News
GOING, GOING, SOLD?
August 9, 2010
| If everyone in the industry was seeing their business quadruple like Sullivan & Sullivan, it would be bubbly and chilled shrimp all around. But perhaps it's for the best. The reason Marianne Sullivan?s business is booming … she's auctioning off foreclosed properties in Massachusetts, Rhode Island, and New Hampshire. |
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| Originally a title examiner, Marianne (the blonde, center) worked part time conducting real estate auctions for 18 years. Three years ago, she started her own firm in Sandwich with her father, who is now retired. For a while, she did about 30 property auctions a month, now she's doing about 125. In cities, suburbs, and rural communities she's selling small offices, restaurants, land, industrial, and mixed-use properties for banks, mortgage servicers and attorneys. She also sells surplus state-owned real estate for the Department of Capital Asset Management. Her sale prices top out at $1.5M. |
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| Marianne told us that values are still low, much lower for all asset classes than they were when she started in ?07. They may be stabilizing but, she says, ?It doesn?t appear things are changing anytime soon.? Of course, she added, if real estate is in a prime location like Wellesley, in excellent condition, it will fetch a good price. P-Town regulars may have a soft spot for Clem & Ursie?s on Shankpainter Rd. In June, Marianne auctioned off the building to a tenant for $525k. |
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| For anyone who hasn?t attended, public outcry auctions are conducted on site, often without access to the interior, Marianne told us. Her crowds this year have been full, often with pools of investors who follow Sullivan & Sullivan from site to site. She reads a legal notice, then a boilerplate purchase & sale agreement. Qualified bidders make their offers and the mortgagee can bid up to a pre-determined amount to protect their investment. If sold, the winning bidder signs the P&S on the spot , leaves a deposit, and must close in 30 days. |
