Sanctuary at Redfish Preview Party this Sunday from 4-7pm

I was looking at the Beachside Villa condos also going up for auction on Aug 16th. Could you clarify the term "absolute auction"? Does this mean that there is no reserve on these properties? Also, can one bid on these properties over the phone?

Yes, "absolute" means that there is no reserve on those properties. They will be sold to the highest bidders regardless of price. Also, we do allow phone bidding. Before Friday, August 15, you will need to contact Bruce Griffy in our office to sign up. Our office number is 850-654-6000.

Roebuck Auctions and McNeese Title would like to invite everyone to come out this Sunday, August 10 from 4:00 to 7:00pm at the Sanctuary at Redfish. We are having a poolside preview party for the 6 condos and 5 pool cabanas that will be auctioned on Saturday, August 16 at the Santa Rosa Beach Club. There will be live music, drinks, givewaways and great food provided by JamBone. At least 3 of these condos will be sold at absolute auction, meaning they will sell to the highest bidder(s) regardless of price. Even if you do not have plans to attend the auction, this is a great opportunity to see and experience this first class project and have a good time doing it. For more information, call Roebuck Auctions at 654-6000 or visit our website, www.roebuckauctions.com.

Can you post results of Saturday's auction?
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Sure, here are the results from Saturday.

117 Highland....$2,310,000
5862 W Hwy 30A....$632,500
Beachside Villas #312....$156,200
Beachside Villas #812....$132,000
Palms of Seagrove #D3....$181,500
Sanctuary at Redfish #1107....467,500
Sanctuary at Redfish #1102....396,000
Sanctuary at Redfish #2102....401,500
Sanctuary at Redfish #2107....401,500
Sanctuary at Redfish #2110....381,700
Sanctuary at Redfish #3107....495,000
Sanctuary pool cabana #5....$30,800
Sanctuary pool cabana #8....$30,800
Sanctuary pool cabana #10....$30,800

Sure, here are the results from Saturday.

117 Highland....$2,310,000
5862 W Hwy 30A....$632,500
Beachside Villas #312....$156,200
Beachside Villas #812....$132,000
Palms of Seagrove #D3....$181,500
Sanctuary at Redfish #1107....467,500
Sanctuary at Redfish #1102....396,000
Sanctuary at Redfish #2102....401,500
Sanctuary at Redfish #2107....401,500
Sanctuary at Redfish #2110....381,700
Sanctuary at Redfish #3107....495,000
Sanctuary pool cabana #5....$30,800
Sanctuary pool cabana #8....$30,800
Sanctuary pool cabana #10....$30,800

Bit of a haircut on the Sanctuary at Redfish units compared to those listed for sale on the MLS... WOW!!!

Would be interesting to see what the original sale prices were on some of these auctioned properties...

But dont you worry, I believe the Realtors are calling another bottom

I guess it all depends on your definition of a haircut. There have not been any resales at Sanctuary at Redfish. 5 of the 6 units we sold were owned by the same group. They went into the auction agreeing to sell 2 at absolute and have reserves on the other 3. After the first 2 sold, they agreed to sell 2 more at absolute. The final unit was sold with reserve. The reserve was quickly met resulting in all of the units successfully sold.

Sanctuary at Redfish #1107....467,500
Sanctuary at Redfish #1102....396,000
Sanctuary at Redfish #2102....401,500
Sanctuary at Redfish #2107....401,500
Sanctuary at Redfish #2110....381,700
Sanctuary at Redfish #3107....495,000


Would you mind listing bedrooms and square footage?

Sanctuary at Redfish #1107....3br, 1778? sf
Sanctuary at Redfish #1102....3br, 1778? sf
Sanctuary at Redfish #2102....3br, 1778? sf
Sanctuary at Redfish #2107....3br, 1778? sf
Sanctuary at Redfish #2110....3br, 1778? sf
Sanctuary at Redfish #3107....4br, 2443? sf

I guess it all depends on your definition of a haircut. There have not been any resales at Sanctuary at Redfish. 5 of the 6 units we sold were owned by the same group. They went into the auction agreeing to sell 2 at absolute and have reserves on the other 3. After the first 2 sold, they agreed to sell 2 more at absolute. The final unit was sold with reserve. The reserve was quickly met resulting in all of the units successfully sold.

Walton shows property in there going for over a million as recently as March. Nothing has sold in there for under 950K. I wonder why there's such a large disparity (50-60%) in price? If those are some of the same units that already sold, I'd say that qualifies as a "buzzcut".

Preconstruction closings.

Preconstruction closings.

So this wasn't in the main building, it was some other new development in the community?

There's only 1 building. Are you thinking of Sanctuary by the Sea?

There's only 1 building. Are you thinking of Sanctuary by the Sea?

Nope sorry, I mis interpreted your post. Thanks for the follow up info.

The perception of an auction is always interesting to me. Some look at Saturday's prices as a haircut. I was approached after the auction by another owner in the complex who thought the prices were fair for the current market and is ready to sell his at the next auction.

