JJ Manning Auctioneers sees signs of real estate market recovery

JJ Manning Auctioneers has reported recent signs of recovery including an upswing in the number of ready buyers, an increase in the amount of preemptive pre-auction sales, and a steady influx of high-end voluntary auction sale properties. Half a dozen registered bidders vied for a Ballymeade home, resulting in a sale of $1.562 million for this Falmouth, MA developer's close-out property which was on the market for 5 years. 16 prospective buyers, each with $100,000 in certified funds in hand, registered to bid at a mortgagee's foreclosure auction for a Rte. 9 commercial property in Wellesley, MA which was bought back by the lender for $7.9 million or $941,000 over assessment. In the last quarter of 2013, JJManning Auctioneers marketing generated a flurry of preemptive purchases just prior to auction including $790,000 by a religious school for the historic Frederick Anderson House in Nashua, NH; $1.23 million by a real estate developer for surplus land in Billerica, MA; $1.775 million for an oceanfront Victorian home in N. Scituate, MA; and $600,000 for a former B&B on Martha's Vineyard. The firm has witnessed a decrease in the number of foreclosure properties such as a Quincy, MA liquor store that sold for $950,000 and a 40B development in Berkley, MA that brought $462,000 - in favor of an increase in the type of private sales in which JJManning Auctioneers specializes such as a W. Greenwich, RI office building that sold for $764,500; a partially finished Oak Bluffs, MA home under construction since 2004 that brought $1.2 million; and a Falmouth, MA waterfront Cape Cod compound that sold for $1.78 million. Recent recipient of Banker & Tradesman's Best of 2013 #1 Gold Residential Real Estate Auctioneers award and a 2013 USA Today / NAA Award of Excellence, JJManning Auctioneers is currently accepting consignments of a wide variety of commercial and residential real estate for sale in as little as 6 weeks. JJManning Auctioneers provides expert accelerated marketing and asset disposition solutions to Fortune 500 companies, REITs, corporations, government, financial institutions, REO managers, builder/developers, businesses, and private individuals across America. Since 1976, JJManning Auctioneers has successfully marketed and sold over 15,000 commercial, industrial, and residential real estate properties.