| Name: |
John C
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/20/2012 4:57:20 PM
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Close readers of this forum already have read the posts that nothing sold at the Water's Edge auction, so for many here my post won't be big news. But I finally had a chance to write down my full thoughts on it. It is the longest blog post I have ever written, but I thought it best to keep it contained on one page.
I included more detail on what I thought was most interesting:
1. my embarrassing receipt of a slap down from the hands of J.P. King representatives, and,
2. general observations on the auction concept as exemplified that Saturday.
URL: Water's Edge Real Estate Auction Results
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| Name: |
Talullahhound
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/20/2012 5:39:01 PM
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John, thank you for your report. You must have been taking excellent notes.
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| Name: |
UncleSam
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/20/2012 5:43:39 PM
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"my embarrassing receipt of a slap down from the hands of J.P. King representatives"
I read it all, and I don't see anything you should feel embarrassed about. Those JP King reps, on the other hand, sound like spoiled kindergarteners who are not only used to getting everything they want, but expect everyone to know what that is without being told.
You handled it better than I would have.
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| Name: |
lakeguy
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/20/2012 6:13:46 PM
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John, if you are indeed this calm and tolerant of rude behavior from others, you may be Mother Theresa certified!
I can't imagine such an orchestrated, high handed, method of auction being tolerated. The King folks, based on your statements, should be ushered out and never used again.
Thanks for an enlightening blog. You have shared valuable information.
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| Name: |
CAT BOAT
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/20/2012 6:37:22 PM
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Ditto... Listening with both ears, this sounds like "Used car sales tactics". Although, still connected to the car business, it's a stereotype sort of thing. My .02 worth. I got some carbs to rebuild tonight. (: Niffers, here I come.
CAT, dealin' with Ethonal on a day to day basis". Just sayin.
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| Name: |
John C
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| Subject: |
Hey Cat
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Date:
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3/20/2012 6:55:05 PM
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how is project MIFI coming along?
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| Name: |
Maverick
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/20/2012 7:48:04 PM
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Very nice blog John !!!!
Really liked the part about NO VIDEO in the registration package, bet you that changes - LOL !!!!
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| Name: |
Samdog
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/20/2012 8:19:33 PM
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So you have to pay for the right to bid correct? Do people consider this entertainment? I would be mad.
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| Name: |
Ulysses E. McGill
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/20/2012 8:41:49 PM
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I can't believe people pay for their so called "service"......I would hire someone local like you 100% of the time over JP King to represent ANY property sale or purchase; what a bunch of clowns.
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| Name: |
John C
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| Subject: |
you didn't have to pay to bid
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Date:
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3/20/2012 9:16:37 PM
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you didn't have to pay to bid, you just had to register with them or through a broker like me, and you could bid all you want, no cash necessary.
If the bank accepted your bid, you had to pay a 20% down payment on the spot.
To bid on the entire island, you had to bring a certified check for $50k to be held in escrow.
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| Name: |
lakngulf
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/20/2012 9:32:11 PM
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Thanks for the report John. You should be proud that you are so well known around that lake that they felt a need to silence you. Could you post the recording on Youtube? Nobody can remember that much detail.
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| Name: |
John C
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| Subject: |
Ha!!
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Date:
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3/20/2012 9:54:47 PM
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no audio!! Unfortunately anytime I am embarrassed like that, the entire scene is seared into my brain, like the time I tried for the first kiss (an innocent peck on the cheek) of my (now) wife, and she stone cold rejected me in front of her dorm at Auburn, in front of a million witnesses. I was so embarrassed I could have crawled back to my truck. I still give her a hard time about that one and she still stands by her rejection.
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| Name: |
roswellric
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| Subject: |
Thanks for the report!
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Date:
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3/20/2012 10:10:50 PM
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That was a really great job of reporting. I have a few of observations;
1. King was handcuffed by the bank and obviously frustrated. They didn't make any money beyond overhead.
2. The homes & lots were not premium and couldn't command premium bids.
3 The bank is suffering from the recent takeover by outsiders and is out of touch.
4. Buyers here don't think this is a bottom. I think they are wrong but this auction didn't help things.
Overall this was a negative event for Lake Martin.I hate that. I think the bank is the biggest culprit but the auctioneers helped. I hope this doesn't happen again. It probably won't. It was a perfect storm.
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| Name: |
roswellric
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| Subject: |
CAT....
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Date:
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3/20/2012 10:13:18 PM
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It's not Ethonal. It's ETOH. I'll explain the difference over a couple of beers :-)
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| Name: |
Talullahhound
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| Subject: |
My full report: Water's Edge auction results
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Date:
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3/21/2012 9:00:53 AM
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Feb and i go to a lot of auctions -- not real estate -- but my observations about why people go to auctions:
They are mostly looking to be entertained. Nothing more entertaining than to see a good bidding war.
They are looking for a great deal.
They are hoping to find something unique.
i suspect that a lot of the people there were expecting this was a true distress sale and hoping to get a great deal.
Based on reading your description, i'm wondering if Alliant was hoping to create a buzz about that property and hoping to generate some interest. i also think it is possible they have someone interested in the entire parcel and were hoping to prop up the negotiations (i think this may have backfired on them). Don't know what kind of arrangement they had with the auctioneer. Normally the auctioneer gets 30% of the purchase price, but i think it is entirely possible that they did this on a flat fee basis. The fact that there was no buyers premium seems a bit suspicious to me.
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| Name: |
CAT BOAT
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| Subject: |
Hey Cat
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Date:
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3/21/2012 9:18:36 AM
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I need to plug you up and get your calibration # out of yours. And it is MEFI. LOL.
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| Name: |
CAT BOAT
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| Subject: |
CAT....
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Date:
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3/21/2012 9:19:32 AM
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This sounds fishy already. Prolly should consult the Admiral before meeting.
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| Name: |
CAT BOAT
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| Subject: |
Ha!!
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Date:
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3/21/2012 9:22:12 AM
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Thats a pretty cool memory John.
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