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Bank-owned inventory valued at more than $20M A Las Vegas real estate auctioneer is putting more than 50 foreclosed residential properties and lots in Utah up for sale, in yet another sign of the soft housing market.
The inventory, which is owned mainly by Centennial Bank, is valued at more than $20 million in total. Managed by Eric Nelson Auctioneering, the auction will be held on June 12 at 7 p.m. at the Wells Fargo Building, 299 S. Main Street, 23rd Flr., Salt Lake City. The inventory includes 23 finished and unfinished homes ranging between $175,000 and $2.6 million, based on previous list prices or bank-appraised values. Several of the properties are located in the northern county cities of Highland, Alpine, Eagle Mountain, American Fork, Lindon and Provo, while others are in Riverton, Bluffdale, Layton, Draper, Mountain Green, Kaysville, South Jordan and Midway. Also included on the auction block are 29 custom lots that range between $111,800 and $408,000. Fifteen of those are in Mapleton, including 10 to be sold in bulk, while nine are in Lehi, and the remainder in Alpine, Bountiful, Westhaven and Willard. "Many of those properties were owned by speculators and owner-builders who had hoped to finish the homes and resell them, but ran out of money and time," said Eric Nelson, founder of Eric Nelson Auctioneering. "If the bank can sell the properties all in a short period of time, that prevents vandalism, holding costs and helps them recover the loans faster." The auction is indicative of ongoing weakness in the housing market, especially in the high-end segment, said Taylor Oldroyd, chief executive of the Utah County Association of Realtors. Sales of homes priced above $500,000 in Utah County plunged 71 percent in April from a year ago. No sales were recorded for homes priced above $1 million in April -- the second time so far this year, he said. "Mapleton and Alpine are some of the highest-priced areas that are seeing a lot less sales," he said. The Las Vegas company's most famous auctions include that of Liberace's residence in Las Vegas, the sale of Sunrise Suite hotel-casino to billionaire Carl Icahn; and the sale of the Debbie Reynolds hotel-casino to the World Wrestling Federation. |
