Sheldon Good & Company to Conduct a Developer Closeout Auction of 34 Luxury Condominium Residences in Durham, NC

NEW YORK--(BUSINESS WIRE)--Sheldon Good and Company, a Racebrook Portfolio Company and America’s leading real estate auctioneer, will conduct a developer closeout auction in Durham, NC on August 21, 2011, for the remaining 34 units at The Landing at Southpoint, a 54 unit luxury condominium development located in one of the Triangle’s fastest growing and most desirable areas. 10 of the 34 units available will be sold absolute, regardless of price, offering incredible savings to buyers.

Buyers will have the rare opportunity to name their price and purchase a variety of 1, 2 and 3 bedroom residences that feature stunning details including 9’ ceilings with crown molding, pendant and recessed lighting, hardwood flooring, fireplaces, kitchens with granite countertops, custom solid wood cabinetry, walk in closets, and private covered decks and patios.

Suggested opening bids will start at just $60,000 for spacious one-bedroom condominiums, $74,000 for two-bedroom units, and $90,000 for three-bedroom units. The homes were originally priced from $180,000 -- representing potential savings of up to 66% of the original price.

Luxurious amenities in the building include an upscale clubhouse ideal for entertaining, featuring a spacious European-style catering kitchen, pull-up bar counter and seating around a large fireplace and flat screen television. Residents can also enjoy an outdoor resort-style swimming pool, and relax at the poolside spa or under the covered porch. The development, whose community borders a lush federally protected waterfowl and wetland, also holds the distinction of being the first multifamily community in North Carolina to be awarded certification by the United States Green Building Council under “LEED for Homes” and attaining LEED Silver status.

Situated less than two miles north of The Streets at Southpoint Mall and Renaissance Village The Landing at Southpoint offers countless nearby retail, dining and entertainment options. The cultural and civic centers of downtown Durham and Chapel Hill are just minutes away and within a two mile commute to Research Triangle Park.

“This auction presents unprecedented value for buyers in a luxury building of this caliber. In terms of design, layouts, first-class amenities, and access to leisure and entertainment activities in the area, there is simply nothing else like it. By offering these condominiums at auction prices, bidders will receive a level of value that doesn’t currently exist anywhere in the region. For the developer, it is an opportunity to sell a large amount of inventory in just one day,” said Mark Troen, Chief Operating Officer of Sheldon Good & Company.

Interested buyers can view the residences during pre-auction Open Houses on Saturdays and Sunday’s beginning on July 30^th from 12pm to 3pm, and Thursday and Friday August 11 and 12 from 4pm to 7pm. The auction will take place on Sunday, August 21^st at the Embassy Suites on Harrison Oaks Blvd., Cary, NC 27513. Registration will begin at 11am, and the auction will start at 12pm.

For information about the auctions and to view the available units at pre-auction open houses, please call 800-374-4881 or visit www.TheLandingCondoAuction.com

ABOUT SHELDON GOOD & COMPANY

Sheldon Good & Company is America's Real Estate Auctioneer^TM. As the nation's leading provider of strategic marketing and structured accelerated sales solutions, the firm has a 45-year track record of proven results, has sold billions of dollars worth of properties in every real estate asset class, and has the highest closing ratio in the industry.

Sheldon Good & Company is a Racebrook Portfolio Company, part of a family of enterprises offering a wide range of services in the special situation and opportunistic real estate sector that include: advisory and consulting services; acquisition, investment and disposition capabilities; and workout and restructuring services. The firm's headquarters are based in New York City, with primary offices in Chicago, Miami, Denver, Los Angeles, San Francisco and other strategic locations nationwide.