89 Palmeira Way, Lot 21, Lot 23, and Lot 28 are being offered by auction on October 13, 2007 at 1:00 pm. We have set a new published minimum bid of $750,000 for this property. Any bid of $750,000 or more will be accepted and property will be SOLD. Please view our website for more information.
The Premier Auction Group
http://www.thepremierauctiongroup.com/auction_detail.php?auction_id=368693&ID=368693
PRE-AUCTION OFFERS ARE ENCOURAGED AND WILL BE PRESENTED.
Replies
84
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Did they have snacks??
SoWal Insider
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
At least they now know what the "market price" ain't.
I'm guessing the none of the lots was sold either....there were minimum prices on those as well, I'm sure.
.
The property did not sell. We will be taking offers on the property. Seller says bring ALL offers.
At least they now know what the "market price" ain't.
I'm guessing the none of the lots was sold either....there were minimum prices on those as well, I'm sure.
.
Edited
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
So P. A. G., how do you justify a 10% buyer's premium when real estate commissions for conventional sales are 6% or so?
So P. A. G., how do you justify a 10% buyer's premium when real estate commissions for conventional sales are 6% or so?
SoWal Insider
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Yeah....especially since there were no "fresh baked cookies" and balloons!
.
So P. A. G., how do you justify a 10% buyer's premium when real estate commissions for conventional sales are 6% or so?
Yeah....especially since there were no "fresh baked cookies" and balloons!
.
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
"...Yeah....especially since there were no "fresh baked cookies" and balloons!.."
Maybe no fresh-baked cookies, but plenty of half-baked ideas!
(The Kid is Hot Today !)
Seriously, I have been there and done the auction thing in a falling
market.
It does not work (for the sellers at least- it works for real estate people
looking for a way to generate revenue with "promotion" expenses to compensate for the lack of sales comissions.)
Just my opinion.
And I always have one.
"...Yeah....especially since there were no "fresh baked cookies" and balloons!.."
Maybe no fresh-baked cookies, but plenty of half-baked ideas!
(The Kid is Hot Today !)
Seriously, I have been there and done the auction thing in a falling
market.
It does not work (for the sellers at least- it works for real estate people
looking for a way to generate revenue with "promotion" expenses to compensate for the lack of sales comissions.)
Just my opinion.
And I always have one.
Beach Comber
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Okay, I am offering $100K for this house. This is my offer.
The property did not sell. We will be taking offers on the property. Seller says bring ALL offers.
Okay, I am offering $100K for this house. This is my offer.
Beach LoverAuthor
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Capricious,
You continue to make the assumption that P.A.G. is making money from the upfront marketing fees. I'm not sure why you feel the need to continue to try and stir the pot, but I can insure you that your accusations lack substance. P.A.G. has money of it's own in this marketing campaign. Please gather your facts before making such statements.
Capricious,
You continue to make the assumption that P.A.G. is making money from the upfront marketing fees. I'm not sure why you feel the need to continue to try and stir the pot, but I can insure you that your accusations lack substance. P.A.G. has money of it's own in this marketing campaign. Please gather your facts before making such statements.
Edited
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
"...This board is usually such a great place for feedback..."
As someone who has participated in one of these "auctions,"
I gave you the feedback you requested.
None of the dozen or so properties at our auction sold.
We'll see how your next "auction" goes
"...This board is usually such a great place for feedback..."
As someone who has participated in one of these "auctions,"
I gave you the feedback you requested.
None of the dozen or so properties at our auction sold.
We'll see how your next "auction" goes
Beach LoverAuthor
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
I never said that I didn't want feedback, however, your comments feferring to P.A.G. making money from marketing fees was just untrue. I don't believe that you could verify this by just participating in an auction. I'm sorry that it didn't work well for you, but we are very close to having a solid deal on this home. Rest assured, I will make sure that I post when everyone comes to terms.
I never said that I didn't want feedback, however, your comments feferring to P.A.G. making money from marketing fees was just untrue. I don't believe that you could verify this by just participating in an auction. I'm sorry that it didn't work well for you, but we are very close to having a solid deal on this home. Rest assured, I will make sure that I post when everyone comes to terms.
Edited
Beach Comber
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
If you are going to ask for feedback and opinions,
then you must be prepared for any and all responses.
It seems to me that Capricious is sharing feedback per your request.
Unfortunately you can't select which comments you want to hear and which ones you don't like.
Here's a tip from the SoWal Sage: Be careful what you ask for!
If you are going to ask for feedback and opinions,
then you must be prepared for any and all responses.
It seems to me that Capricious is sharing feedback per your request.
Unfortunately you can't select which comments you want to hear and which ones you don't like.
Here's a tip from the SoWal Sage: Be careful what you ask for!
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
"... but we are very close to having a solid deal on this home. ..."
"Very close" is not an accepted contract.
And even if it does sell, that is not a verification that
it sold because of the "auction."
The "promotion fees" may have all been for naught: the buyers
may have materialized without the auction. The sharks are
circleing.
And what was your commision % again?
But I will withhold further comments until your next auction.
Good luck.
"... but we are very close to having a solid deal on this home. ..."
"Very close" is not an accepted contract.
And even if it does sell, that is not a verification that
it sold because of the "auction."
The "promotion fees" may have all been for naught: the buyers
may have materialized without the auction. The sharks are
circleing.
And what was your commision % again?
But I will withhold further comments until your next auction.
Good luck.
Beach LoverAuthor
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
That would be great...please feel free to call me for the facts beforehand though.
That would be great...please feel free to call me for the facts beforehand though.
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
"..facts.."
?
"..facts.."
?
Beach LoverAuthor
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
That's correct...facts.
That's correct...facts.
