SPENCER, Tenn., June 3, 2016 /PRNewswire/ -- Like hundreds of new subdivisions created in the mid-2000s, Long Branch Lakes ground to a standstill after the financial crash. But now, the master planned community in Tennessee's Cumberland Plateau Region has a chance to come back after the remaining 1,386 acres sold this week in a John Dixon & Associates auction.
The sale included 250 home sites ranging from one to six acres, as well as six land tracts.
"We had anticipated a good outcome based on the quality of the subdivision and the bank's willingness to sell it absolute, with no minimum or reserve," said John Dixon, president of the auction company. "This was a really nice community near Falls Creek State Park, and it just needed to be in the hands of someone who could fulfill the original vision for it," he said.
To accomplish the sale, John Dixon & Associates promoted a live auction at the property, streaming the auction via the Internet and inviting remote bidders to participate as well.
"We had a good base of bidders both live and online. Ultimately, it was one of the online bidders who emerged as the winner," said Dixon.
"There are still a good many subdivisions in this same situation, begun a decade ago but never finished because the bank ended up owning the land. Our method of marketing these subdivisions has proven to be extraordinarily effective, especially when the seller is able to offer the land at absolute auction," said Dixon.
John Dixon & Associates is currently organizing its August Multi-Seller auction, which allows sellers to combine their properties into a single auction and share the marketing costs. Individuals seeking additional information may visit www.johndixon.com or call 800-479-1763.
John Dixon & Associates, based in Atlanta with offices in Florida, North Carolina and South Carolina, is one of the nation's largest auctioneers of real estate.
For more information:
Carl Carter, 205-378-9290
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SOURCE John Dixon & Associates