House Auction in PM

[MZT]

I saw a guy nailing signs on poles in Dilworth and PM yesterday, for a house auction Nov 4. (It is a violation of NC State statutes to nail a sign to an electrical pole, by the way.) There are lots of these big yellow signs, and you can't miss them.

So what gives? Is this an example of the market in Charlotte slowing down? Usually an auction is an indication of seller exasperation. A house isn't drawing interest through common advertising, so you try to drum up publicity through an auction.

[Raintree21]

It was for a house on Mimosa Avenue near Plaza and Parkwood. I saw a sign on South Blvd. today as well. I assume we're talking about the same house. The sign said it's an "estate auction."

[MZT]

I don't think so. I looked up the deed records of that house and it's owned by an investment group. Looks like it's a recent renovation or maybe even new construction.

I would agree an estate sale does not indicate much. It's common for heirs to just want an estate converted to cash so that it can be divided up.

[Charlotte_native]

They littered the city with those signs, sometimes 4 or 5 at a single intersection. Please call 311, ask for Neighborhood Development and report them. I abhor this type of advertising for anything. They even nailed them in trees along West Blvd. I'm also bombing their website for being so self-centered about their little auction and the need to post thier signs in such a ridiculous manner.

[Charlotte_native]

Anyone that would like to contact the listing agent for this property and let them know how classy it was to litter the city can do so at:

[email protected] -- he has that posted and public. He can also be called at (704) 492-7949. He also lists himself as the owner so he is responsible for these signs everywhere.

I hope no one bids on this property -- only because I am sick of seeing telephone poles and the sides of our streets littered with this crap.

[cinco]

i have also noticed the obnoxious signs... driving down the plaza they are everywhere. so, i decided to take a drive-by peak @ this house yesterday. it's on a dead - end portion of mimosa dr. it looks like it might have been a 1 story typical PM bungalow that had the top blown off for another story... or perhaps it's new constuction - i couldn't really tell. i saw that the sign says auction starts @ 290 something but, that the house is appraised @ 490 something. i don't know what reasonable prices are for housing here but, there is no way i'd pay half a million bucks for this house. i'd think they'd do well to get around the 290,000 mark. i have a friend that lives/owns on mimosa - closer to the plaza. it is a nice street overall (there are still a number of somewhat down trodden homes). however, my friend has told me of numerous break-ins and property thefts on the street b/c it acts as a cut through from the plaza into the belmont neighborhood. it is fair to note that when i drove by i noticed the people in charge of the auction house were constructing a nice fence all along the end of the street. my guess is to thwart the cut through foot traffic.

[MZT]

"Everywhere" is right. I've seen these signs on South Blvd and Woodlawn, down Park road. How obnoxious.

[Charlotte_native]

So what gives? Is this an example of the market in Charlotte slowing down? Usually an auction is an indication of seller exasperation. A house isn't drawing interest through common advertising, so you try to drum up publicity through an auction.

[Commoner]

The best part is this is likely a fake auction. The site talks about a *round robin* auction over the phone -- they call around to those that express interest and make bids and let you know what the bid is getting up to. Funny way to do it, eh? No one sees the other bidders or sees what they are bidding. Wouldn't be too hard to fake what the bids are. An auction isn't a bad way to sell a property, but this type of auction is.