so, both properties up for auction failed to meet or beat their reserve price?
Premier Auction - March 10, 2007
- Thread starter P.A.G.
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so, both properties up for auction failed to meet or beat their reserve price?
What does it matter? It sounds like they got a sale.
Only realtors look at it as binary ... sale or no sale.
At this stage of the game, buyers and sellers are interested in a lot more than that.
This property was originally appraised at over $1.6 million in 2005, according to an email that I received from PAG. They wouldn't disclose the reserve price when I asked. Now it seems there was a sale in the $810K range, but that didn't meet the sellers reserve. So, 50%-ish off of the 2005 market highs, but the seller had even higher expectations. As a matter of fact, there were two auctions yesterday that didn't meet the sellers reserve.
That's a ton of information to potential buyers like me. ie. Sellers still don't get what is happening in this market if they are setting reserves too high. Don't waste a plane ticket to come down and look around until you see signs that they do. Also ... 50% off 2005 apprasials is an interesting sound bite.
If I (and others on this site) didn't ask the questions and dig for information, I wouldn't know any of this. I'd love to find a realtor that I could trust to provide this type of information and honest analysis to me, but they seem to be an endangered species. On the other hand, the Davidkis Lereahpus seems to be multiplying like rabbits!
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Thank you PAG for your views, and for not being ticked about all of the ranting I've done on your thread.
I think that there is going to be another leg down as the credit crisis plays out ... I'll likely save my next trip down until we see what that looks like ...
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You mean this one???Auctions must be the way to go. Yesterday, a plane buzzed the beach at Grayton with a 'propertyfiresale.com' banner in tow
Auctions must be the way to go. Yesterday, a plane buzzed the beach at Grayton with a 'propertyfiresale.com' banner in tow
Apparently the guy hasn't read the Survey of Emerging Market Conditions put out by the UF Bergstrom Center for Real Estate Studies.
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from propertyfiresale.com -- "The Mission of this site is to allow sellers an avenue to market their real estate for a loss in exchange for a swift and smooth real estate closing." They state that they won't have any listings until summer 07. It is also apparent that they may start charging people to see their listings. From their site, "
Active Real Estate Offerings coming in the Summer of 2007. Register now (while it's free) to be alerted regarding future opportunities!"
Active Real Estate Offerings coming in the Summer of 2007. Register now (while it's free) to be alerted regarding future opportunities!"
What I don't understand is the criteria that the owner take a loss on a property. It seems to me that someone who bought for $1.2 million in 2005 might qualify as a fire sale if they listed at $1.1, but the guy with a similar house next door couldn't list the house he bought in 2000 for$700,000, even though it would be more of a "fire sale". Is there some advantage to selling property for a loss from the realtor/broker perspective?
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Why do you need this? Just lower your price, it will show up as a lower price in MLS, you may take a loss or you may not take a loss. What does it matter? It is all about the market, what someone is willing to pay for your property. Just my $.02.
This Real Estate site was created after being part of a substantial real estate loss. In 2005 I partnered with two others on a vacant lot in Destin, Florida with intentions of building a "spec" home. After closing and some delays we decided to sell our vacant land for $100,000 less than our original purchase price. That capital loss was then added to broker fees,
interest paid, and closing cost for a total of approximately $170,000.