Current Listings... http://www.destin123.com/Sanctuary_At_Redfish.htm

Properties sold at auction........
Sanctuary at Redfish #1107....3br, 1778? sf....$467,500
Sanctuary at Redfish #1102....3br, 1778? sf....$396,000
Sanctuary at Redfish #2102....3br, 1778? sf....$401,500
Sanctuary at Redfish #2107....3br, 1778? sf....$401,500
Sanctuary at Redfish #2110....3br, 1778? sf....$381,700
Sanctuary at Redfish #3107....4br, 2443? sf....$495,000

Current listings on MLS.........
Sanctuary at Redfish #1103....3br, 1778? sf....Listed at $799,000
- Like units (1107 and 1102) auctioned for $330k-$400k less (~40-50%)
Sanctuary at Redfish #3115....4br, 2443? sf....Listed at $1,389,000
- Like unit (3107) auctioned for $895k less (~65%)

Note I used the lower priced listings for the complex currently in the MLS... others are listed even higher than that....

Like I said before... would be very interesting to see what the units currently listed on the MLS sold for... Are they really that far in the hole or just putting listings on the market at wishing prices?

I guess it all depends on your definition of a haircut. There have not been any resales at Sanctuary at Redfish. 5 of the 6 units we sold were owned by the same group. They went into the auction agreeing to sell 2 at absolute and have reserves on the other 3. After the first 2 sold, they agreed to sell 2 more at absolute. The final unit was sold with reserve. The reserve was quickly met resulting in all of the units successfully sold.

Didn't unit 1113 resale in March for $1.1 million which was $200K over the original purchase price in July 2007? Regardless, the average basis in the units is over $1 million each with a range from $860k to $1.7 million.

Didn't unit 1113 resale in March for $1.1 million which was $200K over the original purchase price in July 2007? Regardless, the average basis in the units is over $1 million each with a range from $860k to $1.7 million.

Not anymore, the average basis price is about 425K, and that's probably a little high.

edit - Heck 425K for a condo that isn't on the gulf? That's really high.

Not anymore, the average basis price is about 425K, and that's probably a little high.

edit - Heck 425K for a condo that isn't on the gulf? That's really high.

I was actually talking about the average basis in all the other units in the building, not the auctioned units.

edit - Heck 425K for a condo that isn't on the gulf? That's really high.

I guess you haven't been in one of the units at Sanct at Redfish. You have tremendous views of Big Redfish Lake, and the beach is only a short, 4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min. Today's dollars, I think $425K is a steal for one of those units, and think they are worth more around $600K.

4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min

Sucks compared to being directly on the beach

Lake view is nice, but I think once you can't walk to the beach it loses quite a bit of appeal/value.

Whenever I start hearing how many "minutes" to get somewhere, I call BS as every listing in the area claims to be 5-10 minutes from the beach - even when this defies the laws of physics/speed limit. :roll:

I guess you haven't been in one of the units at Sanct at Redfish. You have tremendous views of Big Redfish Lake, and the beach is only a short, 4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min. Today's dollars, I think $425K is a steal for one of those units, and think they are worth more around $600K.

I was looking at the web site, it does look like a nice condo, small number of units, good location, nice pool. I have a hard time estimating condo prices because that style of living doesn't apeal to me, but 425K for anything on the lower levels seems pretty reasonable if not a little high. I get that it's on the inlet, but that is not gulf front, no matter how you spin it. I was looking at similar style condos with gulf views just north of the beach on scenic 98 for some comparison, and I'm seeing 300K prices. So 600K seems a bit of a stretch.

It won't suck so much when a hurricane undermines the sand from Gulf-front condos. It's all relative.

I'd guess that the old 98 condos are not Lake Front. I never thought the condos should have sold at $1million, but they did. Very few condominiums are on the rare coastal dune lakes. This happens to be one of a few. Of course the prices from that auction aren't Gulf front either.

It won't suck so much when a hurricane undermines the sand from Gulf-front condos. It's all relative.

I'd guess that the old 98 condos are not Lake Front. I never thought the condos should have sold at $1million, but they did. Very few condominiums are on the rare coastal dune lakes. This happens to be one of a few. Of course the prices from that auction aren't Gulf front either.

Yep. We disagree on this but I'd put money on a bet that the folks who bought at this auction will, in two years, be under water on value. Maybe we can dig this thread up 8/19/2010 and see if that bet would pay off.

I was looking at the web site, it does look like a nice condo, small number of units, good location, nice pool. I have a hard time estimating condo prices because that style of living doesn't apeal to me, but 425K for anything on the lower levels seems pretty reasonable if not a little high. I get that it's on the inlet, but that is not gulf front, no matter how you spin it. I was looking at similar style condos with gulf views just north of the beach on scenic 98 for some comparison, and I'm seeing 300K prices. So 600K seems a bit of a stretch.

Comparing anything on 30A to scenic 98 isn't a fair comparison. How about PCB and scenic 98? Keep in mind that even though you are in a condo you are still in a very low density area compared to Destin/scenic 98.

Yep. We disagree on this but I'd put money on a bet that the folks who bought at this auction will, in two years, be under water on value. Maybe we can dig this thread up 8/19/2010 and see if that bet would pay off.

Set a reminder in the calendar on sowal. On another note if you remove the / in the date that should be SJ's posting count around that time.