Weston is situated in Marathon County and falls under the statistical metropolitan area for the city of Wausau. This town may not boast a metropolis-sized population, but it is increasingly becoming a significant stop between Minneapolis, Minnesota and Green Bay, Wisconsin.  The Village of Weston has put together a short video that explains the town in much greater detail. Please click here to see the video and check back in with us when the auction starts later this week!

If you would like more updates on all of our online auctions and commercial real estate news, follow us on Twitter at http://twitter.com/LFC_Auction.

An initial bid deadline was set for December 17th, 2009, but the energized bidders continually extended the Bid Deadline for an additional 3 weeks!  In each of LFC’s auctions, the seller has the right to invoke our patent-pending bid extension process called LAST CALL®, which extends the bid deadline by an additional 24 hours. Each time a new bid is placed, the deadline is extended once more.

LAST CALL® protects bidders from auction sniping. If you are familiar with other online auctions sites such as eBay, you know that everyone interested in the auction waits until the very last second to place their bid. There is even software that will automatically enter a bid in the last millisecond of the auction, what we call “auction sniping.” LAST CALL® protects bidders by eliminating the possibility of “sniping.” Real estate is a rather large investment to make online and we strive to give all bidders a fair chance at winning.

Understanding that real estate is a rather large investment to make online, we made the LAST CALL® extension increment 24 hours to give bidders plenty of time to deliberate. Similar to the live auctions held in a hotel ballroom or on the steps of a courthouse where auctioneers cry out, “Going once! Going twice! LAST CALL! SOLD!”, we give bidders extra time to calculate how much they are willing to pay for a property. However, unlike live auctions, which only give bidders mere seconds to analyze a property’s worth, we want bidders to take their time and make decisions rationally rather than in the heat of the moment.

In this recent Columbus campaign, LAST CALL® lasted for several weeks, driven by several bidders who competed throughout the holiday season, bidding on both Christmas and New Year’s Eve. Finally, the auction ended on January 8th, 2010 and the sale is now currently pending.

Thank you to all who followed our real time updates for this auction on Twitter (@LFC_Auction). If you didn’t stay up to date with our tweets you can view the Bid History on our commercial real estate auction website LFC.com.

Here at LFC, we are shameless when it comes to explicitly advertising the benefits sellers get when they participate in an online real estate auction. As I mentioned in my most recent post on our residential real estate blog, I have gone as far as climbing up and advertising on the seller’s yacht for our auction of two condos on the Newport Beach Harbor in Southern California as well as having put up 40 directional signs for a single open house. Unfortunately, there are no boats to advertise with in the Nu River Landing auction, but this auction has generated quite the marketing buzz due to the other auction advertising we’ve done.

With three units sold, our marketing team has gone as far to give the Nu River auction the sub-title “If these prices don’t get you excited- Nothing will!!!” The marketing team strategically placed this at the top of the auction event’s web page because minimum bids are the focal point in all of our auctions.

When prospective buyers hear the word “auction” they think there is a deal to be had. That is why the minimum bid must be tantalizing enough to draw bidders into our online real estate auctions. Moreover, minimum bids are a major aspect of online auctions that differentiate their sales from traditional real estate.

If no offers are made on a traditional real estate listing, sellers often feel the pressure to reduce that listing price. This is commonly called chasing down the market, meaning that sellers will lower their price until an offer is made. If the property sells, the purchase price can be closely considered the market value for that property. Auctions work the price from the opposite direction. When pricing begins at a value much lower than what the seller considers to be the listing price (or “suggested value” as we call it), prospective buyers bid until the highest bid is not surpassed before the deadline.

The Bid Deadline for the Nu River Landing Auction is January 14, 2010 and we are expecting to see some considerable action on the last two units. I’m not going to get into explaining the strategy behind the Bid Deadline process in this post, but I will be sure to get one out before the year’s end.

Feel free to leave a comment if you have any questions!

*****

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

The property  is comprised of three buildings for a total +/-35,471 SF facility on  approximately 8.96 acres which includes:

• a showroom built in 1971
• a used car building built in 1984
• a body shop built in 1994

The entire site is paved with asphalt and the property is zoned “Community Service” (CS) with a variety of uses.

Lastly, this high traffic location is surrounded by several automotive dealers  including Bobby Layman Chevrolet and Haydocy Pontiac.

The Bid Deadline  is TODAY at 8:00 PM EST. You can view all of the property details and documents at on our commercial land and real estate website,  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