SMALL INDUSTRIAL LAND SALE PRODUCES BIG RESULTS FOR DUTTON AUCTION & REALTY - SOLD AT AUCTION FOR $220,000 NAVARRE, OHIO. Not every real estate auction produces a sale for hundreds of thousands of dollars. However, the July 15, 1999 real estate auction of 9.7 acres of industrial ground on Navarre Road between Richville Drive and Perry Road produced a most satisfactory result for a South Carolina seller whom the Dutton Auction & Realty Company represented. The industrial ground had been on the market through conventional real estate negotiations with a well-known industrial real estate broker for two years at a price of $250,000. There had been no offers in that time on the property. While the property had good commercial frontage close to the Highway 30 corridor, many prospects had objected to the severe setback requirements of 100 feet imposed by the Perry Township Zoning Authority. In addition, the contours of the ground would require some considerable infill before the location could be developed. After two years without any real action on the property, the out-of-state owner decided that a Dutton Company Auction was the best way to insure a sale of the property before the end of 1999. The final sales price for the property at auction was $220,000 or 88% of the last asking price. A number of prospects acquired bidders kits for the industrial ground with numerous bidders attending the ballroom sale which was conducted at the Sheraton Suites Hotel in Cuyahoga Falls as part of a Dutton Company multiple-owner real estate auction. Certain prospects for the sale were registered by other industrial real estate brokers. The Dutton Company aggressively pursues the involvement of the entire real estate brokerage community at their auction sales. However, the prevailing bidder at $22,750 per acre was developed by the Dutton Company. The multiple-owner ballroom style auction, which the Dutton Company conducts on a regular basis, has become an excellent venue for owners of medium valued industrial, commercial, and residential assets to sell their property at market value in a 45 to 60 day marketing period. Sellers are actually able to plan the time when their property will sell rather than waiting for months and sometimes years for a buyer to come along to sign a committed real estate contract. A well planned real estate auction can be seller's best strategy in many cases.