Tranzon Auction Properties - Real Estate Auction Blog

Aug. 30 (Bloomberg) — Freddie Mac, the second-biggest U.S. mortgage finance company, reported quarterly profit fell 45 percent after setting aside $320 million for losses as the housing slump deepened.

Freddie Mac shares fell the most in more than two years after net income declined to $764 million, or $1.02 a share, from $1.4 billion, or $1.93, a year earlier. Revenue dropped 4.8 percent to $2.26 billion, McLean, Virginia-based Freddie Mac said today in a statement.

The provision for loan losses shows the worst real estate market in 16 years has spread beyond subprime borrowers to homeowners with good credit. Freddie Mac, which owns or guarantees about one in every five U.S. residential mortgages, anticipates the slump may last for 18 months, Chief Executive Officer Richard Syron said on a conference call with analysts.

“We were not immune to market forces and we continue to take a cautious view toward the housing market,'’ Syron said.

Credit losses will persist throughout 2007 and rise next year, Chief Financial Officer Anthony Piszel said during the call.

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Auction Date: 7/12/07

Bidders: 5
Property Location: 16 Western Avenue, Augusta, ME
High Bid: $700,000

Auction Date: 5/29/07

Bidders: 8

Property Location: 199 Butter Street, Guilford, ME

High Bid: $165,000

Auction Date: 6/14/2007

Bidders: 9

Property Location: 493-499 Broadway, Bangor, ME

High Bid: $345,000

Auction Date: 6/7/2007

Bidders: 4

Property Location: 108 Cross Street, Island Pond, VT

High Bid: $222,000

Auction Date: 7/12/2007

Bidders: 2

Property Location: 151 Main Street, Fairfield, ME

High Bid: $175,000

Auction Date: 7/11/2007

Bidders: 5

Property Location: Thayer Road, Whitefield, ME

High Bid $41,000

Auction Date: 6/28/2007

Bidders: 6

Property Location: 3 Canterbury Lane, Windham, ME

High Bid: $170,000

FAIRFAX, Va., Aug. 3 /PRNewswire/ — In response to the slowdown in the real estate market and the growing inventory of listings, Coldwell Banker Residential Brokerage and Tranzon Fox have established a new “ballroom auction” service exclusively for their clients.
On Thursday, October 25th, the companies will hold the “Fall 2007 Ballroom Auction Event” of residential and commercial properties located in Virginia, Maryland, and Washington, DC. “We expect to have between 20 and 30 properties up for auction,” said Stephen Karbelk, CAI, AARE, regional president of Tranzon Fox, in Fairfax, VA. “This auction event, customized for Coldwell Banker’s clients, is the perfect avenue for their clients that have time pressures requiring them to sell quickly.” Click Here for the full story.

A million dollar view for $575,000.00! Humble is generally a safer bet than boastful but sometimes boasting has its place. This very successful sale for a Conservator of an Estate set the mark for property prices in the very desirable Hills Beach area of Biddeford Pool, ME.

Prior to the auction experienced local brokers were sharing with us that a $500,000 threshold should be considered a successful sale. Please don’t take this as a dig on traditional brokers, I do not envy the broker trying to price in this market - how do you set a price in a declining market with a rising inventory that is both enticing to buyers and doesn’t leave money on the table for sellers? Impossible? no. Difficult? yes. That is the beauty of the auction, there is no limit. Competitive bidding sets the market price. Buyers pay what they want to pay and sellers get to see what the market will bear through an open public process. Hard disputing the results.

Auction Date: June 6, 2007

Registered Bidders = 12, all with $25,000 certified funds as qualification to bid

High Bid = $575,000

Closing within 45 days of auction