Auction Tomorrow - Reserves Lowered

[SoWal Sage]

"That property was dropped in the MLS to $985,000 well after we had advertised the minimum bid at $900,000. It was done by mistake. It was only listed that way for 5 days."

Wow, this is convenient ... done by mistake ... do you really think people don't look at this information?

"Looking at the listing in the MLS under auctions, I see that the minimum bid was left blank. Since there is a minimum bid which you state above, why don't you guys complete the mls sheet as required by the mls rules?"

This is very frustrating too. PAG did not answer this very good question. If I ever make a "mistake" or leave something out in the MLS, I get a warning and have to correct it immediately. Guess not everyone has to play by the rules.

"Mr. Auction man, SJ is not on trial regarding this issue. You, your firm, your seller, and other parties are. I am quite alarmed by this thread, and your responses. For the sake of your reputation, your auction company, and perhaps SoWal auctions in general, please expound upon the events surrounding this snake charmer and switch and bait sales pricing approach. Further, the market being stated as 800k-900s raises long standing issues why anyone would show up to this or any of your auctions. I look forward to your rather detailed and forthright explanation."

As expected, no response to this post from PAG. It is mindboggling to me that PAG continues to post and when the questions start coming, they only answer the ones that sound positive. If you are going to continue to post this auction information, then you better be prepared to answer some tough questions and explain to people why purchasing at your auction would be a better opportunity than buying from the agent that has the property listed. I wonder how the seller's of these properties would feel about all of this? Because in my opinion, I agree with georgeinnwfl that it makes all real estate auction companies look bad.

"Atl,The gulf front townhome has a reserve of $625K, not $650K. Thanks for the postive words, it's hard to get around here sometimes. For the record, I'm not putting anybody on trial. 2 properties have been sold before the auction.

This will be my last response for the day. Hope to see all of you there."

Last response for the day, huh? Like I said, dodged all the questions, and now is going to run away ... really makes you wonder!

 

[Jdarg]

All of the prominent attorney's properties had an asking price increase in September. I don't buy the price spike theory in September.

I don't either.

Lately it seems that every auction has a funny smell to it- be it the auction happened, but absolute properties were pulled so they really weren't ab solute, or nobody seems to know if anything actually sold and closed, or selling prices are mysteriously raised before auctions- what happened to the days where an item goes to auction, it is either absolute or it is not, the high bidder wins, and the property truly changes hands?

 

[Smiling JOe]

SoWal Sage, you can always report their 11 listings in the MLS to ECAR if you think they are not abiding by the rules and ECAR will send them notice to correct their listings. Problem is that the auction is tomorrow and that type of violation is only a Class II violation which means they will have two days to correct the listing without penalty. By the time that passes, the auction will be completed, so it is really a waste of time reporting the incident.

Good luck with the auction tomorrow, PAG. I would genuinely be delighted to see all of the properties sell. I just want to make sure that the buying public is protected and informed, and that Realtors are getting accurate information when they pull a listing in the MLS.

 

[lcauley]

SoWal Sage and others? Do you know if PAG had the MLS listing at the time of the dropped price? My mls research actually shows all price changes were done by the listing agent prior to PAG having it under them in the MLS.

 

[Smiling JOe]

If the auction company is affiliated with ECAR (emerald coast assoc of realtors), and they are entering their data properly, it will take some work to see if they entered the sold info. The reason is that once an auctioned property closes (sold), the auction company is required to change the category of the property from auction to whatever it is, attached single family, residential land, detached single family, etc., so that the sales data for all like properties is found under one search, even if the sale was an auction. So for example, the two auctions for the duplex at 156 Chivas Ln are listed in with auctions as sold, but they should have been moved into the category of attached single family, and entered as sold, so that when a Realtor or an appraiser looks for comps of attached single family homes, they will see the properties sold at auction in addition to any sold otherwise via a Realtor.

 

[Smiling JOe]

SoWal Sage and others? Do you know if PAG had the MLS listing at the time of the dropped price? My mls research actually shows all price changes were done by the listing agent prior to PAG having it under them in the MLS.

Only the listing broker/agent can enter the price changes in the mls and in the case of 62 Thicket Cir, the price was changed when another company and agent had the listing.

 

[SHELLY]

Interesting thread--shows that folks are finally starting to ask the right questions about real estate. But I still think the sellers are in a state of denial.

The "reserves lowered" is an indication that the response has been less than anticipated and a last-ditch effort to lure folks away from the "other" auction (which has absolutes).


.

 

[flyguy]

Atl,

The gulf front townhome has a reserve of $625K, not $650K. Thanks for the postive words, it's hard to get around here sometimes. For the record, I'm not putting anybody on trial.

2 properties have been sold before the auction. This will be my last response for the day.

Hope to see all of you there.

"This will be my last response for the day". Given the rather accusatory questions posed to you, this response does not leave your auction company in a very good light.

JMHO,
Flyguy

 

[Joe Mammy]

I am involved in this auction but I can only speak as a referring sales associate. I referred 4 properties- the 3 Ariel Dunes II units and the single family home in the Moreno Acres subdivision of Destin.

Let's begin with the home. I previously had it listed and it expired 12/06 - MLS #425407 @ $499K. We published a reserve of $349K for the auction. It is now under contract from a pre-auction offer and will close on 12/7. I'll be happy to share the closing price after close when it becomes public knowledge.

So YiPPee, we have a sale!

Now the other 3 AD II units are a 2br and a 3br direct from the developer and a 4br penthouse from a private owner that I had listed at $849K - MLS#425407. The published reserves are well below the comps:
2br $295K
3br $395K
penthouse $695K (the seller paid $899K in May '07)

I can assure you there is no funny biz with prices raised in the MLS prior to auction on any of these condos or the home. If any of these sell at minimum bid they will easily be the leaders in the clubhouse for the best deals in the building.

None of these properties published reserve has been lowered, they are already WoW prices- we have had alot of showings in the last two weeks.

If you come to the auction, stop by and say Hi, I'll be the guy wishing there was a tv around so that I could be watching the games.

 

[frankfromfla]

I was going to attend the auction but have decided not to. I am starting to think the only real auctions that will be worthwhile to attend will be "absolute auctions" unless there is a free buffet. Perhaps more shoes are getting ready to drop....