A new Myrtle Beach company is getting ready to auction off more than 50 real estate properties in one day later this month. None of the properties are in foreclosure, but the auction is another sign of a housing market slow-down.
There are 55 properties for sale in all, from 30 different sellers. It’ll be the largest one-time auction of real estate on the Grand Strand in many years.

“We started with a small concept with one of our clients and it seemed to just grow out of the woodwork, the interest has just been tremendous,” said Joe Exum of Coastal Auction, which is organizing the event.

While the properties are not in foreclosure, Exum says the housing slump has made the auction attractive for people who are anxious to sell.

The owners of Coastal Auction Company said they’ve gotten many responses to their ads about the auction, from as far away as California and Texas. The response is from people who the auction owners call highly motivated buyers.

“There’s a pent-up demand right now. there’s money out there,” said Coastal Auction co-owner David O’Connell. “They’ve been waiting for a sign to buy. And they’re looking at this auction as, it’s time to buy, it’s hit bottom.”

One local real estate analyst isn’t surprised. As the slump continues, he said sellers will look for unique ways to sell.

“One way to bring a captive audience in and getting it done quickly is an auction so I think it’s a creative way to get the people who are interested in buying all together at one time,” said analyst Tom Maeser.

The big auction will be held September 29th at the Marriott Grand Dunes. Coastal Auction already has more events scheduled for next month and next spring.
For More Information: www.CoastalAuctionCompany.com

Posted: 09|16|07 at 8:57 am. Filed under: US News.