High Five Charity Auction nets Pocono charities at least $45,000
May 18 Filed under: Company News
May 17, 2012
Developer Dein Properties bought the Carlton House, an apartment building with a retail storefront on Stroudsburg’s Main Street, for $195,000 Tuesday night at an auction to benefit charities.
The building was badly damaged in a fire in December 2009 and has been vacant ever since.
“There are no specific plans for redeveloping the property at this time, but development of those plans will commence very soon,” Dein General Manager George Strunk said.
“Whatever we do will be upscale.”
Under consideration is retail space on the ground floor with offices and apartments upstairs.
“We like the site for many reasons, including that it is on the best block of a great town, downtown Stroudsburg, and it’s a corner lot,” Strunk said.
Also part of the decision to purchase the property was a new borough ordinance that allows for buildings up to 56 feet in height and underground parking.
“These things combine to allow for many different and distinct development options on the site,” Strunk said.
Six of 21 properties on the auction block were bought, with the sale of another four or five the subject of negotiations.
The Gouldsboro Volunteer Fire Company bought a 24-lot subdivision adjoining the firehouse in Gouldsboro for $150,000.
TBR Global Ventures, a private investment group, purchased the Champion sports complex in Brodheadsville for $499,000.
The three other properties sold were a commercially zoned building on about one acre on Route 447 in East Stroudsburg for $50,000; four undeveloped acres on Warner Road in Pocono Township for $50,000; and 21 acres with dilapidated cottages on Gravel Creek Road in East Stroudsburg, for $100,000. The Carlton House, the Route 447 building and the cottages in East Stroudsburg were all distressed properties.
Schreck’s Market on North Fifth Street in Stroud Township and Memorytown Resort in Paradise Township did not sell immediately. They are among the properties being negotiated.
The High Five Charity Auction generated at least $45,000 through the sale of commercial properties and donated items. Beneficiaries include the American Red Cross of the Poconos, Habitat for Humanity, Pocono Services for Families and Children, the Salvation Army and the United Way.
Sellers of the commercial properties agreed to donate a minimum of $5,000 on each sale to the organization of their choice in the unusual sale held by Michael Baxter & Associates of Stroudsburg.
Many sellers divided their contributions among several of the charities. The exact distributions won’t be known for a few days.
The auction was hosted by Desaki Restaurant and drew 227 attendees, who overflowed the main dining room into adjoining areas. There were 60 registered bidders at the event. Most were private investors, according to Baxter.
The auction capitalized on a soft economy, forcing lower sale prices and bidders and sellers who were willing to contribute to local charities.
That’s pretty common with auctions, according to Baxter, where sometimes properties are sold on the spot and others are sold a few days later.
About $35,000 in donations came directly from property sales and another $10,000 was generated through admission fees and the auction of donated merchandise.
Among the donated items were a photo safari trip to Africa that went for $2,500 and an autographed Hines Ward football jersey that sold for $450.
“It was my mission last night to hopefully win it,” jersey winner Teresa Yocum said. “We are huge Steeler fans, especially my son who lives out in Chicago now. And that’s going to be one of his Christmas presents. I spent more than I intended simply because of it benefiting charity.”
The auction was so successful for buyers, sellers and charities that another auction was scheduled for Nov. 15. The properties for sale at that auction are still to be announced.