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RTC set to auction bay area properties

The last in the initial series of auctions of affordable housing by the Resolution Trust Corp. will be Saturday at the Tampa Marriott Westshore. Fifty-four homes, mostly in Hillsborough, Pasco, Pinellas and Polk counties, will be auctioned off to the highest bidder.

The RTC is charged with disposing of assets of failed savings and loans. It has used the auction format in three other areas around the state to dispose of 250 low-priced residential properties.

The most recent auction Monday in Miami drew 1,000 people, according to Julian Garcia, affordable housing specialist in the Tampa office and director of the department that handles residential real estate owned by the RTC. Not all of the 1,000 attendees were bidders, but the RTC sold all 96 of the government-owned properties in Dade, Broward and Palm Beach counties, Garcia said.

The RTC is determined to sell the properties so there is no minimum opening bid and the properties will be sold to the highest and last bidder, regardless of price.

The properties sold in the first auction in Pensacola fetched 69.8 percent of their appraised value, according to Garcia. Figures have not been compiled from the other auctions.

"We were very pleased with the results," he said.

Prospective bidders must be prequalified to ensure they meet the government's Affordable Housing Guidelines. The maximum allowable income is $33,600 for a family of one or two, and $38,640 for a family of three or more. Families of up to eight people can qualify, the RTC says.

Individual buyers must intend to occupy the property as their primary residence. No properties in Saturday's auction will be sold to investors.

Prequalifying takes about a half hour, Garcia said. People interested in prequalifying should call the RTC auction hotline at (800) 228-2900. Callers will be referred to the nearest qualifying agency, Garcia said.

Among the properties listed are 14 condominium units, one triplex and one townhouse. The properties are listed in brochures, and the RTC urges prospective buyers to view the properties before the auction.

Initially, there was a master brochure that listed all the Florida properties, in addition to smaller brochures with specific information on each local auction. The master brochure has been unavailable for weeks.

"A lot of investors picked up the brochures before realizing they couldn't bid," said Tony Barr, auction marketing specialist for the RTC. "We've gotten more than 55,000 calls."

Prospective buyers can still get brochures for the Tampa auction. Larry Latham Auctioneers & Associates Inc., which was contracted by the RTC to run this series of auctions, has been sending out brochures to people who call. Because there is little time before Saturday's auction, potential bidders can get one at the office at 218 N Dale Mabry Highway in Tampa.

Garcia said the RTC will hold more auctions "as additional inventories come in." Since the agency is still taking over failed thrifts, there is likely to be supply for future auctions.

But Barr warns there is no guarantee the auctions will be run the same way.

"We can't guarantee the same financing will be available, that it will be restricted to affordable or that the homes will be sold absolute (regardless of price)," he said.

Within the next month, the RTC will hold a series of auctions for residential properties assessed at between $67,500 and $100,000. There are no income qualifications for buyers of these properties, and Garcia anticipates there will be more investor interest, which could mean the properties will bring higher prices.

The RTC auction

What: Saturday, the RTC will auction 54 residential properties to buyers who qualify under the federal government's Affordable Housing Guidelines.

When: Registration at 11 a.m., auction at 1 p.m.

Where: Tampa Marriott Westshore.

How it works: All properties will be sold regardless of price. There will be no minimum opening bids.

How to qualify: Bidders must be prequalified to show they are eligible.

Prequalification certification and cash, cashier's or certified check for $500 must be shown at registration.

For information: The auction hotline is 1-800-228-2900.

Property to be auctioned

These Tampa Bay area residences will be auctioned Saturday at the Marriott Westshore, 1001 N West Shore Blvd., Tampa. Registration is at 11 a.m., and the auction begins at 1 p.m.

Bed/ Sq.

City Address Bath Ft.

Largo 1762 Taylor Lake Place 3/2 1253

Thonotosassa 9542 Lake Park Drive 2/1 804

Wesley Chapel 245 Walking Vill. Road 201-D 2/2 923

Tarpon Springs 1400 Pine Glen Lane 2/2 1087

Land O'Lakes 1039 Highland Drive 3/2 1593

New Port Richey 314 E Central Ave. 3/1 821

New Port Richey 613 Warren Ave. 101 2/1 768

Dade City 703 Janet Circle 2/1 1196

Dade City 911 Sheila Lynn Court 3/3 1110

Hudson 13011 Sherman Drive 2/2 1716

Hudson 9900 Ideal Lane 3/1.5 1684

Tampa 8513 N 15th St. 4/2 1715

Tampa 8217 Semmes St. 3/1 900

Tampa 3109 Cherokee Ave. 3/2 1056

Tampa 5116 Corvette Drive 2/1.5 1440

Tampa 5111 Marc Drive 3/2 1378

Tampa 5110 Lawton Court 2/1 806

Tampa 2506 Rocky Point Drive 478 1/1 552

Tampa 11801 N 50th St. 121 2/2 744

Tampa 1250 E 113 St. 203 1/1 422

Tampa 1250 E 113 Ave. 112 1/1 299

Tampa 3707 NW 12 St. 3/1 1222

Tampa 8611 N 15th St. 867

Tampa 4014-C Cortez Drive 1/1 710

St. Petersburg 10033 64th Ave. N 24 2/2 1090

St. Petersburg 4132 4th St. S 4/2 1837

St. Petersburg 1625 58th Ter. S 1 2/1.5 1209

St. Petersburg 5245 45th Ave. N 2/1 912

St. Petersburg 2334/2334{ Highland St. S 2/1 938

St. Petersburg 2346 Grove St. S 3/2 1570

St. Petersburg 33 23rd St. S 2/2 1210

St. Petersburg 3829 11th Ave. S 2/1 971

St. Petersburg 1921 48th St. S 3/1 1113

Clearwater 1466 Fairmont St. 3/2 1140

Clearwater 2906 Pine Cone Circle

Clearwater 24862 U.S. 19 N 3401 1/1 652

Clearwater 1480 S Madison Ave. 2/1 950

St. Petersburg 3081 21st Ave. S N/A N/A