SOURCE: Granger, Thagard Auctions

Granger, Thagard Auctions

June 21, 2011 12:11 ET

Small Parcel Bidders Prevail as Granger, Thagard Auctions Sells 113 Acres in Alabama's Jefferson County

BIRMINGHAM, AL--(Marketwire - Jun 21, 2011) - When Granger, Thagard Auctions agreed to offer 113 acres of land in the Dora/Sumiton area of Alabama's Jefferson County, President Jack Granger thought that offering it in parcels of 12 acres or less would ensure a positive result by making it possible for more bidders to participate. And when the 16 parcels sold to 14 different bidders, he knew he had been right.

The properties sold for a combined total of $630,000 after the 25 registered bidders had spent two hours competing for the land, entering bids on numerous combinations of parcels. The auction was held Thursday, June 16. The auction drew a total attendance of 100.

"Our seller, who lives out of state and had inherited the property, said the auction was something her folks would have been proud of. I took that as the ultimate compliment," said Granger. "It was clear from the outset that the property would go for the best price if we sold it in smaller parcels and allowed bidders to make offers on combinations that suited their needs. That turned out to be the case as we saw unimproved commercial land going for up to $7,500 an acre, which our seller and local observers felt was very strong for the location."

On a given day, it's impossible to predict whether bidders seeking larger or smaller parcels will prevail, Granger said. "It was entirely possible that one person might buy it all or that we could have three or four bidders buying property. But in this case, we had a strong field of bidders, many of whose interest was limited to just a few acres, and in this case, the smaller bidders prevailed," he said.

The auction made it possible to accomplish in a few weeks what could take years with traditional listings, Granger said. "In the auction, people know that if they don't buy it, somebody else will, so they have an incentive," he said.

Granger, Thagard Auctions, headquartered in Birmingham, Ala., uses the auction method to sell a wide variety of residential and commercial properties. Individuals seeking additional information may contact the company at 205-326-0833 or visit www.gtauctions.com. More auction information.

Contact Information

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