Packed house results in $4.5 million in sales of condominiums, land and homes

NOVI, MICH. (April 3, 2006) – More than 400 people packed into the Rock Financial Showplace in Novi, Mich., for the auction of condominiums, home sites, land and homes throughout the I-96 corridor stretching from Brighton to Lansing. And after three and a half hours of bidding, the sellers had contracts for more than $4.5 million in sales.

""We had a complete sellout of our condominium units, land approved for future condominiums, and other properties in the Brighton area,"" said Craig King, president of J.P. King Auction Company, Gadsden, Ala., which managed the sale. “In all, we sold 47 different properties.”

Workers had to locate additional chairs to accommodate the crowd that began to grow as the 11 a.m. auction hour approached. Live music played in the background as prospective buyers huddled with their advisers and auction personnel, making final bidding plans.

""The bidding took a while, because we had a lot of properties and a lot of bidders, but at the end of the day, we had a room full of successful bidders enjoying our buyer hospitality area as we handled the paperwork and drew up the contracts,"" said King. ""That's a lot to accomplish in a single day.""

Seller Jim Lamb said the auction allowed him to sell some properties in a slowing market. ""We gained on some and lost on some, but we're happy with the turnout, and in a down market, we obviously got what the bidders today were willing to pay,"" said Lamb.

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