Local News

Durham's Real Estate Auction Nearly Sold Out

Posted May 14, 1997 12:00 a.m. EDT

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

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

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

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

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

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

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