HOUSTON, Nov. 18, 2011 (GLOBE NEWSWIRE) -- "Sold" was heard 174 times on Saturday, November 12 at the Marriott Westchase Hotel in Houston. In one of the largest absolute auctions of residential properties ever in the greater Houston area, nearly 800 people watched as the Houston Housing Authority sold all of the remaining properties that were part of its scattered site home program. Gross sales were in excess of $8 million; the properties were sold to a good mix of individual buyers, non-profit, 501 (c) (3) organizations, small investment groups (2 – 4 properties) and a few larger investment groups (5 – 15 properties).
"The sale of these properties in the scattered site home program allows us to close the book on this program and focus on our core mission of providing members of the Houston community quality affordable housing opportunities," stated Tory Gunsolley, President and CEO of the Houston Housing Authority.
"The buyers at the auction were able to buy these properties at their prices either as users or investors. The homes will be upgraded and remodeled and put back into the active housing stock of the Houston community," according to Paul A. Lynn, CCIM, broker for the Houston Housing Authority. The properties were on average 1,500 SF, 3 bedroom, 2 bath homes, located throughout the greater Houston area.
"The auction was structured in a format that allowed all bidders, individual home buyers, Non-Profits and investors to compete in a fully transparent basis, either in the live auction venue or online during the auction through the online auction company partner, ProxiBid," reflected Stephen Karbelk, AARE, CEO and Founder of National Residential, Auctioneers, LLC, auctioneer for this program.
For additional information about this Houston Housing Authority scattered site auction, or about upcoming National Residential Auctioneers or National Commercial Auctioneers, LLC auction programs, please contact Paul A. Lynn, CCIM, 713-914-8055 or visit our website www.natcomauctions.com.