SOURCE: Albert Burney Luxury Real Estate Auctioneers

Albert Burney Luxury Real Estate Auctioneers

October 04, 2010 12:05 ET

Albert Burney Auction Sells 17 Lake Murray Condo Units for $2.27 Million

HUNTSVILLE, AL--(Marketwire - October 4, 2010) - Investors snapped up 17 condominiums for $2.27 million in Albert Burney Auction Company's sale of units on South Carolina's Lake Murray, bucking the conventional wisdom that there's little demand for lake properties.

"We keep hearing people say you can't sell condominiums and lake properties in this economy, but obviously we've shown there are buyers if you have the right properties, market them well and have a seller who's realistic about current property values," said Warren Ward, president of the Huntsville, Ala.-based auction company.

But success requires aggressive marketing, and a specific date by which buyers must act is an important element, according to Ward. "With an ordinary listing, people know there's no rush. It's no secret that the market is slow, and they're not worried about losing an opportunity if they don't step up to the plate. But with an auction, they have to bid or the opportunity to buy may be gone," he said.

The Lake Murray units were initially offered in a live auction, with an online auction following for units that did not sell in the live event.

"The best indicator of our success is the number of units sold. We sold 17 units, even though only 10 were offered absolute. That means the prices were strong enough that the seller was willing to let more of the units go," said Ward. "There are people prepared to buy if you offer value, or if you're selling an investment that makes sense. About half of these units were already leased, so we saw demand by both investors and individuals seeking them for personal use."

Albert Burney Auction Company, headquartered in Huntsville, Ala., is one of the nation's leading auction companies specializing in land, home sites, homes, and other high end real estate. Individuals seeking additional information may call (800) 434-1654 or visit More auction information.

Contact Information

  • For more information:
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    (205) 823-1024

    Lindsay Fernandes
    (205) 909-3705