Realty auction draws more than 250 as 16 properties sell for $4.63 million

Realty auction draws more than 250 as 16 properties sell for $4.63 million
10/02/2016 , by , in INTERNATIONAL

Auction of 16 pieces of real estate in North Chattanooga drew a crowd of more than 250, resulting in the sale of all the properties for $4.63 million. John Dixon & Associates conducted the auction, which included a number of homes, duplexes, triplexes and a microbrewery located next to the Chattanooga Choo Choo.

“The response was amazing and really exceeded most people’s expectations, but we weren’t surprised, because many of these homes were perfect for first-time buyers and real estate investors,” said Henry Glascock, who manages the auction company’s Tennessee operations.

Company President John Dixon said the auction also demonstrated the advantages of a live auction combined with simulcast remote bidding.

“We had an energy in the room you just can’t get with a timed online auction. Properties likes these, which are well suited for investment, do best in an environment where bidders can see and hear each other. That really brings out people’s competitive spirits, and we saw a lot of that in Chattanooga,” said Glascock.

Dixon noted that the company is currently organizing its next Multi-Seller real estate auction, set for early March. “This is a great way for institutions, funds, individuals and small investors alike to get their property sold in live auction, with shared marketing expenses to hold down the cost. People need to be calling us now to be part of our March event,” said Dixon.

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