By Kelsey Gee | The Wall Street Journal
Seven waterfront homes in Fargo, N.D.—with as many as four bedrooms and assessed values ranging above $500,000—will be sold at auction for as little as pennies on the dollar Monday.
Although hundreds of people saw the houses in recent walk-throughs, the residences weren’t necessarily the focal point. Many would-be buyers were likely eyeing details like the stainless-steel appliances, custom cabinets and fancy light fixtures, said Jim Lakoduk, a Realtor with Pifer’s Auction & Realty, which is running Monday’s auction.
“These homes are some of the very best in the city,” Mr. Lakoduk said.
The catch? The houses, which were purchased by the city and must be moved away from the flood-prone Red River of the North or a creek that flows into it, are so large they can’t be hauled to higher ground without being cut into pieces. This leaves them with little more than their value as scrap, local real-estate experts say.
If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com
