Auctions bringing buyers bargains [East Nashville]
A small crowd gathered for the auction of a Shelby Avenue home in East Nashville — one of about 30 properties repossessed by a bank and being sold by Bob Parks Auction Co. in a whirlwind tour this week.
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The historic home’s renovations were nearly complete, including immaculate hardwood floors, exposed brick around the fireplaces, a new kitchen and fresh paint. The county tax appraisal listed the house as worth $297,300.
After the auction, someone walked away with it for $166,000. Even the buyer thought his winning bid seemed too low.
“I’m surprised it didn’t go for more,’’ said Stewart Levine, who won the bid on behalf of a local investor, Lane Wallace. “In this market, things are just down.”