89 Palmeira Way, Lot 21, Lot 23, and Lot 28 are being offered by auction on October 13, 2007 at 1:00 pm. We have set a new published minimum bid of $750,000 for this property. Any bid of $750,000 or more will be accepted and property will be SOLD. Please view our website for more information.
The Premier Auction Group
http://www.thepremierauctiongroup.com/auction_detail.php?auction_id=368693&ID=368693
PRE-AUCTION OFFERS ARE ENCOURAGED AND WILL BE PRESENTED.
Replies
84
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Snacks? Did somebody say snacks?
Snacks? Did somebody say snacks?
SoWal Expert
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
I bet several potential buyers left a few auctions feeling cheated when they found out that the auctions had reserves. Not only was there money wasted on a trip to the auction, but there was also time wasted. I'm not sure which auction company it was that was bosting their minimum opening bid, but it was not a price which the seller would accept. When auctions are absolute w/o reserves, you will see buyers buying.
I bet several potential buyers left a few auctions feeling cheated when they found out that the auctions had reserves. Not only was there money wasted on a trip to the auction, but there was also time wasted. I'm not sure which auction company it was that was bosting their minimum opening bid, but it was not a price which the seller would accept. When auctions are absolute w/o reserves, you will see buyers buying.
Com'on guys and gals. Why you picking on poor P.A.G.? Auctions used in this market are a gimmick. They aren't cheating anybody. Yes, they are charging a higher rate but who's fault is that? My broker told me 6%. I told him 5%. He said OK. If someone pays 10% for the perceived value of selling quickly, let 'em. That is not unethical. The seller is just dumb.
Are the people complaining real estate folks with sour grapes?
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
I agree to this. If you are going to take the time to get the balloons you gotta pick up the snack! C'mon agents! No snack, no open house!
I'm not a RE person <surprise!>, I have issues with any 'open house' that doesn't provide snacks.
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I agree to this. If you are going to take the time to get the balloons you gotta pick up the snack! C'mon agents! No snack, no open house!
Beach Lover
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
You guys still don't get it. The BUYER pays the 10%. The seller pays an upfront marketing fee. It is a beautiful biz plan for the auctioneer who virtually pays nothing and has no risk.
PAG's upcoming auction features 11 of 15 properties with an advertised reserve. What more could a buyer ask for? He sees the absolute minimum the seller will accept, add 10% and then if he feels it is a deal he goes to the auction and bids. No time wasted. No leaving with burnt feelings. He's going to an auction where he knows the price going in.
Com'on guys and gals. Why you picking on poor P.A.G.? Auctions used in this market are a gimmick. They aren't cheating anybody. Yes, they are charging a higher rate but who's fault is that? My broker told me 6%. I told him 5%. He said OK. If someone pays 10% for the perceived value of selling quickly, let 'em. That is not unethical. The seller is just dumb.
Are the people complaining real estate folks with sour grapes?
You guys still don't get it. The BUYER pays the 10%. The seller pays an upfront marketing fee. It is a beautiful biz plan for the auctioneer who virtually pays nothing and has no risk.
PAG's upcoming auction features 11 of 15 properties with an advertised reserve. What more could a buyer ask for? He sees the absolute minimum the seller will accept, add 10% and then if he feels it is a deal he goes to the auction and bids. No time wasted. No leaving with burnt feelings. He's going to an auction where he knows the price going in.
SoWal Insider
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Answer me this Joe.
On the Nov 7 auction, an Ariel Dunes II condo #1103 is listed at a minimum bid of $295K. Just suppose, someone wants to buy that condo today and offers the owner $295K...can the owner accept that offer? If the answer is yes, does the seller owe the auction house a portion of the commission?
.
You guys still don't get it. The BUYER pays the 10%. The seller pays an upfront marketing fee. It is a beautiful biz plan for the auctioneer who virtually pays nothing and has no risk.
PAG's upcoming auction features 11 of 15 properties with an advertised reserve. What more could a buyer ask for? He sees the absolute minimum the seller will accept, add 10% and then if he feels it is a deal he goes to the auction and bids. No time wasted. No leaving with burnt feelings. He's going to an auction where he knows the price going in.
Answer me this Joe.
On the Nov 7 auction, an Ariel Dunes II condo #1103 is listed at a minimum bid of $295K. Just suppose, someone wants to buy that condo today and offers the owner $295K...can the owner accept that offer? If the answer is yes, does the seller owe the auction house a portion of the commission?
.
Edited
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
i believe the buyer pays another 29,500 and that goes to the auction house and any other realtors involved...
i believe the buyer pays another 29,500 and that goes to the auction house and any other realtors involved...
Beach Lover
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
We are encouraging pre-auction offers. Using your example of #1103 above, the offer would have to be for at least $295K + 10% or $324,500. The offer would be presented to the seller who may accept it or may hope to get more bids and more money at the auction. The seller is under a listing agreement with the auctioneer that would entitle them to the 10% buyer's premium regardless if it makes it to auction or not.
Answer me this Joe.
On the Nov 7 auction, an Ariel Dunes II condo #1103 is listed at a minimum bid of $295K. Just suppose, someone wants to buy that condo today and offers the owner $295K...can the owner accept that offer? If the answer is yes, does the seller owe the auction house a portion of the commission?
.
We are encouraging pre-auction offers. Using your example of #1103 above, the offer would have to be for at least $295K + 10% or $324,500. The offer would be presented to the seller who may accept it or may hope to get more bids and more money at the auction. The seller is under a listing agreement with the auctioneer that would entitle them to the 10% buyer's premium regardless if it makes it to auction or not.
SoWal Insider
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Thanx.
Shel.
We are encouraging pre-auction offers. Using your example of #1103 above, the offer would have to be for at least $295K + 10% or $324,500. The offer would be presented to the seller who may accept it or may hope to get more bids and more money at the auction. The seller is under a listing agreement with the auctioneer that would entitle them to the 10% buyer's premium regardless if it makes it to auction or not.
Thanx.
Shel.
Beach Comber
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
With auctions, for me, the "minimum reserve", "minimum price" or whatever you want to call it is not a big problem. What I have a problem with is the 10% "buyer's fee".
I don't know how the buyer's fee is apportioned with regard to auctioneer, R.E. agent etc. or whether the auctioneer gets it all. All I know is that I would be happy to auction $300,000 plus properties all day long for 10%!! Of course not all auctions are successful, but the fee should stand on it's own for each property and not be "padded" to make up for the "no sale" properties. All a buyer's fee tells me is that there is still room in the price for a middleman to make a hefty commission!
I am sure that most potential buyers such as myself look at the buyer's premium as a discouraging fee, and one that further muddies the water as far as determining true property value.
With auctions, for me, the "minimum reserve", "minimum price" or whatever you want to call it is not a big problem. What I have a problem with is the 10% "buyer's fee".
I don't know how the buyer's fee is apportioned with regard to auctioneer, R.E. agent etc. or whether the auctioneer gets it all. All I know is that I would be happy to auction $300,000 plus properties all day long for 10%!! Of course not all auctions are successful, but the fee should stand on it's own for each property and not be "padded" to make up for the "no sale" properties. All a buyer's fee tells me is that there is still room in the price for a middleman to make a hefty commission!
I am sure that most potential buyers such as myself look at the buyer's premium as a discouraging fee, and one that further muddies the water as far as determining true property value.
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