(To read more on the multifamily market, click here.)
(Natalie Keith is a contributing writer to GlobeSt.com.)
HOWELL, MI-In an unusual move, a developer is selling more than 55 properties at an auction. The properties include new condominiums and homes, development land, lakefront home sites and approved sites for new condos.
The properties will be sold by four companies, which are controlled by locally based developer Jim Lamb. The properties stretch across the Interstate 96 corridor from Woodruff Lake in Brighton to the Lansing area.
The properties to be sold include:
- 13 condominiums (10 lakefront), four sites approved for condominium development, a lakefront home and three lakefront development sites in Brighton.
- Two new homes and five home development sites with access to Thompson Lake in Howell.
- Approximately 77 acres of development land in Howell Township.
- A home and 14 home development sites ranging from two to 3.56 acres in Iosco Township, Fowlerville.
- A 197-acre development site currently being used as a private aviation facility and a 64-acre development site in Fowlerville.
- Two new homes, three home development sites in the Hunter's Glen subdivision and a 22.68-acre development site on Dell Road zoned for apartments or condominiums in Holt.
- A 25-acre development site with an existing site plan and construction permits for 72 single-family homes in Mason.
The auction will be managed by Gadsden, AL-based J.P. King Auction Co. Carl Carter, with J.P. King, tells GlobeSt.com that the "size and scope" of the auction is unusual. "This is definitely not something you're going to see every day or even every year," Carter says. "When there is a downturn in the market, it becomes more cost-effective to sell the property rather than keep it because of the carrying costs. We're entering into a period when we're going to be seeing more of this."
Many of the properties will be sold "absolute," meaning they will go to the highest bidder with no minimum bid or reserve. "This signals to the buyer that they're not wasting their time; they can get the property they want at the price they're looking for," Carter says.
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