Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Contact Us | Home RSS
 
 
 

No Vandalia Properties Sell During Wheeling Auction

No bids as minimum asking prices for buildings were $60K-$175K

June 18, 2013
By CASEY JUNKINS Staff Writer , The Intelligencer / Wheeling News-Register

WHEELING - Although 753 Main St. houses the well-established Uncle Pete's restaurant and some rented apartments, no one met the minimum $175,000 bid to buy the property during a Monday auction.

In fact, no one even made a bid on any of the three North Wheeling properties that the Vandalia Heritage Corp. is seeking to sell in an effort to alleviate some of its financial challenges.

Conducting the auction inside the Historic Tea Room at 807 Main St., Jim Behm of Behm's Auction & Real Estate Services could not get anyone to bid on 753 Main St., or either:

Article Photos

Auctioneer Jim Behm seeks bids Monday for three Vandalia Heritage Corp. properties in North Wheeling.

About 20 potential buyers registered for the Monday auction. Behm started the bidding for the structure that houses Uncle Pete's at $300,000. When no one offered that amount, he progressively reduced the amount to $175,000, which he said was the minimum bid Vandalia requested.

For 813 Main St., Behm began the bidding at $100,000, eventually reducing it to the minimum bid of $60,000. No one expressed any interest in this property, either.

For the 745-747 Market St. property, Behm began by asking for $150,000. He eventually lowered the amount to the minimum bid of $80,000. Someone from the audience shouted that they would bid $40,000, but Behm said that amount was inadequate.

Once all properties were offered with no bids, Behm spoke to a few potential buyers.

"There was some interest expressed after the auction," he said, though he declined to be more specific regarding the amounts offered or the identities of the interested parties.

"That is not unusual for commercial properties like these," Behm added, noting a private sale could now happen because no one made any bids at the auction.

 
 

EZToUse.com

I am looking for: