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Durham's Real Estate Auction Nearly Sold Out

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DURHAM — It was a profitable day for downtown Durham. Property owners placed 17 buildings up for auction today and 15 of themwere either sold or have offers pending.

Steve Fox, who runs the auction company that held the sale, said theother two properties, the NationsBank and Crest buildings, have drawn alot of interest. But he said the interested buyers didn't appear attoday's auction, and the properties did not sell.

Still, Fox and Associates managed to sell a strip shopping center forone million dollars. It even got 56-thousand dollars for an old bankbuilding. It was sold to a Raleigh man who wants to expand his modeststring of convenience stores.

Durham business owners got together to sell off some buildings downtownwith the help of an Fox's company.

The total property for sale was worth $4.5 million. A Virginia companywas hired to market the properties nationally and auction them off.Auctioneer Tim Dudley says an auction is an excellent way to sell severalproperties in a very short time.

Potential buyers flew in from out-of-state and Dudley says Durhamwas formally introduced into the commercial real estate community.

One investor came to Durham from London looking toinvest in some real estate.

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