Developers Turn to Auctions to Sell Prime Real Estate
CONCORD, NC, January 27, 2008. Auctions have been around a long time. Trainers sell thoroughbred horses at auction. Collectible cars are sold at auction. The finest art in the world is sold at auction. A growing trend is real estate auctions. Real estate is the fastest growing segment of the auction industry according to a study by MORPACE, Inc.
In the stagnant real estate market, developers and investors are often looking for ways to sell real estate to use the money for other real estate ventures. Local developer Sam Salloum is offering one of his prime holdings at an auction in March. Mr. Salloum is selling a 1.9 acre site across the street from the Concord Convention Center at public auction. The site is located between Concord Mills Mall and the Lowe's Motor Speedway.
"I believe auctions are a viable option for developers wanting to cash out of one site to invest in another," said Sam Salloum. "People often offer their worst properties at auction and I believe the best properties should be sold by the auction method" Mr. Salloum said.
For more information on the auction contact Mark Rogers at bmrogers@rogersrealty.com or www.rogersauctiongroup.com.
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