OBX Landmark to be Sold at Real Estate Auction May 20 - Waterfront 17 +/- AC Site of Former 'Pilot House' Restaurant

VIRGINIA BEACH, Va., May 5 /PRNewswire/ -- Well-known in its day, the soundfront shingled former "Pilot House" restaurant will be sold at auction on May 20 at 4 pm, when Tranzon Fox kicks off a 3-day multi-property auction event with this distinctive Outer Banks commercial site.  The building and 17 +/- acre commercial site will be open for inspection by appointment and one hour prior to the auction.

Both residential and commercial real estate in the Outer Banks is undergoing a transformation in the way it's sold.  Many owners are opting to go the auction route to expedite sales, especially in a sluggish real estate market where properties marketed by traditional methods may linger months or even years. Just last month Tranzon Fox conducted an auction at Sugar Creek where 21 condominiums were sold in one afternoon.

"The combination of a well-located soundfront property with strong upside potential being sold at auction presents a real opportunity for buyers, adding more excitement to the sale since the public auction process allows the true market value of the property to come forth," said Linda Staples, Partner/Auctioneer/Broker of Tranzon Fox.  

Other properties included in this three-day auction event are three income-producing beach homes - two of them oceanfront and one on the Pamlico Sound , a charming home in the quaint waterfront town of Belhaven on the Pantego Creek, two 10 +/- acre building lots in Moyock, a 5.78 +/-  acre commercial lot in Poplar Branch, a 2 +/- acre commercial lot in Grandy, and a boat slip on Hatteras Island.

Tranzon Fox, headquartered in Virginia Beach, VA (NCAF 4953) is a full-service real estate auction company and a member company of Tranzon, L.L.C. With over 32 independently owned offices from coast to coast, the member companies of Tranzon auctioned more than 1,000 properties last year and over the past five years have conducted auctions in 47 states and the District of Columbia, selling more than $1 Billion in assets since the Company's formation. Tranzon professionals specialize in providing real estate, business asset and liquidation auction and accelerated marketing services to corporations, financial institutions, trustees, individuals and estates throughout the U.S. 

For complete details about the auction, visit OBX-MAY at www.tranzon.com or call 800-868-0458. Interested bidders may also contact Linda Staples at 804-354-9090.

SOURCE Tranzon Fox