"People who have come into contact with the auction marketing method tend to find it extremely effective, with its compressed marketing period and relative time-certain date of sale," a spokesperson for Sheldon Good & Co, who is auctioning the properties,. tells GlobeSt.com. "In other words, 'try it, you'll like it.' Those who have gone the auction route find it extremely effective as an alternate marketing strategy, if not the primary marketing strategy."

For example, the owner of the 3.9-acre land parcel in Oakdale retained Sheldon Good in late 2001 to sell a 47,000-sf vacant nursing home, called the Chandler Care Center, in Ossining, NY. The site already has approvals to build a 57,000-sf, 66-unit/132-resident assisted- living facility. Immediately adjacent to the property is a 280-bed skilled nursing home. Other potential uses include a 55+ residential development. The property is being offered without reserve, subject to a minimum bid of $2.2 million. A cashier's or certified check in the amount of $215,000 is required to bid.

New York City-area properties include a 15-unit brick apartment building with vacant commercial/retail store at 515 W. 47th St. between 10th and 11th avenues. Rents for the apartment's one to three bedrooms range from $1,300 to $2,550 with an annual rent roll of $326,400 in total gross income. Located in Clinton/Hell's Kitchen, the opening bid for this property is $2 million. A certified or cashier's check in the amount of $200,000 is required to bid.