EPPING, N.D. - In 2013, a new neighborhood was being built in Epping and times couldn't have been better. But now, that same area is up for auction.
An auction is a fast way to sell property, but not everyone at the Epping Ranch Auction thought they would add to their portfolio.
“I had no intentions to buy anything,” says Charles Camp, auction participant.
Charles Camp helped build the Epping Ranch subdivision and was hoping to get work out of the deal, but the price was too good to pass up.
“They were adjacent to my house, I figured why not,” says Camp.
The auction consisted of condo units along with improved and unimproved lots. The homes were sold for more than $42,000 but that price is subject to seller's approval. The improved single-family lots sold for a couple of thousands of dollars each.
“The developer basically thought their investment dollars were stagnating here, so they were helpful to move the money to developments in California,” says Ron Rauch, Epping Ranch.
Williams and Williams also auctioned off Halliburton’s property couple of months ago, but it’s difficult to compare the two auctions.
“This properties does not have as many amenities as the Williston property did," say Monte Lowderman, Williams & Williams Auctioneer.
Towards the end of the auction, Lowderman stopped the auction of the undeveloped lots because he says participants weren't willing to pay enough.
“I was glad to see that happen. The owner doesn’t need to give them away, he is not desperate like that. That would have been crazy of him to give it up that way,” says Camp.
Like many landowners in the Bakken, an oil rebound can’t come fast enough. Twenty-five people participated in the auction.