Large land auction will evolve into individual negotiations

NAA Auctioneer Tom Jordan held the largest non-farm auction land sale in the history of New Bern, N.C., over the weekend. The 272-acre residential retail project was appraised at $10 million prior to the auction.

Marla Webb has been in real estate and land auction sales for more than three decades and has learned there are varying results.

She said 60 percent produce day of auction sales, 20 percent bring advance bidding and another 20 percent end with sales after the auction.

Saturday’s auction on the 272-acre Lake Tyler subdivision on Washington Post Road and other commercial properties was touted as the largest non-farm auction land sale in the history of New Bern.

Webb, who is the director of business development said there was not enough competitive bidding at a Saturday morning auction, attended by more than 50 people at the subdivision site.

Webb said earlier in the week that the subdivision, with 400 single family lots, plus five tracts of commercial land, was appraised at about $10 million. There was a reserve bid price total of about $4 million going into the auction.

The auction, which was conducted by Raleigh auctioneer Tom Jordan, was designed to gather competing bids on selected few single-family lots, then various tracts, with multiple lots and parcels.

At the end of the auction, the plan was to ask for a high bidder to purchase all the property.

The early-morning auction only attracted eight card-carrying bidders.

Webb said they all expressed interest in various parts of the sale and individual negotiations would begin on Monday.

She said there were also two interested parties looking at purchasing the entire package, but that they did not send representatives to the Saturday auction.

“It is a fully developed subdivision,” Webb said. “The streets, the underground utilities are in, with a 60-acre fully stocked lake, these are all in place. Millions of dollars was done. There is a $1 million (sewer) lift station and it has all city sewer and water. It is on the very edge of the city of New Bern.”

The subdivision was started in about 2003 and ready for building in late 2007, when the economic bubble burst.

It was developed by Gene Dunn Construction of New Bern.

“His family has been doing business and developing properties around New Bern for two generations,” Webb said.

Webb had marketed the auction extensively, sending color brochures to builders, developers and land investors from Washington, D.C., to Charleston, S.C., and west beyond Charlotte.



What Our Clients Say

Bill Manera, Bankruptcy Trustee

Over the past several months I have had the pleasure of working with Mr. Tom Jordan of Carolina Auction &...
2017-04-19T10:44:26-04:00
Over the past several months I have had the pleasure of working with Mr. Tom Jordan of Carolina Auction & Realty, Inc. out of Raleigh. Mr. Jordan was our primary point person in North Carolina on a Chapter 7 Arizona bankruptcy case. The case, known as “Kenactiv Innovations, Inc.” (Case No. of 2:13-bk-19096-GBN), consisted of 21+ acres of real estate, warehouses, and manufacturing equipment located in Snow Hill, North Carolina. You can imagine the difficulties that we would have encountered trying to handle this case from Arizona. So having a local, trusted professional with bankruptcy experience was critical to the successful outcome of the case.   Tom categorized the assets, gave a professional opinion as to their fair market value, and cataloged the personal property for auction along with the Real Estate. He also brought two well-qualified bidders to the table, which helped bring in $360,000.00 more for the land and buildings than the court was initially expecting.   This was a contentious case from start to finish. Tom’s genial demeanor and professional approach helped smooth a lot of ruffled feathers to resolve the case quickly and efficiently. He was able to work with the different parties and kept everyone informed and on the same page throughout the proceedings. He did a great job for us and I was very pleased with the outcome.   I would highly recommend Tom Jordan of Carolina Auction & Realty anytime you need an experienced and professional Auctioneer, Real Estate Broker or Appraiser. He can be reached at 919-832-8005. Feel free to call or email me if you’d like to further discuss my experience with Tom.   Sincerely,     Bill Manera, Bankruptcy Trustee 5110 N. 44th Street Phoenix, AZ 85018 602-795-2796 smanera@swmanera.com

David Gore

Everything was done professionally, exceptionally, and with care...
2013-11-14T13:30:23-05:00
Everything was done professionally, exceptionally, and with care...

Richard Canfield

The results exceeded my expectations...
2013-11-14T13:00:13-05:00
The results exceeded my expectations...

Charles Molesworth – Big Sky Bread Company

We are truly grateful to you for taking charge and providing us with excellent service...
2013-11-14T12:30:50-05:00
We are truly grateful to you for taking charge and providing us with excellent service...

Frank Chamberland – VI Manufacturing Inc.

If we ever need to have an auction again, we’ll call you without hesitation...
2013-11-14T12:00:24-05:00
If we ever need to have an auction again, we’ll call you without hesitation...

Tovi Martin

My father was delighted with the entire operation and the personal attention given to him was wonderful...
2013-11-14T11:30:12-05:00
My father was delighted with the entire operation and the personal attention given to him was wonderful...

Rachel Starr – American Heart Association

We were delighted with the outcome!
2013-11-14T11:00:42-05:00
We were delighted with the outcome!

Suzanne Forbes – Saint Raphael Catholic School

We raised more than double what we raised last year!
2013-11-14T10:30:05-05:00
We raised more than double what we raised last year!

Boy Scouts of America

Tom has become part of our fundraising lore, and his wisdom echoes through our work!
2013-11-14T10:00:31-05:00
Tom has become part of our fundraising lore, and his wisdom echoes through our work!

Kathy Knudsen – Cystic Fibrosis Foundation

We increased the funds raised by two fold from last year...
2013-11-14T09:30:03-05:00
We increased the funds raised by two fold from last year...