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St. Lucie County land sells for $1,475,000 in auction that attracts 33 bidders

FORT PIERCE, Fla. - Approximately 190 acres of pasture land in St. Lucie County sold for $1,475,000 recently in an auction conducted by Walters-Schrader Auction Company, based in Fort Pierce.

The auction attracted 33 bidders and a crowd of 75 people in all. Land sold included former citrus groves in the S.R. 70/S.R. 68 corridor, according to Mark Walters, president of the company.

"A lot of people are saying it's difficult to sell real estate of any kind right now, but we are finding that if you have the right kind of property and market it effectively at auction, the buyers are out there," said Walters. "In a marketplace where there are large supplies of competing properties, an auction can break through the clutter and attract attention to a particular property, while enabling the seller to reach out to a larger pool of prospective bidders.

"But it's very important to be aware of market realities. Property will sell at today's prices, not the inflated prices we were seeing in 2004 and 2005. If sellers are realistic and are willing to sell at current market levels, a well-promoted auction can be an effective way to get it sold," he said.

"As the credit markets regain their balance, we anticipate that we will continue to see a receptive market for agricultural, commercial and development land in 2009 and beyond," he added.

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