SLC auction draws around 800 attendees, including 200 bidders

More than 50 foreclosed residential properties and lots in Utah were sold for a total of about $10 million in an auction managed by Eric Nelson Auctioneering in Salt Lake City on Thursday.

Up to 800 people attended Thursday's auction of 52 foreclosed homes and lots -- formerly owned by Centennial Bank -- at the Wells Fargo building in Salt Lake City. Of the 800-plus attendees, 200 were registered bidders.

"Each property had about three to four bidders, and each one achieved between 60 percent and 90 percent of their total value," said Eric Nelson, founder of the Las Vegas-based real estate auctioneer.

Of the 52 properties, 23 were finished and unfinished homes appraised at between $175,000 and $2.6 million in value, and the remainder were custom or unfinished lots in Lehi, Mapleton, Alpine, Bountiful, Westhaven and Willard ranging between $111,800 and $408,000 in value. About 35 of the 52 homes and lots were located in northern Utah County.

Bids for homes started at $50,000 or $100,000, while bids for the lots started at between $25,000 and $50,000.

"The homes were sold for between $100,000 and $800,000. The most expensive property, a $2.6 million-dollar mansion in Heber owned by Heber Valley National Bank, sold for $800,000. That's because the property was only partially finished and its true value was between $1.1 million and $1.2 million," Nelson said.

The lowest bid was made for a 1,100 square-foot home in American Fork at $105,000, he said. The property was appraised at $175,000.

Several of the 29 custom and unfinished lots were sold for between $60,000 and $150,000.

Centennial Bank will have seven days to verify and accept the bids. Once the highest bidders are notified of their bid's acceptance, they will have three business days to submit the full 10 percent of the highest accepted bid. And then they have to close on the property within 30 days of the auction date.

Nelson said more auctions are planned in the coming months. Another 110-plus foreclosed properties in Utah will be sold at auctions to be held shortly, he said.

"About 80 of those properties, consisting of unfinished custom homes, multi-million dollar homes and lower end homes, are in Salt Lake and Utah counties. Another 30 properties in St. George will also be up for sale. These properties are owned by four or five banks," he said.