Premier Auction - March 10, 2007

[P.A.G.]

Shelly,

You should have been there. We did execute a contract on the Palmeira home. We are still in negotiations on the Destiny home. Sorry, but no balloons.

 

[30A Skunkape]

Auctions must be the way to go. Yesterday, a plane buzzed the beach at Grayton with a 'propertyfiresale.com' banner in tow

 

[30A Skunkape]

Auctions must be the way to go. Yesterday, a plane buzzed the beach at Grayton with a 'propertyfiresale.com' banner in tow

Oops, made a mistake. Visited their website (ad paid off!) and they don't auction, just sell property for people willing to take a loss

 

[Smiling JOe]

Shelly,

You should have been there. We did execute a contract on the Palmeira home. We are still in negotiations on the Destiny home. Sorry, but no balloons.

What I don't understand is why auction companies advertise that they will sell property on the spot, yet there are negotiaitions after the auction. I do note that I have not seen PAG advertising this, but I do see other companies doing so.

 

[Smiling JOe]

"Chill out, baby."

No problem dude. Fisher said that you would be lucky to sell a house in Watercolor (not in Phase I) for over $500 per foot. Knowing now that 15 houses in Phase II and III sold for in excess of $500 per foot (9 for over $600 per foot), do you agree with Fisher? If so, you and Fisher should limit yourselves to the entertainment and restaurant boards where subjective opinions are the norm.

My comments of agreeing with Fisher's sold prices at that time had nothing to do with this other statement. I think you are "fishing" for a fight. Maybe you can take it to another place. If you go back and actually read my comment and get rid of your anger, you will see this part of my comment:

"My data shows you that 6 out of the 19 home sales in the last six months sold in the $400's per sf or less. There were some sales on the high end too."

Looking at the last six months of c;osed home sales in WaterColor, the average price per sq ft is $537. There are 21 sales and the lowest price sale was $670,000 and the highest price sale was $3.85 Million. To balance out those sales in the lower price range around $425/sq ft, there are about 5 sales in the Cerulean Park and Western Lake areas to bring the average up tremendously, with those sq ft prices being from $700-$800 per sq ft.

 

[hi n dry]

I was at the Palmeira Villa auction and the winning bid was $810k.

 

[Smiling JOe]

I'd say that $900K (buyer's premium of 10% on top of auction price) is a great buy for a home in Pameira. It is hard to beat that location.

 

[bdc63]

What I don't understand is why auction companies advertise that they will sell property on the spot, yet there are negotiaitions after the auction. I do note that I have not seen PAG advertising this, but I do see other companies doing so.

I took that to mean that the reserve wasn't met by the highest bidder, and rather than everyone involved in the process losing out on their commissions, they're "negotiating" with both parties. (and, by "negotiating", of course I mean that you go to the seller and say "you know, in this sinking market, you may not be able to get that good of an offer again if you wait six months,", then you go to the buyer and say "you know, this market is turning around, and you may not be able to get a price this good again EVER!"

So, at this point, the auction was 50% successful ... one sold at or above reserve (presumably) and the other auction did not receive any bids at or above the reserve price.

 

[SHELLY]

I was at the Palmeira Villa auction and the winning bid was $810k.

Thanks H&D.

P.A.G.'s report was somewhat lacking in detail.

How about a "man on the street" report on the auction experience?

Number of bidders, opening bid, pace of auction, quality of snacks?


.

 

[P.A.G.]

hi n dry,

The winning bid was 810k, but it didn't meet the reserve. After negotiations, we came to a better price.