42 Bidders Compete for 7 Cleveland Area Land Parcels

While many sources report that demand for land parcels in Northeast Ohio is somewhat weak at this time, Chartwell Group Commercial Real Estate Brokers attracted 42 Bidders to purchase seven land parcels at their December 13, 2007 Real Estate Auction at the Airport Marriott Hotel. The final results totaling over $1,000,000 in signed non-contingent contracts were as follows:

1. A 3-acre commercial piece of land on Lynn Road, Rootstown Township, Portage County, Ohio. Five bidders, sales price at $98,000.
2. 1.57-acres of land, 14141 Cedar Road, South Euclid, Ohio. The Young Israel Congregation and the City of South Euclid had not been able to agree upon a disposition of this property for a number of years. The Head of Economic Development for the City of South Euclid came to the Auction and promoted the property from the podium, before the property was sold. Seven bidders, sales price at $420,000. 
3. 23-acres of land zoned for Single Family Homes, Macedonia, OH. 12 bidders competed for this property that was acquired at $376,000.
4. 0.62-acre Single-Family Home Site, Green, Ohio. Four bidders and a sales price of $23,000.
5. Romig Road Corridor, Akron, OH. A 28-acre residential parcel sold for $47,500.
6. Romig Road Corridor, Akron, OH. A 1.96-acre commercial parcel sold for $14,500.
7. SW Corner, Center Ridge Road, N. Ridgeville, OH. A 1.48-acre site sold for $173,250.

Mike Berland, Auctioneer with Chartwell Group at the December 13 Auction, said there was such considerable demand for properties offered at the December 13 Multiple-Property Auction, that another similar Auction is now being scheduled in Northeast Ohio for March 27, 2008. For more information on Chartwell Group Accelerated Real Estate Auction Services call Mike Berland at 216-839-2032 or visit www.chartwellgroup.com