Sanctuary at Redfish Preview Party this Sunday from 4-7pm

[Roebuck Auction]

Preconstruction closings.

 

[30ashopper]

Preconstruction closings.

So this wasn't in the main building, it was some other new development in the community?

 

[Roebuck Auction]

There's only 1 building. Are you thinking of Sanctuary by the Sea?

 

[30ashopper]

There's only 1 building. Are you thinking of Sanctuary by the Sea?

Nope sorry, I mis interpreted your post. Thanks for the follow up info.

 

[Roebuck Auction]

The perception of an auction is always interesting to me. Some look at Saturday's prices as a haircut. I was approached after the auction by another owner in the complex who thought the prices were fair for the current market and is ready to sell his at the next auction.

 

[destinsm]

Current Listings... http://www.destin123.com/Sanctuary_At_Redfish.htm

Properties sold at auction........
Sanctuary at Redfish #1107....3br, 1778? sf....$467,500
Sanctuary at Redfish #1102....3br, 1778? sf....$396,000
Sanctuary at Redfish #2102....3br, 1778? sf....$401,500
Sanctuary at Redfish #2107....3br, 1778? sf....$401,500
Sanctuary at Redfish #2110....3br, 1778? sf....$381,700
Sanctuary at Redfish #3107....4br, 2443? sf....$495,000

Current listings on MLS.........
Sanctuary at Redfish #1103....3br, 1778? sf....Listed at $799,000
- Like units (1107 and 1102) auctioned for $330k-$400k less (~40-50%)
Sanctuary at Redfish #3115....4br, 2443? sf....Listed at $1,389,000
- Like unit (3107) auctioned for $895k less (~65%)

Note I used the lower priced listings for the complex currently in the MLS... others are listed even higher than that....

Like I said before... would be very interesting to see what the units currently listed on the MLS sold for... Are they really that far in the hole or just putting listings on the market at wishing prices?

 

[fisher]

I guess it all depends on your definition of a haircut. There have not been any resales at Sanctuary at Redfish. 5 of the 6 units we sold were owned by the same group. They went into the auction agreeing to sell 2 at absolute and have reserves on the other 3. After the first 2 sold, they agreed to sell 2 more at absolute. The final unit was sold with reserve. The reserve was quickly met resulting in all of the units successfully sold.

Didn't unit 1113 resale in March for $1.1 million which was $200K over the original purchase price in July 2007? Regardless, the average basis in the units is over $1 million each with a range from $860k to $1.7 million.

 

[30ashopper]

Didn't unit 1113 resale in March for $1.1 million which was $200K over the original purchase price in July 2007? Regardless, the average basis in the units is over $1 million each with a range from $860k to $1.7 million.

Not anymore, the average basis price is about 425K, and that's probably a little high.

edit - Heck 425K for a condo that isn't on the gulf? That's really high.

 

[fisher]

Not anymore, the average basis price is about 425K, and that's probably a little high.

edit - Heck 425K for a condo that isn't on the gulf? That's really high.

I was actually talking about the average basis in all the other units in the building, not the auctioned units.

 

[Smiling JOe]

edit - Heck 425K for a condo that isn't on the gulf? That's really high.

I guess you haven't been in one of the units at Sanct at Redfish. You have tremendous views of Big Redfish Lake, and the beach is only a short, 4 minute paddle in a canoe, or you can get on the shuttle boat and make the trip in 2 min. Today's dollars, I think $425K is a steal for one of those units, and think they are worth more around $600K.