NC Mountain Community Hosting the First Second-Home Auction in the State Minimum Bids Up To 75% below Original Prices

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North Carolina’s first second-home auction will be held on June 5, 2010. The last 18 residences at The Lodges at Elkmont, a 56-unit luxury condominium community in Banner Elk will be available at an open outcry auction. The auction offers interested buyers a one-day opportunity to bid and acquire resort retreats at never before seen prices. The live auction will be held at the Embassy Suites Hotel at the Greensboro Airport, located at 202 Centreport Drive in Greensboro, NC. Registration is at 11am with the auction beginning at 12 noon sharp. Minimum bids required are $125,000, which is up to 75% below the original asking prices. The top asking prices were listed at $770,000. Certified or cashier’s checks are required to purchase at the auction.

North Carolina’s first second-home auction will be held on June 5, 2010. The last 18 residences at The Lodges at Elkmont, a 56-unit luxury condominium community in Banner Elk with the Blue Ridge Parkway, Pisgah National Forest and Cherokee National Forest as neighbors, will be available at an open outcry auction. The auction offers interested buyers a one-day opportunity to bid and acquire resort retreats at never before seen prices. Auctions also cut months off the conventional marketing program, resulting in savings that will be passed on to the buying public through discounted pricing.

Schedule of Events:
June 1 – Bidder’s Information Packets Available . Bidder’s Information Packet includes information on the Auction and Terms of Sale and is available for $20. Call 800-315-2199 for information and to purchase.

June 5 – Live Auction will be held at the Embassy Suites Hotel at the Greensboro Airport, located at 202 Centreport Drive in Greensboro, NC, 114 miles from the property location. Registration is at 11am with the auction beginning at 12 noon sharp. Minimum bids required are $125,000, which is up to 75% below the original asking prices. The top asking prices were listed at $770,000. Certified or cashier’s checks are required to purchase at the auction.

Eight homes are guaranteed to be sold, subject to minimum bids.
The developer close-out auction is the first second-home real estate auction to occur in the North Carolina marketplace. The luxury mountain retreat is set in the heart of the High Country located only two hours from both Charlotte and Greensboro and three hours from Raleigh.

Sheldon Good & Company will handle the auction for The Lodges at Elkmont. Founded in 1965, Sheldon Good & Company has been rated the premier real estate auction company by a number of prestigious financial publications. The company has aggregate sales of over $10 billion. The Lodges at Elkmont selected Sheldon Good & Company based on its nation-wide track record of executing successful accelerated sales programs that effectively reinforce value for prospective buyers through competitive bidding.

“We believe The Lodges at Elkmont will enjoy a level of success similar to other auctions we recently conducted in the Southeast for developers who utilized the auction process as an effective means for increasing absorption at their communities,” notes John Cuticelli, CEO of Sheldon Good & Company, a Racebrook Portfolio Company, and one of the nation’s leading real estate auction firms.

“Sellers continue to overvalue their property, pricing buyers out of the market. Sheldon Good & Company’s real estate auctions have proven a valuable resource to both seller and buyer, particularly in the second home sector and especially in the Southeast United States. Our experience runs counter to the mainstream consciousness of residential foreclosures and distress,” states Mr. Cuticelli.

“This scenario does not involve a distressed property,” Mr. Cuticelli points out. “Rather, the developers are utilizing our sophisticated marketing strategy to generate significant interest in the marketplace and facilitate sales through a competitive bidding process. Achieving this level of sales velocity in a single day effectively mitigates the discount in pricing for the seller, while buyers feel reassured that they’re purchasing at fair market value which becomes transparent through the course of open bidding.”

The Lodges at Elkmont
“With Blue Ridge Mountain views and a natural mountain stream bordering our community, the property offers immaculately landscaped grounds, preserved conservation areas, and walking trails to enjoy. The community blends seamlessly into its natural surroundings outside, and inside the lodge-style architecture is accented with timber and stone to bring the mountain retreat experience into the home,” said Ken Haigler, owner, The Lodges at Elkmont.

Built in 2007, The Lodges at Elkmont offer five distinctive floor plans and range from two- to three-bedrooms and approximately 1,200 to 2,350 square feet of living space. The homes’ interiors boast custom vaulted ceilings, floor-to-ceiling stone fireplaces, handsome oak floors, designer kitchens and baths, and oversized covered decks perfect for enjoying the outdoors.

The NC Mountains
The Lodges at Elkmont boasts access to year-round outdoor adventure and recreation. The town of Banner Elk, known as ‘The Ski Capital of the South,’ is ideally nestled between several outstanding ski resorts, including Beech Mountain and Sugar Mountain resorts.

The Blue Ridge Parkway, the most traveled National Park in the country, offers panoramic views at every curve as you experience this historic scenic drive. The NC mountains share opportunities for outdoorenthusiasts such as hiking, boating, white water rafting, horseback riding, and gem mining.

Residents stow their skis and unpack their golf clubs, kayaks, fishing poles and hiking boots in anticipation of the numerous spring and summer activities offered.

Banner Elk comes alive with its many festivals, attracting tourists from all over the country. In addition to all of these great activities, the Banner Elk area offers residents excellent dining and nightlife options as well as impressive arts and unique shops.

According to a recent survey by the National Association of Realtors®, the number of people buying second properties as vacation homes rose 7.9 percent in 2009 from 2008-- with half of the homes located in the South. The increased use of real estate auctions to successfully sell second home properties contributed to this trend.

To purchase a bidders packet or for more information on the upcoming auction, call Sheldon Good's auction line at 800-315-2199 or visit The Lodges at Elkmont auction website at http://www.sheldongood.com/elkmont.php. For more information on The Lodges at Elkmont, visit http://www.elkmont.info.

About Sheldon Good & Company
Sheldon Good & Company (http://www.sheldongood.com) is the nation’s premier real estate auction firm. Founded in 1965, the organization is frequently acknowledged as the innovator and leader in real estate auctions by prestigious publications such as Forbes, Fortune, The Wall Street Journal and others. The firm has sold more than 40,000 properties in over 100 asset classes by leveraging its sophisticated accelerated marketing programs and superior real estate expertise. Owned by Racebrook Capital, a private equity firm in New York, Sheldon Good & Company has regional offices in New York, Chicago and San Francisco.

Contact:
Kendria Sweet, The Lodges at Elkmont, 704.533.3796, kendria(at)sweetteaconsulting(dot)com
Kim Counts, The Lodges at Elkmont, 704.507.4158, kcounts(at)carolina(dot)rr(dot)com

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Kendria Sweet

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