Sheldon Good to Auction Bankrupt Subdivisions and New Residences
With authorization from a U.S. bankruptcy court, Sheldon Good & Co. will auction eight land parcels and 15 newly constructed residences in Maryland, Delaware and North Carolina on May 18 and 19.
All the properties will be auctioned as absolute, meaning they will be sold regardless of price. For the subdivisions, opening suggested bids are going to start at $150,000. Suggested bids for the brand new residences will begin at $50,000.
“As part of Chapter 11 bankruptcy liquidation sale, and guaranteed to be sold, these auctions offer incredible savings and value for builders and developers in the region who will have the opportunity to name their price and acquire real estate with a tremendous amount of potential,” said John Cuticelli, CEO of Sheldon Good & Co.
One property up for auction is Clearview Meadow in Dover, Del. This subdivision has 22 finished and more than 200 unfinished lots in a 303-lot planned development for single-family, twin home and townhome configurations. The asking price for this property is $2 million.
Rose Hill Estates in Rosedale, Md., is 6.73 acres featuring both wooded and open fields. There are currently three single-family homes on the property, two of which are rentals. The property is located near Community College of Baltimore County and the Franklin Square Hospital. The suggested opening bid for this development is $200,000.
In Arbotus, Md., Arbor Ridge is 34.8 acres for single-family residential development. There is currently one single-family home and three barns on the property. The suggested opening bid for this property is $350,000.
Shadowbrook is a subdivision in Elkridge, Md., next to Patapsco Valley State Park. The site contains 23.3 acres and can be used for single-family residential development. Sheldon Good is recommending an opening bid of $400,000.
The auction of the Oak Tree Landing subdivision in Prince Frederick, Md., has 107 townhome lots available for development. Eight are partially finished and two are new townhouses. Activities located just minutes away from the development include shopping, dining and recreation. The proposed opening bid is $975,000.
Kingston at Wakefield Plantation in Raleigh, N.C., includes two pad sites totaling 30 lots with townhome configuration and six newly constructed townhouses. There is a pool and cabana within the community, as well as amenities like a sports facility featuring eight tennis courts, three pools, a fitness center, a golf/tennis shop and more through membership opportunities. The recommended opening bid for this property is $150,000.
Another property up for auction in Raleigh is Breezewood at Falls River, located near Falls Lake Recreation Park. This property has three finished sites totaling 30 lots with townhome configuration and six brand new constructed townhouses. The auction company is urging buyers to start the bidding at $250,000.
The final auction is for the 161-townhome lot development in Weatherfield in Cary, N.C., that currently has 18 finished lots. The property also has one pad site with six partially built townhouses and 173 unfinished lots. Opening bids for this lot is recommended to be $950,000.
The auction for Kingston at Wakefield Plantation, Breezewood and Weatherfield will occur on the first day at the Four Points Sheraton in Morrisville, N.C., beginning at 1 p.m.
The remaining properties will be auctioned on the second day at BWI Airport Marriott in Linthicum Heights, Md., starting at 1 p.m.