Bank-owned real estate sells for $3.67 million in John Dixon auction

ATLANTA, Nov. 14, 2013 /PRNewswire/ -- Bidders from 14 different states and two foreign countries competed vigorously Tuesday for 52 bank-owned properties ranging from a lakefront chalet to residential development land. John Dixon & Associates managed the sale.

After well over two hours of bidding, they had paid $3,677,000 for the properties, most of which were concentrated in North Georgia, Tennessee and North Carolina.

"We had more than 150 people in the room, including 55 registered bidders, plus another 132 bidders participating online. We had two live bidders from Qatar who purchased several properties," said John Dixon, president of the auction company.

"We had some nice properties – some retail, commercial land, a restaurant and office properties, but I think we're seeing several factors at work. Banks have made tremendous progress in selling the foreclosed properties they acquired during the financial crisis and recession, and investors realize that they'll soon see fewer opportunities to buy real estate at today's prices. Meanwhile, people are seeing the economic recovery all around them, and they want to build up their own portfolios to better profit from it," he said.

Dixon noted that the company is currently preparing for its Dec. 10-11 sale of 100 properties in eight different states as well as Puerto Rico. Information on those properties will be available at www.johndixon.com or may be obtained by calling 800-479-1763.

John Dixon & Associates, headquartered in Atlanta, is a leading auctioneer of residential and commercial properties for banks, individuals, institutions and government entities throughout the United States.

For more information:
Carl Carter, 205-823-3273

SOURCE John Dixon & Associates

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