Seagrove Highlands

[fisher]

Anyone see the ad in the WSJ for the absolute auction of 10 units in Seagrove Highlands on March 17? I'll take a stab and guess that the 1 BR units will go for $150k or so and the 2 BR units will fetch in the neighborhood of $250k or about 40% lower than the lowest current listings on the MLS.

It will be interesting to see how many other developers with unsold units (Redfish, Santuary, etc) will go the auction route over the next 12 months.

 

[bdc63]

Anyone see the ad in the WSJ for the absolute auction of 10 units in Seagrove Highlands on March 17? I'll take a stab and guess that the 1 BR units will go for $150k or so and the 2 BR units will fetch in the neighborhood of $250k or about 40% lower than the lowest current listings on the MLS.

It will be interesting to see how many other developers with unsold units (Redfish, Santuary, etc) will go the auction route over the next 12 months.

do you know the name of the auction house?

 

[bdc63]

found it online ... the national auction group

http://www.national-auction.com/default.aspx?id=21

Site says there are Seven 3 bedroom, and Three 2 bedroom up for absolute auction

Does anybody know if "Highlands" is afliliated with "Bungalows of Seagrove", also on Sumerset Bridge Road?

 

[Smiling JOe]

There is a temporary billboard at 395/98 intersection, advertising the absolute auction.

 

[Camp Creek Kid]

Does anybody know if "Highlands" is afliliated with "Bungalows of Seagrove", also on Sumerset Bridge Road?

They are completely separate developments.

 

[FLSunChaser]

found it online ... the national auction group

http://www.national-auction.com/default.aspx?id=21

Site says there are Seven 3 bedroom, and Three 2 bedroom up for absolute auction

Does anybody know if "Highlands" is afliliated with "Bungalows of Seagrove", also on Sumerset Bridge Road?

And to my knowledge, there are only 1 bedroom units, and 3 bedroom units in Seagrove Highlands.

 

[Camp Creek Kid]

And to my knowledge, there are only 1 bedroom units, and 3 bedroom units in Seagrove Highlands.

No--there are 4 2-bedroom units, 4 1-bedroom units and 74 3-bedroom units.

 

[wallymom]

Actually, there are just 4 one-bedroom condos (which have been closed on by purchasers) in the community. The auction consists of two-bedroom
and three-bedroom units...no one-bedroom. Anyone out there with auction knowledge want to give a guess at how much they'll go for?

 

[Babyblue]

Actually, there are just 4 one-bedroom condos (which have been closed on by purchasers) in the community. The auction consists of two-bedroom
and three-bedroom units...no one-bedroom. Anyone out there with auction knowledge want to give a guess at how much they'll go for?

From what I have seen at auctions that they will go to the highest bidder.

 

[bdc63]

Actually, there are just 4 one-bedroom condos (which have been closed on by purchasers) in the community. The auction consists of two-bedroom
and three-bedroom units...no one-bedroom. Anyone out there with auction knowledge want to give a guess at how much they'll go for?

I have no special insight, but I'll register a guess ...

I went to realtor.com and saw that there were 22 3-bedroom units listed for sale, with a range in price from $425K to $719.9K, with a median price of $589.9K. That's quite a range ... I assume all 3 bedroom units are pretty much the same?

I would expect that at absolute auction for condos you would see sales at around 50 cents on the dollar. So to get a range I took 50% of the low list price ($425) and the median price ($589.9K). That works out to $212.5K and $294.9K, respectively.

I'll go with that range ... $212K to $295K ... assuming that at least 7 people show up that want a 3 bedroom condo 1/2 mile from the beach.

Anybody know what they sold for at the market peak? How about when and how much the last sale was? ... I guess I should have asked these questions before my guess ...