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| Name: |
Capt D
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| Subject: |
John C..do you know??
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Date:
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5/14/2007 12:48:49 PM
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Although not in the market to buy, but in the market to know...how did the auction go this past Saturday for the three homes??? I really enjoy all of your input on the Forum and your Real Estate website. GREAT JOB!!
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| Name: |
rainbow slough
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| Subject: |
Not John C, but..
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Date:
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5/14/2007 1:15:41 PM
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My nieghbor when to the 1 w/ the pool, said the auction was halted due to low bidding, quoted the auctioneer as saying "I can see no one here is serious". Don't know about the other 2.
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| Name: |
John C
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| Subject: |
1 sold 2 did not
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Date:
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5/15/2007 1:43:00 PM
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Thanks for the compliments. Please feel free to leave comments on my posts on my blog (www.lakemartinvoice.com). It is also called "leave a reply." This way others can benefit from your knowledge (it's not all about my opinion) and also it lets me know what topics of interest to cover. Thanks!!!!!
As to the auction, I am working on a post about that, specifically auctions and their role in the real estate market on the lake and in general. Stay tuned to Lake Martin Voice for that article. Also you can subscribe to be emailed each new post or article as they are written by entering your email in the "subscribe" box on the upper right. Don't worry, I don't spam nor do I give my email list to anyone.
From what I heard, the one on squaw ridge sold in the high 300s. The other 2 did not sell. They are back on the MLS "for sale" now, so I think that is pretty good info. They are back on the MLS at the prices that they carried before the auction - one on Sterling View for $997.5k and one on Wavecrest for $1.275M. Niether are my listings. You can click on the "property search" tab and search by price to view the info on each. As to no one "being serious" about buying them - I doubt that. I have walked through both of them, long before each hit the market. Each has plenty of serious buyers, but apparently not at that price on that day under that tent.
URL: Lake Martin Voice
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| Name: |
Maverick
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| Subject: |
John C ?
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Date:
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5/15/2007 6:34:27 PM
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John the one which you stated did sell, what was the MLS price and what did it sell for at auction.
Just curious.
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| Name: |
John C
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| Subject: |
John C ?
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Date:
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5/15/2007 10:23:31 PM
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1861 Squaw Ridge came off the mls on 5-5-07 as "expired" at the list price of $459,900. I heard that they dropped the gavel at or around 380k. I was not there, this is second hand info, someone that was there please correct me if wrong. Also, that might not be the price that the buyer pays, often in auctions the buyer must pay the "auction fee," which, like real estate commissions, vary deal to deal, but could be six or even 10 percent. So if the buyer got it at 380, +6% would be $402,800. Again, I repeat, maybe this is not the case with this particular auction, I have no idea because I was not there nor did I inspect the bid form, someone please pipe up with the details if I am way off. But most auctions I have seen have been this way.
URL: Lake Martin Voice
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| Name: |
Real Eye Land
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| Subject: |
Saturdays Auctions
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Date:
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5/16/2007 12:21:34 AM
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| Name: |
Real Eye Land
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| Subject: |
Saturdays Auction
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Date:
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5/16/2007 12:22:35 AM
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| Name: |
Real Eye Land
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| Subject: |
Auctions
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Date:
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5/16/2007 12:46:56 AM
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I went to the first 2 auctions on Saturday. There was a 10% buyers premium tacked on to the final price and the auction was not absolute. Sterling Drive had three openiong bids of 100k, 400k and $619,000. No one made another offer and it was awkward to say the least. I heard one agent say to another that this showed how "bad" sales sre right now. My understanding is that the owner was asking $975k and had just turned down $825k. He again said no. He may want to go back to mr. 825 with hat in hand. I would give $600 for this one at the most. Nice view but very steep.
The other auction sold for $378k plus the 10% and the offer was accepted. Wisely in my opinion.
I did not attend the 4pm auction. The one with the pool. That house had been on the market for a long time(atleast 2 years) for 700's to 800's. Now all of a sudden you cut some trees down and fix the pool and the buyer a few months ago now has it listed at 1.2mil.??? I'd like to hear where the bidding was when they closed the auction.
I personally think the auctions were a "gimmick" to inspire a bidding frenzy for three overpriced properties.
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