The Seagrove Highlands auction is this weekend, right? Anybody here plan on attending?
Seagrove Highlands
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One 3 BR unit went for $290,000 + 10% fee and one 2 BR unit went for 170,000 + 10% fee Then the developer WITHDREW ALL of the other units!!!!!!!!!!!!!!!!!!!! I TOLD YOU SO!!!!!!!!!!!!!!!!!!!!! Apparently I am more familiar with the developer than you.
Actually, the three bedroom went for $285K + 10% premium, and TWO two bedrooms went for $170K each. There was a phone bidder that jumped in at the last minute. Still a total bust.
New comps in the neighborhood and several new affordable rentals available....not a total bust. ;-)
2 br went for 170 and 3 br went for 295.
Not a bad guess, if I do say so myself.
What's this crap about withdrawing units from an absolute auction? If you have a minimum, set a reserve. Otherwise, take what is offered. I wonder how many pissed off out-of-towners you have wondering around SOWAL right now that flew in for the "absolute auction."
6 months from now when all of the Alt-A crap has hit the fan, this developer might just be kicking himself for not selling when he had the chance.
But now, the really important question ... what did they have for snacks, and what color balloons were on display?
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Final notes on the auction:
1) the Developer chose an out of state auction company not Roebuck or Anderson.
2) The properties were grouped so that the bidding would start with a 3 br, then a 2br, and return to the 3br
3) the "winning bidder" was not there it was a phone bid
4) the same "winning bidder" "won" the 3 br and the 2br
5) After the dismal selling prices the developer (on the phone?) cancelled the auction BUT he offered the remaining 2br units at the auction price of $170,000 to anyone that wanted them.
My theory is that the developer was the "winning phone bidder" and that no property changed hands at the auction.
I think his bottom dollar was @ $325,000 for the 3 br and $220,00 for the 2 br. The only negative impact will be the comps for the current unit owners. BTW he advertised condo fees at $200/month - today that went up to $330.
1) the Developer chose an out of state auction company not Roebuck or Anderson.
2) The properties were grouped so that the bidding would start with a 3 br, then a 2br, and return to the 3br
3) the "winning bidder" was not there it was a phone bid
4) the same "winning bidder" "won" the 3 br and the 2br
5) After the dismal selling prices the developer (on the phone?) cancelled the auction BUT he offered the remaining 2br units at the auction price of $170,000 to anyone that wanted them.
My theory is that the developer was the "winning phone bidder" and that no property changed hands at the auction.
I think his bottom dollar was @ $325,000 for the 3 br and $220,00 for the 2 br. The only negative impact will be the comps for the current unit owners. BTW he advertised condo fees at $200/month - today that went up to $330.
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Three posts and three different prices. Are you guys sure that you attended the same auction?
If so, which one of you was paying the most attention to the auctioneer?Thanks for all the great info. A couple more questions:
Approx. how many people were there?
What was the opening bid on the 3 bedroom unit, and approx. how many bids were placed for it to get up to its sell price?
Is it even legal
- to place a phantom bid on your own property in an absolute auction?
- to withdraw items from an absolute auction?
- for the developer to raise the association fees over 50% in one move with no notice?
Thanks.
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I think they advertised the HOA Fees wrong. Mine were never $200/month. I think I pay $285/month (one bedroom). Also, the gentleman that bought both units was PRESENT at the auction. There was a phone bidder that took the 2nd two bedroom unit.
The developer chose the out of state auction company because of the national exposure they have. Not that it helped in this auction (although it's a sign of the times), but they have proven results across the country and are fantastic people to do business with. Jim Sullivan, who has lived and owned and developed in this area for a long time, obviously trusts and has the confidence in National Auction Group so much that he's having them auction off several of his Heron's Watch units next month. And they sold his Gulf Front house on Chivas Lane.