Choosing this alternative and seemingly progressive marketing strategy could help the bank sell properties that have proven resistant to traditional sales methods.

“We had considered other sales approaches but chose the online auction format because it is perfectly suited for such a wide variety of real estate offerings across several counties and in two states,” stated Robert M. B. Draper, Senior Vice President for Columbia Bank. “It provides one easy, convenient hub for buyers.”

FRE.com, a leading real estate auction platform presents any type of buyer such as builders/developers, savvy or new real estate investors with an incredible opportunity to conveniently purchase property through a transparent, fair and open bidding platform.

“It’s been our experience that with properties such as these, an online auction strikes accord with buyers, both local and out of state,  by providing them equal  opportunity to get a great deal ”, said LFC’s Director of Operations Ryan Devin. “And with the aggressive minimum bids set by the bank, there are definitely deals to be had.

The bank-ordered auction offers a wide variety of real estate, over 20 properties, located throughout several counties in Washington and Oregon, including:

• Ninety-nine (99) finished multi-family development lots adjacent to the Sandpines Golf Course in Florence, Oregon have a minimum bid of $1.4MM – a fraction of the previous asking price of $3.0MM
• 11 subdivision development lots in Rockaway Beach, Oregon with a minimum bid of $99,000 – more than half of the last asking price
• Over 24 acres of residential development land in Renton, WA zoned for single family, multi-family or senior housing has been reduced by over 40% for a minimum bid of just $899,000
• ±22,000 retail center in Spokane, Washington with current tenants was listed at $1.1MM but not has a minimum bid of $599,000
• Restaurant and clubhouse adjacent to the Charbonneau Golf Course in Wilsonville, Oregon has a minimum bid of $299,000 more than 50% below the previous asking price of $700,000
• Residential lot in Pacific Rim Estates in the coastal Oregon town of Lincoln City has a minimum bid of $25,000
• ±33 acre Equestrian Ranch in Enumclaw, WA is asking for a minimum bid of just $399,000.
• Seattle, WA commercial building with an AT&T cell tower lease and income-producing outdoor billboard was on the market for nearly $4.0M now has a minimum bid of $2.5MM
• Small residential lot zoned for a 2-4 plex in Bend Park development in Bend, Oregon is asking for a $5,000 minimum bid
• “Buyers should recognize that the bank is serious about selling these properties as clearly demonstrated by the low minimum bids and the quick timeframe to sell and close escrow,” said Devin

As with all of auctions on the Freedom Realty Exchange website, the research, due diligence and even bidding are conducted completely online, removing the need to spend hours in a crowded ballroom with all the unwanted pressure and intimidation that comes with a traditional outcry auction. Interested buyers can view property documents and auction details by visiting FRE.com/109R2. Bids must be submitted by September 1st and properties must close escrow by September 30th.

Our online auction of the former Elk Meadows Ski Resort in Beaver County, Utah has received a substantial amount of media coverage. This is probably due to the fact that mountains don’t get auctioned on the internet everyday. Needless to say, I have had a good time reading reporters’ different approaches to the story.

The ski community has been drooling over the idea of owning a ski resort in Central Utah. For instance, Kraig Becker of Glading.com wrote the Elk Meadows auction story as if he were letting wealthy skiers in on a Black Friday special . Websites like SkiNet.com even joked about having a private mountain just for subscribers.

No matter which trail the journalists chose, the auction of a mountain is interesting in itself and the Elk Meadows auction is coming to a close. To see the final bids or to actually take part in the fantasy of owning your own mountain, see the auction at LFC.com.

*****

About this author: Casey Flynn is the Communications Manager for the LFC Group of Companies. He also coauthors on ResidentialRealEstateAuctions.com and RealEstateNoteAuctions.com

LFC Auction #615-3 | Sultan, WA

Property Details:

Size: 80.54 acres
Location: Sultan, Washington
Minimum Bid: $1,063,000

Six vacant lots totaling 80.54 acres located approximately 3 miles north of Sultan, Washington.

The lots, zoned as residential development land are situated less than three blocks south of 94th Street SE from Woods Lake Road, which runs through two of the properties and a small portion of another property. The parcel sizes are 5.05 acres, 15.22 acres, 10.00 acres, 5.05 acres, 15.22 acres and 30.00 acres.

The neighborhood is located approximately 8 miles northwest of the city of Monroe. Sultan offers typical small-town amenities and services, including all levels of public schools.

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LFC Auction #615-2 | Duvall, WA

Property Details:

Size: 39.16 acres
Location: Duvall, Washington
Minimum Bid: $517,000

Unimproved 39.16-acre parcel of land located in eastern King County, approximately one mile west of Duvall.

The subject parcel is zoned RA-10 (Residential 10 acre parcels) but is currently forestland. Portions of this property are sloped.

The western boundary is bordered by residential developments. The southern portion is completely wooded. The northeastern boundary follows the contours of the Woodinville-Duvall Road.

View Full Property Details: Duvall Washington Residential Land For Sale

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