Sponsored by George Fox University
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

Oregon Business wins awards

News
Monday, June 30, 2014

ASBPEOregon Business magazine won two silver awards for excellence in writing in the National American Society of Business Publication Editors Western region competition.


Read more...

The role of higher education as K-12 underperforms

Contributed Blogs
Friday, May 30, 2014
ThumbChalkboardBY DEBRA RINGOLD | OB GUEST CONTRIBUTOR

Since 1970 the performance of our public education system has steadily deteriorated.


Read more...

Why I became an Oregon angel investor

Guest Blog
Monday, July 14, 2014
AngelInvestBY TERRY "STARBUCKER" ST. MARIE

I really didn’t know that much about angel investing, but I did know a lot about the entrepreneurial spirit.


Read more...

The business of running a food cart

News
Thursday, June 05, 2014
OBM1BY HANNAH WALLACE | OB BLOGGER

What does it take to launch and run one of these mobile food businesses?  


Read more...

Risks & rewards of owning triple net investments

Contributed Blogs
Thursday, July 24, 2014
NNNinvestmentBY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR

With the increasing retirements of Baby Boomers, a massive real estate shift has created a significant increase in demand for NNN properties. The result? Increased demand has triggered higher prices and lower yields.


Read more...

Who said we should sell in May?

Contributed Blogs
Friday, July 18, 2014
BullMarketBY JASON NORRIS | OB GUEST CONTRIBUTOR

Back in May, we shared a common Wall Street quote about investing, “Sell in May and go away.” Fast forward to July and the most common question we have been getting from clients is, “When is the market pullback going to occur?”


Read more...

Attack of the Robin Sages

Contributed Blogs
Monday, July 07, 2014
070714 thumb linkedinfakesBY TOM COX | OB BLOGGER

Named after the 2010 experiment by Thomas Ryan, "Robin Sages" are fake social media profiles designed to encourage linking and divulging valuable information.


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