The Auction we hosted last Saturday, though a rude awakening for Banks, Builders and Sellers, proved to be a tremendous purchasing opportunity.  With luxurious properties and prime lots selling for 25-50 “cents on the dollar”, well below replacement costs, the lucky bidders just couldn’t go wrong.

 

Several of the high bids did not meet the reserve amounts set by the seller, so it will not be clear for a few days how many properties will actually sell for the high bid amount.  However the market has spoken loud and clear, and the banks understand the value of liquidation rather than biting the carrying costs on these highly taxed and high maintenance estates.

 

The Results:

 

Reunion

Address                 Previously Listed        suggested opening bid         High Bid

7812 Whitemarsh        $1,595,000              $550,000                         $500,000

315 Murfield                $2,550,000              $950,000                         $860,000

Reunion Grand #509       $779, 000               $375,000                      $375,000  

595 Murfield                 $2,595,000               $895,000                      $1,090,000

7849 Pamilla                $1,895,000                $695,000                       $500,000

8198 Valhalla (Lot)         $395,000                   $95,000                       $95,000

 

Bella Colina

16321 Pendio              $4,000,000                   $1,450,000                 $1,000,000

16812 Vinvi                 $3,500,000                   $1,350,000                 $1,000,000

16045 Pendio              $3,400,000                    $1,195,000                $1,000,000

 

The remainder of the properties were pulled from the auction, and we should be aggressively marketing them in a post auction campaign in the near future.  So if you have an interest, get with Marcus.  Also we have 2 other great auction opportunities coming up soon.  Look for a Commercial auction in December and a Coastal Auction in January.