An auction this morning to settle the estate of the late George Ragsdale, one of the initial partners in the Carolina Crossroads development, demonstrated there is little hope for immediate development until the economy turns but optimism that it will turn.

Three of the parcels auctioned today were directly in what was designated by the city as the Roanoke Rapids Music and Entertainment District, commonly called Carolina Crossroads.

They include one parcel of nearly 106 acres of agricultural land, another of slightly more than 107 acres of agricultural land and an outparcel of approximately 2.13 acres adjacent to the Hilton Garden Inn, where the Tranzon auction was held.

The 107 acres of land fetched $4,440 an acre while the nearly 106 acres sold for $1,400 an acre. The 2.13 acre outparcel sold for a flat sum of $56,000.

There were also several other pieces of land up for auction today, including lots in the new Stonegate subdivision and 23 parcels on Gregory Drive.

Taking away the Carolina Crossroads lots sold today, there are still some 250 acres in the district that are owned by developer Michael Dunlow, he said following the close of the auction, which fetched some $700,000.

Dunlow was direct, however, saying there are few development prospects right now because of the economy. “I do have contact with a private group interested in buying Phase 1.”

He said there have been offers, however, he said they were too low. “It's still on the market every day.”

Dunlow believes when the economy turns the land will develop independent of what happens with the Roanoke Rapids Theatre, which was considered to be centerpiece of the development but owned by the city. “Go to the Premier (Landing) lot. We lost Lone Star, CiCi's, all that was tied to the economy.”

He said he doesn't believe the lack of success at the theater will impact the success of the Carolina Crossroads development when the economy improves, describing the land as oceanfront property, with the beach being Interstate 95.

Auctioneer Tim Jennings throughout the sale talked about economy and the toll it has taken on the real estate market.

Having to deliver his auction cadence in increments of $25 in one sale, he said, “In 2007 and 2008 this $25 line wouldn't have happened. We're like a graveyard, we'll take anything.”

In selling the outparcel, Jennings told the audience, made up mainly of bankers, farmers and real estate agents, “If you have a little bit of money and patience this will pay off. It's better than the stock market. It's not like you're buying commercial buildings where you have to spend a lot of money on. You just mow it and wait.”

Following the auction, Jennings said he truly believes the economy will turn because it has done so in the past. He said he believes the inactivity at theater has much to do with people's shrinking disposable income. “It's just another significant part of the economy.”

As far as a timetable, Jennings said he can't predict. “It's just a matter of time. People are starting to play. There's an attitude to stop being afraid.”