What do the "Three-Legged Dog Saloon" in Myton, 2,400 "duck hunting acres" near Corinne, an old mining home in Kenil-worth and a downtown Salt Lake office building have in common?
They are part of an estimated $1 million in real estate, including 20 residential and commercial properties, that will be auctioned Wednesday night at the Salt Lake Hilton by several banks and private parties.Tate-Brubaker Real Estate Services of Salt Lake City will conduct the public auction of properties acquired through foreclosures or trades and some of which may have been carried by lenders for as long as 10 years.
"Not only is this auction large, but it offers a lot of very interesting and unusual property," said Max Brubaker, president of Tate-Brubaker, who termed the auction one of the largest of its kind in the state's history.
The "Three-Legged Dog Saloon" in Myton, Duchesne County, complete with a tombstone for the unfortunate canine for which it is named, is closed, but Brubaker said locals hope to have it reopened if it sells at the auction.
"The place was quite popular in its day and it seems to be a source of interesting folklore," he said.
The old home in Kenilworth, Carbon County, is similar to the "trendy fixer-uppers" in California that could be a good investment "as West Coast trends and buyers influence our market," he said.
Registration begins at 6:30 p.m., with the auction set to get under way at 7:30 p.m. Brubaker said it will take two hours. Given the response he has received so far, he estimates some 300 people will attend the event.
Although the frequency of real estate auctions has increased in recent years, Brubaker conceded that that idea of buying real estate at auction does not appeal to many people.
"Americans are just not as familiar with auctions as those in other countries," he said. "For instance, nearly 50 percent of Australians buy and sell their homes through auctions, but in the United States, art dealers and ranchers are the only groups with a history of regular auctioning."
Still, he said, bidding on property at an auction is not as intimidating as it looks. "It's very simple. As long as you know a few key words and pay attention to what other people are doing, you'll get along fine. We make sure you only buy what you want to buy."
In any case, he said, the auction method of selling property is catching on in Utah. "Utah's real estate market is on the upswing and people want to buy now," he said. "Also, we are doing a better job of identifying people who will be interested in buying the properties we have available."
Some of the properties will be sold with no pre-set minimum bid, he said, meaning some could be bought below what might be expected.
Anyone interested in information on the properties or learning the methods and etiquette of auctions, can call the Auction Information Center at 278-2678. Brubaker said callers prior to Wednesday night's auction will be asked to come in and pick up materials at the company's offices, 2040 E. 4800 South, Suite 120.
Brubaker said the company has tentatively scheduled its next real estate auction for early December. Anyone who would like to put their property on the block needs to contact Tate-Brubaker at least four weeks in advance of the auction.
Pre-set seller financing is available on many properties. On others, prospective buyers must arrange in advance for their own financing prior to bidding. Titles and closings will be handled by First American Title Co.
Other properties to be auctioned Wednesday include Prospector Square condominiums in Park City; 1.15 acres of commercial land in Lindon, Utah County; a 1.87 acre commercial lot in West Valley City; 12 condominium pads in St. George; three unimproved residential lots in Green River, Emery County; 18 acres of vacant land in Cleveland, Emery County; a 5,000-square-foot warehouse near the Heber Valley airport, Wasatch County; and two apartment rental complexes in Evanston, Wyo.