora

October 2014
Thursday, September 25, 2014
BY LEE VAN DER VOO

Former newspaper reporters move into brand journalism.


Read more...

Fly Zone

November/December 2014
Wednesday, October 22, 2014
BY JOE ROJAS-BURKE

The black soldier fly’s larvae are among the most ravenous and least picky eaters on earth.


Read more...

Powerlist: Law Firms

October 2014
Thursday, September 25, 2014
BY KIM MOORE

A conversation with leading partners at law firms in Portland and eastern Oregon, followed by October's powerlist.


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