Seagrove Highlands

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?

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?

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

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

They are completely separate developments.

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.

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.

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?

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. :floor:

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 ...

I... assuming that at least 7 people show up that want a 3 bedroom condo 1/2 mile from the beach.

Seagrove Highlands is only 2/10 of a mile to the beach.

Google Map:

http://maps.google.com/maps?f=l&hl=en&q=Seagrove+Beach,+Fl&near=Fuel&ie=UTF8&z=17&ll=30.314172,-86.111559&spn=0.006594,0.009978&t=h&om=1

So can anyone give me the latest on Seagrove Highlands. We have been to the area and love it. Is this worth buying...I thought there were suppose to be 4 buildings and just two sit there now. Will the other 2 be built? Any realtors out there with an idea on what the auction will bring in as far as price and what is the fair market price now for a 3 bedroom / 2 bath condo at Seagrove Highlands? When we were there last summer it just seemed like WAY to much developing going on. Is there too much to support or is this price correction just on par with the rest of the country? Thanks for any help with fair price suggestions and area suggestions for Seagrove Highlands.

Any realtors out there with an idea on what the auction will bring in as far as price and what is the fair market price now for a 3 bedroom / 2 bath condo at Seagrove Highlands?

In anticipation of the March 17 auction......

There's an auction taking place in the area this coming Saturday (March 10) and advertised on one of the board's threads. HERE

I'll be expecting the poster to give a deep, indepth, blow-by-blow report on all the action and the outcome of this auction on Sunday (March 11)....stay tuned.

.

In anticipation of the March 17 auction......

There's an auction taking place in the area this coming Saturday (March 10) and advertised on one of the board's threads. HERE

I'll be expecting the poster to give a deep, indepth, blow-by-blow report on all the action and the outcome of this auction on Sunday (March 11)....stay tuned.

.

Interestingly enough, I went to the preview of one of the Seagrove condos being auctioned on the 10th last weekend. I was curious about the building and wanted to see the layout. This building has 16 units, ten are for sale. The units are all basically the same, but there is a $270,000 difference between lowest and highest list price. The representative from the auction group asked me what price point I was looking at, and not having thought about it I pulled a number out of nowhere that happened to be about 85% of the lowest list price. The representative sweetly suggested I instead go look at another unit they will be auctioning that day that is listed for about 5% more than the number I'd mentioned. Granted, I've only ever bought antique furniture at an auction, but wouldn't 85% of a list price stand a shot at a customary auction?

Interestingly enough, I went to the preview of one of the Seagrove condos being auctioned on the 10th last weekend. I was curious about the building and wanted to see the layout. This building has 16 units, ten are for sale. The units are all basically the same, but there is a $270,000 difference between lowest and highest list price. The representative from the auction group asked me what price point I was looking at, and not having thought about it I pulled a number out of nowhere that happened to be about 85% of the lowest list price. The representative sweetly suggested I instead go look at another unit they will be auctioning that day that is listed for about 5% more than the number I'd mentioned. Granted, I've only ever bought antique furniture at an auction, but wouldn't 85% of a list price stand a shot at a customary auction?

It depends if it is an absolute auction or an auction with reserves. Absolute auction has no minimum bid, the highest bidder wins. You may be able to do better than 85% of lowest if it is an absolute auction.:roll:

Rapunzel

What price did you kick out? Did the guy you spoke with give a price range he thought they would be going for. Does anyone know why 10 of the 16 are going up for auction? Seems like a high number.

Rapunzel

What price did you kick out? Did the guy you spoke with give a price range he thought they would be going for. Does anyone know why 10 of the 16 are going up for auction? Seems like a high number.

To clarify --10 of 16 are for sale, only one is being auctioned.

There are two buildings with 41 units in each building. 82 total. I do not know where the 16 number came from. 10 are being auctioned by the developer. He probably has 16 left and want to keep 6 for now. It is advertised as an absolute auction but if the first unit goes too low, I feel strongly that the other 9 will be withdrawn. I am familiar with this developer and I do not think that he will take less than $400K for the 3 bedroom units. Just my opinion. The 2 bedroom units are awful because thay have no exterior windows, just to the interior hallways. Overall the project is very good quality, attractive, and a good deal for some of the lower priced units being offered by motivated investors who thought that they would flip before completion. One nice 3 bedroom unit is listed by Garrett for $425,000 and offers are encouraged. I think the original purchase price was around $490,000.

The number sixteen referred to the Seagrove condo being auctioned on the 10th, referenced in the Shelly's post that I quoted above.