Real Estate Experience | Motley's Auction & Realty Group

RESIDENTIAL
	SOLD : $797,500.00 RALEIGH SUBDIVISION, RICHMOND, VIRGINIA This was a newly constructed home that a local developer had built in hopes of selling. After a listing period of over 16 months Motley’s sold the house within 30 days to an end user. The purchaser was represented by an agent. There were 14 registered bidders with over 45 people in attendance.
	SOLD : $369,500.00 "PINE RUN" As the saying goes, “Practice What You Preach”, this property belonged to our President, Mark Motley. The Motley’s were constructing a new home and wanted to sell their house at the peak of the summer market with a delayed closing of 120 days from the auction date. One of the many benefits of selling at auction is the seller sets the terms of the sale not the buyer. A home inspection was performed and provided to all bidders prior to the sale, with estimated repairs of approximately $18,000. The auction had 5 registered bidders and the purchasers were represented by a broker.
INDUSTRIAL
	SOLD : $4,400,000.00 ERNIE COMPONENTS - INDUSTRIAL CONNECTOR MANUFACTURING FACILITY, CHESTERFIELD, VIRGINIA The auction was part of a major financial company’s ordered sale of an international connector manufacturer based in Germany. The property included the manufacturing facility as well as adjacent future development tracts. Motley’s offered the property individually and as the entirety. Motley’s cooperated the auction with the previous listing company.
	SOLD : $2,000,000.00 THE JONATHAN CORPORATION - INDUSTRIAL SHIP REPAIR FACILITY, NORFOLK, VIRGINIA The sale was conducted on behalf of a major finance company with a 3 Day Auction of equipment preceding the real estate auction. The facility been used from years for ship repairs and was heavily contaminated. Buyers participated from 15 states and 2 countries.
COMMERCIAL
	SOLD : $1,319,000.00 OFFICE & WAREHOUSE FACILITY, FREDERICKSBURG, VA The foreclosure auction was conducted for a Regional Financial company. The property consisted on finished office space and warehouse area. Several open houses were conducted with the auction taking place on premises. There were 16 registered bidders with over 50 people in attendance.
LAND
	SOLD : $1,800,000.00 1,550 ACRES OFFERED IN 14 TRACTS, POWAHTAN, VIRGINIA The auction was conducted for the owner. The property had tracts that ranged from 10 acres to 200 acres. Offers were received on all tracts with the seller accepting contracts on 950 acres. There were 43 registered bidders with over 175 participant in attendance.
	SOLD : $1,800,000.00 675 ACRES OFFERED IN 3 TRACTS, ALBERMARLE, VIRGINIA The auction was conducted for the owner. The property had 3 tracts with potential for residential development. There was very little timber value with limited road frontage. There were 10 registered bidders with 23 people in attendance.
FARM
	SOLD : $368,500.00 PAXTON This historical property was part of a living estate that was being settled. The auction was coordinated with the sale of the personal property including antiques and farm equipment. The auction was attended by an overwhelming crowd of over 500 people. The auction was conducted for attorney’s represented the family and the property was on the National Historical Registry.
CONDOMINIUMS
	SOLD : $6,800,000 for 20 units. THE SANCTUARY AT FALSE CAPE After the drop in the real estate market, a large majority of purchase agreements were cancelled by the buyers leaving the developer with a large inventory of product. The units were originally under contract for as much as $2,000,000 for the oceanfront penthouse suite. Over 350 inquiries came in, with bidder participated from California to New York. Prices realized average from 48% to 68% of the original list prices with the most expensive oceanfront units seeing the highest price erosion. Units were sold prior to the auction, during the live auction and post event and many were represented by agents.
	SOLD : $600,000.00 for 14 units SILVER CREEK RESORT, SNOWSHOE, WV The project contained 16 units, mostly owned by one investor. After owning the units for an extended period, the investor had exhausted all depreciation potential and was retiring this portion of his investment portfolio. Units were offered in pools and with buyers coming from a 4 state area.
HOTELS/ASSISTED LIVING
	SOLD : $2,600,000.00 RAMADA INN – Williamsburg Virginia The Auction was conducted while the facility was under heavy renovation construction and not open for business. The sale was attended by over 40 people with 14 registered bidders from throughout Central and Northern Virginia, Washington D.C. and Maryland. The owner had been trying to sell the property when funds ran out for the renovation.
	SOLD : $3,200,000.00 FOUR ASSISTED LIVING FACILITIES The 4 facilities were located in Tidewater and Southwestern Virginia. The 3 Tidewater properties were being sold for a single owner and the Waynesboro property was conducted for a Regional Bank. The auction was well attended by over 40 people with over 20 bidders throughout the Mid-Atlantic region. All 4 properties sold to end users.