Minneapolis: New Homes For Hightest Bidder!

Home builders hope to have successful sales of about 200 new homes at the Convention Center the weekend of January 26-27. Between 2003 and 2006, new and foreclosed home auctions have seen the largest percentage growth in the industry. In '03, gross sales receipts for auctioned homes were $11.5 billion and in '06, $16 billion. Norman Mitchel International, one of the partners in the event will tack on an 8 percent fee onto the selling price. The auction at the Mpls Convention Center is unique because it features new homes and not foreclosed homes. All bidders must have a cashier's check to get a bidding number. Bringing the homes to the auction block means significant discounts, often ranging from 25-75 percent.