This is a unique opportunity. Most of our auction properties are not the subject of blog entries. This group of properties deserves a little extra attention.

What makes our April 26, 2010 commercial property SEALED BID auction in Hyattsville so unique is the location. This offering involves street retail and office space plus an interest in a large parking lot, all located at the corner of Baltimore Ave (US Route 1) and Farragut Street, close to the DC border and right next to the District Court and County government buildings. Property addresses are 5100-5108 Baltimore Ave and 4342-4344-4346 Farragut St. As a bonus, EYA is breaking ground as I write this on Phase 2 of the Arts District, a massive project. Click here for more information from those in the know. Phase 1 has already been completed. One recently improved parcel is leased to a busy beauty salon. A long term bail bond tenant occupies another unit. All office space is leased except for one large unit built out to be 10 or so shared office suites. The prime retail space at the corner at street level is vacant and awaits an owner-occupant’s headquarters or a smart vendor.

Due to partnership dissolution, these properties will be offered individually, in groups and as an entirety at public auction on Monday, April 26, 2010. Prospective buyers must submit their sealed bids with required deposits on or before April 26th at 3pm. High-end multiple use properties such as this may have suitors across the country or around the globe, and permitting remote bidding provides these prospective buyers the opportunity to make their best offer without physically attending a sale. There is a 10% Buyer’s Premium. It is a reserve auction sale. The property will be shown by appointment by calling the auctioneer’s office at 888.704.TRAC (8722) x100 for Paul Sobwick, Auctioneer, or myself at x111.

All types of properties including high-end, unique and commercial properties are being taken to auction by their owners - following a new trend in real estate sales. TRAC works with and in addition to listing agents to employ cutting-edge marketing tools to attract buyers in a short period of time. The TRAC auctioneer and his team work with the seller in choosing the best options for marketing their real property, strategising right up to sale day, utilizing tools such as entertaining pre-auction offers, sealed bids, internet and live outcry auctions. Buyer agents are invited to become part of the auction process, and when representing a client in a sale, they are paid a commission for their efforts.

Click here for more property information and to obtain the sealed bid packet. We’ve just posted due diligence including owners title insurance policy, a recent survey. Contact us directly for copies of leases and rentroll.

3% Broker co-op; 10% Buyer’s Premium; 60 day settlement required. Even if you don’t have or know a buyer, if you would help us spread the word about this property and the 4/26 auction, it would be greatly appreciated.

-–Tom Gimer, Principal, 888.704.TRAC (8722) x111

TRAC is preparing now for a Spring 2010 ballroom real estate auction in the Baltimore-DC corridor.

The ballroom auction format offers sellers who have one or just a few properties the opportunity to combine theirs with properties from other sellers. This creates more inventory to choose from, increasing buyer participation. Ballroom auctions also allow for joint marketing. So while a typical auction seller would pay for a full advertising budget (often a few thousand dollars), ballroom sellers pay only a modest fee.  When combined, these fees are used to create an extensive marketing campaign.

Online bidding will be available but this will surely be an event to attend in person if you can make it. Stay tuned for more details.

The third Saturday of April marks a special day in the lives of Auctioneers throughout the United States, National Auctioneers Day.  Paul Sobwick and TRAC will join fellow Auctioneers and celebrate this annual event on Saturday, April 18, 2009.

One of America’s oldest trades and the last bastion of the competitive free enterprise system, auctions and the age-old profession of auctioneering continues to grow. Auctions thrive in today’s economy with approximately a quarter-trillion dollars in goods and assets sold annually at live-auction in the United States.

Consumers enjoy the thrill of an auction. Auctions are an effective and efficient means of turning assets into cash quickly. TRAC’s focus has been on real estate auctions and associated personal property, along with estate liquidations. With our recent award of the Maryland State Police contract for online auctioneering of forfeited items, our site will continue to expand in scope and traffic.

From the avid weekend auction fan to the first-time buyer, TRAC encourages consumers to join us at an auction and enjoy the experience.