As seen in the Kansas City Star
It’s age-old advice: Don’t be out in the backyard looking for four-leaf clovers when opportunity is knocking at your front door. Cates Auction & Realty Company is encouraging Kansas City area investors, developers and builders to come in from the backyard. The company’s May 29th “Development Land Auction Event” is an opportunity they don’t want anyone to miss!
The event features a variety of commercial, retail and residential development tracts on both sides of the state line in the Kansas City metro area, all to be offered at public auction. Some of the parcels have low seller’s reserves and others are being sold absolute, without reserve.
The National Association of REALTORS® (NAR) reported a positive fourth quarter in commercial transactions, with an 11% increase in sales year over year and a 4% increase in prices. Responding REALTORS® expressed less concern about financing hurdles with more concern over a growing pricing gap between buyers and sellers along with decreasing inventory.
According to Greg Duncan, Cates vice president, those are the very issues the upcoming land auction is designed to address. “Our sellers in this event have chosen auction not only to bring quality development ground to the market in a new way, but to eliminate the price discrepancies through competitive bidding.”
The first of those sellers is a former Kansas City resident who is selling a 76 acre tract of land at the corner of Missouri State Highway 7 and Missouri State Highway 150, just 1.9 miles south of US Highway 50 in the city of Lake Lotawana, Missouri. According to Duncan, the location at the corner of two highways, just off another major highway represents tremendous potential for future development. It is zoned “Highway Commercial” but is currently being farmed and the lease will transfer to the new owner. This property will be sold onsite and online at 10:00 AM on May 29th.
The second property is actually a collection of three parcels of residential development land in The Creekwood Subdivision off Interstate 71 in Grandview, Missouri, all to be sold “absolute.” They will be offered individually and in combinations. Phase one of the development is complete with the exception of 8 lots which will be sold as a package. Phase two (12.5 acres/50 undeveloped lots) and phase three (40 acres/120 undeveloped lots) will also be sold at the auction. All of the Creekwood land is being sold without reserve for an out-of-state developer who is no longer building in the Kansas City market. Bidding will take place at the Holiday Inn Express in Grandview and online at 12:00 PM on May 29th.
The third offering on May 29th is a 24 acre tract of prime commercial development land at the northeast corner of I-35 and Gardner Road in Gardner, Kansas. Zoned “General Business District” it has 1,447 feet of interstate frontage and 871 feet of frontage along Gardner Road. It is bounded on the north by the future 188th street which will add 946 feet of road frontage. “Our seller has a wonderful retail concept plan for this site which is available on our website,” says Duncan. He adds, “Not only does this site have outstanding visibility and easy accessibility, it sits at the prime interchange leading to the new BNSF Intermodal Facility.” KDOT projects that as the Intermodal and ancillary projects build out, traffic load along this section of I-35 will double, necessitating growth in housing, retail, service and other commercial applications. Bidding for this property will take place onsite and online at 2:30 PM.
Jeff Cates, president of the 72-year old auction company, says this is an unusual opportunity in the Kansas City market. “It’s no secret that development land is available around our area, but having this variety of prime land all at auction, some without reserve, is quite remarkable. All of these owners are intent to sell!” With NAR chief economist Lawrence Yun projecting that the commercial real estate recovery is expected to continue throughout 2014, Cates believes now is the time to buy prime land and auction is the way to do it.
Details, photos, surveys and other information about all the properties selling on May 29th can be found at www.CatesAuction.com. The company’s other upcoming auctions of residential, land and commercial properties are also listed on the website. Owners of quality real estate curious about the accelerated auction method of sale are encouraged to contact Cates at 816-781-1134 for consultation and a property analysis. Do you hear that knocking sound? Answer the door!