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March 28, 2008

23 Aquidneck properties up for auction -- by reserve

MIDDLETOWN -- If, despite the current real estate climate, you are in the market for nearly two-dozen properties on Aquidneck Island, you’re in luck.

A Virginia-based realty company is auctioning 23 Newport County properties tomorrow morning.

The auction is not selling foreclosed or distressed properties and is not an absolute auction, selling properties to the highest bidder on the spot.

Instead, it's a reserve auction, allowing sellers to establish a confidential minimum bid. If that minimum is met or exceeded, the sale goes through. If not, the seller has 48 hours to accept, reject or renegotiate.

“This is the first time there’s been an auction like this in Newport County,” said Cameron J. Wolfe, a business consultant who worked with the Counts Group to organize the auction. “It’s a growing trend in the real-estate industry.”

Two local real estate agencies have agreed to participate in Counts Realty & Auction Group’s Auction, set for 11 a.m. tomorrow at the Atlantic Beach Club in Middletown.

Properties include:

- A contemporary Colonial house at 72 Harrison Ave., in Newport, just one block from the harbor, listed for $1.25 million.

- An historic house at 204 Spring St., Newport, listed at $995,000.

- Eight building lots in the Indian Hill subdivision in Portsmouth

-- From a Journal staff report

Posted by Brandie Jefferson  at 12:25 PM | Permalink

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Storage Alexandria | March 29, 2008 4:55 PM link

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