Ritchie Bros. to sell brand new MW Johnson homes at unreserved Minneapolis auction

. February 20, 2008

MINNEAPOLIS, MN, Feb. 20 – Next month, 26 brand new MW Johnson homes will be sold to the highest bidders at an unreserved public auction in Minneapolis. The townhouses and single-family homes are located in both Minnesota and Wisconsin in new family-oriented neighborhoods within 60 miles of the Twin Cities; all are ready for immediate occupancy. Ritchie Bros. Auctioneers will conduct the auction on Saturday, March 29, 2008 at the Minneapolis Convention Center. Like every Ritchie Bros. auction, the MW Johnson real estate auction will be unreserved, with no minimum bids and no reserve prices. The consignor and their agents are also contractually forbidden from offering bids – meaning that every home in the auction will be sold to a new owner on March 29.

“Ritchie Bros. is one of the few auction companies that conducts completely unreserved real estate auctions,” said Kieran Holm, Ritchie Bros. Regional Manager. “It can be very disappointing, even heartbreaking, to miss the opportunity to buy your dream home because you failed to meet the reserve price at an auction. Interested homebuyers can bid in confidence at Ritchie Bros. auctions knowing there are no hidden reserves and no artificial price manipulation. At our auctions, the bidders set the prices. If you’re looking to buy a new home, register to bid in our upcoming auction. We will sell all 26 brand new MW Johnson homes to the highest bidders on March 29 – regardless of price.”

Established in 1971, MW Johnson Construction is one of Minnesota’s largest privately held homebuilders. The company builds hundreds of new homes every year in Minnesota, Wisconsin and Florida. The 26 MW Johnson homes being sold in the auction are located in Minnesota (Apple Valley, Elk River, Farmington, Jordan Lakeville, Mankato, Minneapolis, Montgomery, Monticello, Red Wing, Shakopee, St. Cloud, St. Paul, Woodbury) and Wisconsin (Baldwin, Hammond, Hudson, New Richmond, Prescott, River Falls, Roberts).

“There has never been a better time to buy a house, with interest rates at an all-time low – and housing values will increase in value over the long term, so it’s a great investment,” said Bill Johnson, owner and president of MW Johnson Construction. “An absolute auction is a wonderful way to buy a new home. You can inspect the property before the auction and decide what you are willing to pay. There’s no negotiating back and forth and you can be confident when you bid, because you know that the highest bidder on auction day is going to be the owner of a new home. We’re hoping to sell even more homes by auction in the future. It’s exciting, especially when you see someone bidding successfully on their first home.”

The unreserved public auction starts at 1:00 p.m. on Saturday, March 29, 2008 at the Minneapolis Convention Center (1301 Second Avenue South, Minneapolis MN). Like every Ritchie Bros. auction, the sale will be completely unreserved-meaning there are no minimum bids or reserve prices. Every home will be sold to the highest bidder on auction day, regardless of price. The auction is open to the public. Interested buyers must register before bidding; registration is free. Further information about the auction, including details on all 26 homes being sold, is available at www.rbauction.com/twincities. Interested bidders can also contact Steve Speer, Ritchie Bros. Territory Manager, at 612-518-0095.

Category: Auction News

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