The mercury was fighting to hit 7 degrees as investors began pitching their tents near the Gwinnett County Courthouse just outside Atlanta. It's "Super Tuesday," and that means nearly 3,000 foreclosed properties will be set for auction across the greater Atlanta area, no matter what the temperature outside.
"Only the real die-hards are out here in 7 degree weather," said Rick Sharga, executive vice president at Auction.com, which conducts the bidding for the bulk of the properties. "It just shows you that there is still a lot of active interest in this trade. It is far from over."
Not all the properties will be sold; Sharga estimates about 1,800 will sell, but at an average sale price of $100,000. That's $180 million in one day in one housing market.
"I don't think there is any chance that this is going to be over for at least another two years," said Simon Frost, CFO of Key Property Services, which will buy about 100 properties at multiple auctions on Tuesday. "We have about 60 people on the ground today."
Key buys the homes, rehabilitates them, and sells them to other investors as turn-key rentals. Some of the individual investors shivering in the cold will also buy the homes to flip, but others are in for the long haul.
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