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

Imperial Palate

February 2015
Tuesday, January 27, 2015

Power Lunch at the Imperial.


Read more...

Carbon Power

February 2015
Tuesday, January 27, 2015
BY LINDA BAKER

Researchers in a multitude of disciplines are searching for ways to soak up excess carbon dioxide, the compound that contributes to global warming.


Read more...

Green Rush: Cashing in on legal marijuana

March 2015
Friday, February 20, 2015
BY COURTNEY SHERWOOD | OB CONTRIBUTOR

Marijuana is big business in Oregon, and it’s about to get bigger.


Read more...

Finding a Balance

Contributed Blogs
Thursday, January 29, 2015
012915-passinvst-thumbBY JASON NORRIS | OB GUEST BLOGGER

Active vs. passive investing: what you need to know.


Read more...

How a Utah-based essential oils company cornered the Oregon market

March 2015
Friday, February 20, 2015
BY AMY MILSHTEIN | OB CONTRIBUTOR

Multilevel marketing, health claims and zyto scanner biofeedback machines: How dōTERRA thrives in Oregon. 


Read more...

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 Twitter highlights from #OR100Best

The Latest
Friday, February 27, 2015
100bestBY OB STAFF

Oregon Business held its  22nd annual 100 Best Companies to Work For in Oregon celebration Thursday night in the Oregon Convention Center.


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