Premier Absolute Auction - May 5, 2007

Here are a few pictures. More to come soon.

Very close to gulf!

Hi PAG

A few questions for you about these properties:

Are these properties in a development with an association? If so, what are the fees?

Is the entire duplex for sale, or just half of it?

From the pictures, I believe those are down by Beachside Condos ... do you know the elevation of the property?

People have been using the term "absolute auction" pretty loosely lately. Can you please confirm that there is no reserve, and that all three properties will absolutely sell on auction day (none of this pull your properties and go home if you don't like how the first sale turned out?).

Thanks in advance for your response.

Hi PAG
People have been using the term "absolute auction" pretty loosely lately. Can you please confirm that there is no reserve, and that all three properties will absolutely sell on auction day (none of this pull your properties and go home if you don't like how the first sale turned out?).

Good point, what about it Spence?


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Here are a few pictures. More to come soon.

I almost bought that house from the owner, many years ago.

Good point, what about it Spence?


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Absolute means no reserve, the highest bidder gets the property. This reserve price is for the birds. Oh, I may sell my property if you meet my special price that you do not know about. Almost as bad as reservations. Buyer: I might want to buy at that price so I will reserver a unit. Seller, I may want to sell the unit to you at that price, I am just testing the market, I may raise my prices. In my opinion, reservations are a waist of time and auctions that are not absolute are a waist of time. :!:

I have seen "absolute auctions" where buyers had to submit secret opening bids to begin the bidding. I don't think absolute really means absolute. From what I understand, absolute is supposed to refer to only the property not having a reserve price to meet. Other than that, the seller can pull the property any time up to an opening bid being made. If you are going to fly down here to get a chance to be the winning bid on an absolute money, plan on staying long enough to take a vacation to make it worth the trip, otherwise, bid on the phone and don't leave home. ;-)

bdc63,

The subdivision is Walkover Dunes. We're still waiting on our information, but I don't believe there are any fees. Both sides of the duplex are for sale. As far as elevation, that too, I'm not sure of. These properties WILL sell on May 5 regardless of price. If anyone would like to register as a bidder, please call the office. We require $10,000 in certified funds or a bank letter of credit to bid.

Questions about reserves, sealed opening bids, the meaning of "absolute" ... it all points up the negative, cheesy aspects of auctions for real estate.

IMO, it's the sign of a market that still needs adjustment, people that need more patience, or people that need to realize that some get in/get out investments don't double in value overnight. IMO, it's not the situation we want here, people, and the sooner the auctioneers and their self-described "luxury" auctions are gone, the better off we'll all be.

I believe these are the very reasons P.A.G has decided to do business in SOWAL. They were appalled at the practices of many auction houses. Auctions can be beneficial but need to be run in a very ethical manner. I have met with P.A.G and feel very confident about this group. I do not feel that way about a few others that have been practicing in our area... No names mentioned. Unfortunately, there are many folks that are hurt and looking for a way out. This is one way that can help! I feel these guys/gals are going to change the way auctions are viewed. Give them a chance. Go meet them and maybe you will walk away with some comfort. I did. 😀

Thanks for the good words Bobby J.

We just received a copy of the January '07 appraisal for the duplex alone. It came in at $2,525,000.

We just received a copy of the January '07 appraisal for the duplex alone. It came in at $2,525,000.

With such a slow market how can you really get an acurate appraisal. Come on now, how many have sold in Januray, one, maby two? Do you think they would appraise more now in March? I would not put much weight on any appraisal now.:bang:

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So this is an absoulute auction for a duplex and two adjacent lots acorss the street from the beach? I was told at one time you could put more then one home on each lot. So this would be possibly 2 duplexes with "4" lots across the street from ther beach? Wow! This could be a good one!

Just letting everyone know that we had had another successful auction this past Saturday and all properties were SOLD!

Glad to read the Absolute Auctions are actually selling.

what were the prices, please? if they're already sold, not simply under contract, you should be able to disclose the values.

They will be closing in about a month. The prices will be available then. I'm sure someone here on SoWal was there. I can't disclose the prices.

what were the prices, please? if they're already sold, not simply under contract, you should be able to disclose the values.

The properties don't actually sell at the auction. As I understand it, the auction is basically the point in time when the seller and buyer agree on the terms and price. The closing comes later. So you could say that the sale at auction is a pending, not a sold.

Just letting everyone know that we had had another successful auction this past Saturday and all properties were SOLD!

Good marketing tool, but technically, they have not sold (closed).

Good point Smiling Joe. Thanks for the correction.

Was there anyone there who cares to tell us what they went for?