SOURCE: John Dixon & Associates

John Dixon & Associates

September 02, 2010 14:57 ET

Giant Auction of Georgia Bank-Owned Properties Brings $2.1 Million in John Dixon Sale

MARIETTA, GA--(Marketwire - September 2, 2010) -  Bidders snapped up 265 properties in a giant two-day real estate auction, paying approximately $2.1 million, with Marietta-based John Dixon & Associates managing the sale.

The properties included homes, home sites, condominiums, townhouses, commercial buildings and land in 32 counties, according to John Dixon, president of the auction company. The auction began Tuesday in Atlanta, with 164 properties selling for $1.1 million in bidding that lasted for more than three hours. On Wednesday, the auction continued in Macon, where approximately 250 people jammed into a room to purchase the remaining properties for another $1 million.

"We had active bidding across the board, with 64 registered bidders in Atlanta and 154 registered bidders in Macon. In addition to those who attended in person, another 110 people in five states registered for online bidding, and the online bidders purchased a substantial portion of the property," said Dixon. "These properties, most of which were lots, had been on the market for months, but we got them sold in two days."

Dixon attributed the success of the auction to effective marketing and the seller's willingness to accept market prices for the properties.

"There have been a lot of multi-property auctions for lenders, but most sellers have been reluctant to accept today's market values. This lender, who had acquired the properties in a loss share agreement with the FDIC, was willing to sell the properties at absolute auction, with no minimum or reserve. Knowing that all the properties would sell to the highest bidder made bidders willing to invest their time in attending, and that created more competition for the properties," said Dixon.

John Dixon & Associates is a leading auctioneer of bank-owned properties. Individuals interested in additional information about the company or its future sales may visit www.johndixon.com or call 800-479-1763. More auction information.

Contact Information

  • For more information:
    Carl Carter
    205 823-3273
    Lindsay Fernandes
    205-909-3705