Real Estate Auctions

[SHELLY]

Does anyone know what is up with the two huge gulf front villas in Santa Rosa Beach, aka Seagrove right next to Sugar Dunes that are selling at auction Sept. 7?

Two words: Negative Cashflow.

 

[njackie]

Possibly you are correct about the villas and toe issue too.

 

[andipandi]

Disilvar,
If you are looking --just looking. I have seen some good buys/sales IMHO. Good thing I am house poor or might try to buy something myself.
You may be a realtor or investor and do not need my 2 cents. Of course there are some honest, sharp realtors like Bobby and SJ who could help if you are not.
Things of interest:
Lot on San Juan $215k this am
A nice house sold in Sand Cliffs (south of 30A) for $550K. There is another good buy there.
I think there have been some deals in Seacrest and White's Gulfview Estates. Houses selling for what lots did in the past. Good luck! Buy something everybody lets' get this inventory down.

 

[Smiling JOe]

I went to an absolute auction in Freeport tonight of 40.5 acres that allowed for 80 units. It sold for 700,000. Maybe 50-60 people, about 4 or 5 bidders. Winning bidder was a call in.

So I guess my guys who had it under contract for $5M+ and backed out are happy now. That was prior to the higher density zoning. I know the sellers are a little freaked out now for selling absolute. Let's see $700K + $70K buyers premium for auction, + another 3% ish for closing costs, divided by 80 lots = raw land cost of ~ $9,500 per lot -- not a bad deal for the buyers, and since Ms Cuchens probably paid very little for the property, she should be happy, but is probably more disappointed that it didn't close ealier at the premium price.

 

[SHELLY]

So I guess my guys who had it under contract for $5M+ and backed out are happy now. That was prior to the higher density zoning. I know the sellers are a little freaked out now for selling absolute. Let's see $700K + $70K buyers premium for auction, + another 3% ish for closing costs, divided by 80 lots = raw land cost of ~ $9,500 per lot -- not a bad deal for the buyers, and since Ms Cuchens probably paid very little for the property, she should be happy, but is probably more disappointed that it didn't close ealier at the premium price.

Does that mean that "market price" for Freeport land has dropped a smidge?

 

[Spencer]

I wouldn't have a problem making that assumption.

 

[dsilvar]

Disilvar,
If you are looking --just looking. I have seen some good buys/sales IMHO. Good thing I am house poor or might try to buy something myself.
You may be a realtor or investor and do not need my 2 cents. Of course there are some honest, sharp realtors like Bobby and SJ who could help if you are not.
Things of interest:
Lot on San Juan $215k this am
A nice house sold in Sand Cliffs (south of 30A) for $550K. There is another good buy there.
I think there have been some deals in Seacrest and White's Gulfview Estates. Houses selling for what lots did in the past. Good luck! Buy something everybody lets' get this inventory down.

Thanks AP..not a realtor or investor. Just someone who likes the area. With insurance on homes so "up in the air" I might wait a while. I have a 1031 I have to deal with. Good luck on your place. Regards.