Setting up a for sale sign and accepting offers is one way to sell property, but a Lincoln County development company is taking a riskier approach.
Serenity Pointe LLC will sell about half of its available lakeside, lake access or estate home building sites by absolute auction April 28. The sites will be sold using the high bidder’s choice method, meaning the first high bidder will get first choice out of 54 lots until 25 sites are sold.
Serenity Pointe is a 260-acre community on Thurmond Lake about 10 miles east of Lincolnton, with lots ranging from 1 to 5 acres.
The development began in 2009 with 99 sites with 54 sites unsold.
Owners often choose to sell by auctions when they are interested in selling property in a short period with minimal marketing expenses and sales efforts, said Jonathan Bone, the senior marketing director for The National Auction Group Inc., the firm handling the sale. Buyers are attracted to the excitement of the auction and the chance of a bargain, he said, and sellers can potentially benefit from a bidding war.
Selling at auction is a quick way to find out what the market values a certain category of property, he said.
“We’re just trying to find the fair market value,” Bone said. “It’s up to the bidders what the real property value is.”
Although the likelihood of someone walking away with a site for pennies on the dollar is slim, there’s always a chance of getting a good deal, Bone said. There will be no minimums and no reserves at the auction.
The properties will be available for viewing daily beginning April 19. Bidders will be required to pay 10 percent down on auction day and must have $5,000 in the form of personal check, business check or certified funds to bid on the lakefront lots, $2,500 for lake access lots and $3,500 for estate sites. Closing will be within 30 days of the auction and owner financing will be available.
The auction will take place at Serenity Pointe, which is on Nathania Farm Road.