SOURCE: Schrader Real Estate & Auction Company

Schrader Real Estate & Auction Company

November 18, 2010 15:35 ET

East Georgia Auction Draws Strong Interest, Resulting in Sale of 1,399 Acres

COMMERCE, GA--(Marketwire - November 18, 2010) -  Approximately 1,399 acres of East Georgia recreational land sold for $2.519 million in an auction that attracted a standing-room-only crowd Monday, Nov. 15.

The sale, conducted by Schrader Real Estate & Auction Company, attracted 57 registered bidders. Six different bidders purchased land in the auction, which included property in Jackson, Barrow, Hart and Elbert counties, according to R.D. Schrader, president of the auction company.

"This property included more than four miles of Lake Russell Corp frontage and river frontage, as well as a great deal of recreational and hunting land. It was good to see the level of interest in recreational land, which has suffered during the recession," said Schrader.

The auction became an extended competition between large and small bidders for the land, which was offered in tracts ranging from eight acres to 198 acres. "Our bidding system allows bidders to combine tracts, which puts large and small bidders on equal footing. In this case, we had an out-of-state bidder who purchased 756.21 acres that included some of the land on Lake Russell in Hart and Elbert counties. Beyond that, most of the land went to bidders in smaller quantities, ranging from 45 acres to 271 acres," said Schrader.

"Now we turn our attention back to the Midwest, where we still have more than 20 remaining auctions in 2010, including farmland in Indiana, Illinois, Ohio and Michigan," said Schrader. "It's been an excellent year for farmland, which has attracted widening interest among investors for its excellent stability and long-term returns," said Schrader.

Schrader Real Estate & Auction Company, based in Columbia City, Ind., is a national leader in the sale of large tracts of agricultural land throughout the United States. More auction information.

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