Skidmore & Associates Conducts Auction For Sale of Residential Property in Bucyrus, Ohio

On November 15, 2002, Skidmore & Associates presided over an auction of a 50-unit housing complex at the Crawford County Administration Building located in Bucyrus, Ohio. The housing complex was "[b]uilt by the federal Housing and Urban Development department in the early 1970s, Bucyrus Estates came on the auction block with a 10.25 percent mortgage rate and a $1.5 million debt," reported the Bucyrus Telegraph-Forum (the "Forum"). The purchase was predicated upon "keeping it a low-income complex and mandated to make over $400,000 in repairs and renovations," stated the Forum.

The participating bidders came from "Ohio, Illinois, Florida and Oregon at the sale conducted by attorneys Spiros Vasilatos Jr. and Archie Skidmore, attorneys with Skidmore & Associates, Akron," the Forum chronicled. The Forum reported, "[i]nching up, $1,000 here, $2,000 there, the bidding saw about 200 offers seesaw back and forth between different sets of bidders…. [s]everal times Skidmore seemed seconds from taking the final bid, when one of the prospective buyers would jump back in. 'I came here with laryngitis and I'm going to leave with laryngitis,' the attorney said".

Two developers from Cleveland, Ohio cast the final bid of $1,001,000. " 'Bucyrus is a well thought of community ... an up and coming city,' Skidmore said following the sale. He said Friday's sale was one of the 'largest, most competitive' auctions his firm has handled for HUD," the Forum concluded.

[The source of this news item was obtained from the article entitled "Bucyrus Estates sold for $1M: 2 Cleveland men buy housing complex" as reported by Lisa Miller of the Bucyrus Telegraph-Forum and appearing in the edition Saturday-Sunday, November 16-17,2002]

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