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Name:
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Feb
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Subject:
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APC Lease Lots AUCTION
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Date:
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5/25/2004 10:59:40 AM
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OK, Here we go on this interesting topic again. If you do a search on the Forum you will find detailed discussions of the process.
I will attempt to outline briefly the process. APC generally puts up about 20 lots a year in the auction to win a rental lot(s). APC has sold some of the long ago rental lots to the leassee(s), but of recent years APC states they will no longer do so. It will always be a leased lot. The minimum bid has been $2,000.00, but that will not win the lease rights for you if the recent past has been an indicator. Look at probably about ten times that amount or more. In the auction, APC will identify the location of the lot, the monthly rental fee (generally between $300.00 to $600.00 per month depending of the quality of the individual lot), and the terms and conditions of the Auction and Lease agreement. If you are the high bidder for a lot or lots then the amount you bid becomes APC's money and it does not apply to future rental payments. If you are the unsuccessful bidder, then your money is returned by APC. The lots are unimproved and you have to install electical, septic, dirveways, cabin, dock, boat house, telephone lines and any other improvements. There is a minimum size cabin structure that is allowed. I believe something like 2,000 sq.ft., and a mobile home is not allowed. The rental amount is good for the first five years and may then be raised by APC based upon economic inflation rates. You can never loose the lease unless you miss rental payments or violate the rental contract. You can not sell the lease unless the lot has been improved with a contractually acceptable cabin. If APC does take the lot back then they are required to pay fair market value (never been done unless contract violated) for improvements.
It is not a bad deal for a quality lot on Lake Martin if you are able to overcome the long term lease idea as opposed to property ownership. Be aware that many investors win, construct and sell for a nice profit. I know someone who has done this on several occassions and has sale contracts on the properties even before construction was completed. He made a nice profit on all he sold that was far better than the recent stock market.
If you bid $23,455.33 on a lot and win then that is the amount you forfeit to APC as Lakeman stated. Lakebum is correct you can get on the bid package distribution list. I have not received a set for this year. I expect it around June. Good Luck - You will need it unless you bid a sizable amount.
The last part of your question - I do not believe that APC makes public the winning bid amounts. They will upon request let you know the winning bid amount for the lot you were unsucessful on. My personal information over the last two to three years says you had best bid around or above twenty grand for even a chance, and the bid has to be by certified check.
I think most of the above is the case but could be off on some minor points or on anything that changes this year.. Hope this is of help. I know I have wrecked everyone's hopes of a lot for less than a substantial bid.
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