AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,000

[fisher]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

http://thepremierauctiongroup.com/auction_list.php

Please take a look at our November 17, 2007 multi-property auction. You will find the WOW prices that you speak of.

Not sure about any of the other properties, but that condo in Watersound at $2 million plus a buyers premium of 10% isn't even close to a WOW price. The Watercolor house doesn't have a listed minimum, but it would need to be under $850k to have any WOW effect.

 

[2bohemians]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

I guess what I don't understand is this:

If a seller is really motivated, and I mean super motivated,

And they MUST SELL,

then why wouldn't they just list their property with a Realtor at the lowest acceptable price they need?

If it's truly priced at a "Wow" price, then why would you even bother going through the complications of the auction process.

Does anyone agree with me that if it's bargain-priced to begin with, then it shouldn't need $10,000 worth of marketing?

 

[Bob]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

I guess what I don't understand is this:

If a seller is really motivated, and I mean super motivated,

And they MUST SELL,

then why wouldn't they just list their property with a Realtor at the lowest acceptable price they need?

If it's truly priced at a "Wow" price, then why would you even bother going through the complications of the auction process.

Does anyone agree with me that if it's bargain-priced to begin with, then it shouldn't need $10,000 worth of marketing?

All factors being equal, does price matter if buyers sit on the sidelines?

 

[Bob]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

In the absence of buyers, does it not become ridiculous at some point?

 

[Jdarg]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

I guess what I don't understand is this:

If a seller is really motivated, and I mean super motivated,

And they MUST SELL,

then why wouldn't they just list their property with a Realtor at the lowest acceptable price they need?

If it's truly priced at a "Wow" price, then why would you even bother going through the complications of the auction process.

Does anyone agree with me that if it's bargain-priced to begin with, then it shouldn't need $10,000 worth of marketing?[/quote]

Yes I agree with you. I don't understand that if there is a "lowest acceptable price" why there would be a big splashy auction.

These are good auctions- Christie's, Sotheby's, courthouse steps, barns out in the country.

The real estate "auctions" are just a twist on an open house to me.

 

[Bobby J]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

In the absence of buyers, does it not become ridiculous at some point?

The buyer is here. He/she is not absent. They wait and ponce once they see the value they are looking for. It is a roll of the dice at this point. The buyer never left. The perceived value left.

 

[2bohemians]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

Thanks jdarg ....

I also want to clarify that I'm not bashing the auction process.
I actually love auctions!

But in this current real estate market it just makes more sense to me that if you NEED to move a property quickly, your chances will be much greater if you just go ahead and try to sell it at your lowest acceptable price to begin with. Just my opinion.

 

[2bohemians]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

I also understand that all of this hefty marketing the auction houses do has the power to at least generate some interest on the property; however, I believe that same interest can be generated with a price that is marketable.

 

[Little Fish]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

Fisher,

I also agree with your comments regarding the WaterSound condo going to auction. This unit is listed for sale in the MLS (#422234) at $2.599MM; however, the auction price of $1.99MM + $199K (buyers premium) implies only a 15% decrease from list. Not a WOW price in my opinion.

Additionally, a quick check of the Walton County Property Appraisers office reveals an original purchase price of $1.7MM in July 05'. Unless the original buyer added debt on the residence over the past couple of years, it appears the owner is looking to sell at a profit. Doesn't appear to be someone needing to sell.

Just my opinion.

Little Fish

 

[seaside2]

Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0

LF, and the $1.99 M is a net of 17.6% over the 05 sales price.

In a market such as exists today to expect an 8% annual increase in value is a stretch.