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
P. A. G., Again I ask: How do you justify a 10% buyers premium on top of what appear to be fairly significant marketing fees when conventional realtors get 6% or so and usually have to split that with another agent?
This just does not make sense to me.
Or maybe you don't want to answer the question.
P. A. G., Again I ask: How do you justify a 10% buyers premium on top of what appear to be fairly significant marketing fees when conventional realtors get 6% or so and usually have to split that with another agent?
This just does not make sense to me.
Or maybe you don't want to answer the question.
Beach LoverAuthor
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Seaside2,
The marketing fee and the premium are completely different. The marketing fee is paid by the seller to market the property. Again, PAG does not profit from this fee. The 10% buyers premium is standard in the auction industry and has been for many years. Auctions generally offer an attractive price to the buyer, therefore they pay a premium.
Seaside2,
The marketing fee and the premium are completely different. The marketing fee is paid by the seller to market the property. Again, PAG does not profit from this fee. The 10% buyers premium is standard in the auction industry and has been for many years. Auctions generally offer an attractive price to the buyer, therefore they pay a premium.
Beach Lover
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
10% can be justified in that an auction typically renders a buyer quicker...so instead of putting it on the mkt for 120 days and auction may sell the property in 30 days thus saving 90 days of carry/expenses.
10% commission makes sense...but you can't auction properties in this mkt at those prices...it needs to be a WOW price and i'm not talking 10% discount from recently sold/asking...i'm talking 30%+
10% can be justified in that an auction typically renders a buyer quicker...so instead of putting it on the mkt for 120 days and auction may sell the property in 30 days thus saving 90 days of carry/expenses.
10% commission makes sense...but you can't auction properties in this mkt at those prices...it needs to be a WOW price and i'm not talking 10% discount from recently sold/asking...i'm talking 30%+
Beach LoverAuthor
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
http://thepremierauctiongroup.com/auction_list.php
Please take a look at our November 17, 2007 multi-property auction. You will find the WOW prices that you speak of.
http://thepremierauctiongroup.com/auction_list.php
Please take a look at our November 17, 2007 multi-property auction. You will find the WOW prices that you speak of.
Beach Comber
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Did anyone go to the Hudson and Marshall 'auction' held at the Embassy Suites Destin (Miramar Beach) last night? If you did, any comments re: number of people there, quality of the bids, etc?
I put 'auction' in quotes as it is not an absolute auction, and there is NO guarantee that the seller (banks) will sell the property to the high bidder.
I called H&M. Their process is as follows: They offer broker commision equal to 2% of high bid. Total sales price is Highest Bid plus 5% fee. Bidding is opened to the floor with bidders thus setting opening bid. You can bid on-line prior to the auction, but I'm not sure how they treat internet bids- whether used to set opening bid or whether they are unsealed in another way at auction. Their rep hinted that properties could pre-sell, they are all on the market via regular MLS. Anyway, high bid from the 'auction' gets taken to the bank who then decides if they want to accept, ... or counter (or ignore-- but I didn't get specifics on how long it would take before they get back to buyer re: accepting/declining offer, certainly it must be within a few days as there is a mandatory
30 day close). All accepted offers are treated as cash offers, so if financing isn't or can't be obtained earnest money is at risk. In other words it's a way to get offers in front of the bank.
So what we appear to have is a way of marketing real estate. I am curious to whether H&M are seeing much success. Any thoughts?
Did anyone go to the Hudson and Marshall 'auction' held at the Embassy Suites Destin (Miramar Beach) last night? If you did, any comments re: number of people there, quality of the bids, etc?
I put 'auction' in quotes as it is not an absolute auction, and there is NO guarantee that the seller (banks) will sell the property to the high bidder.
I called H&M. Their process is as follows: They offer broker commision equal to 2% of high bid. Total sales price is Highest Bid plus 5% fee. Bidding is opened to the floor with bidders thus setting opening bid. You can bid on-line prior to the auction, but I'm not sure how they treat internet bids- whether used to set opening bid or whether they are unsealed in another way at auction. Their rep hinted that properties could pre-sell, they are all on the market via regular MLS. Anyway, high bid from the 'auction' gets taken to the bank who then decides if they want to accept, ... or counter (or ignore-- but I didn't get specifics on how long it would take before they get back to buyer re: accepting/declining offer, certainly it must be within a few days as there is a mandatory
30 day close). All accepted offers are treated as cash offers, so if financing isn't or can't be obtained earnest money is at risk. In other words it's a way to get offers in front of the bank.
So what we appear to have is a way of marketing real estate. I am curious to whether H&M are seeing much success. Any thoughts?
SoWal Insider
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Snacks? What about Snacks?
.
Snacks? What about Snacks?.
Edited
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Seaside2,
The marketing fee and the premium are completely different. I fully understand that point. Who gets the residuals from any unexpended marketing fees? I bet it is not the owner!! The marketing fee is paid by the seller to market the property. Again, PAG does not profit from this fee. The 10% buyers premium is standard in the auction industry and has been for many years. While this may be "Standard in the auction industry", that answer does not answer my question. Auctions generally offer an attractive price to the buyer, therefore they pay a premium. People that are in the position to require an auction are usually in trouble and auctions appear to be a quick way out. The problem here is that the buyer does not have the benefit of a considered offer with a real estate profesional advising him/her along the way. The only way that the buyer can be assured he/she is getting a good deal is for the price to be extremely attractive, leaving enough on the table to cover contingencies[/quote]
And no, I am not a Realtor.
SoWal Expert
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
I find it hard to believe that there is no profit or benefit whatsoever to you tied into the marketing fees.
Most auction marketing & signage I've seen quite prominently tout the name of the auction house, sometimes it seems more so than the featured properties.
I find it hard to believe that there is no profit or benefit whatsoever to you tied into the marketing fees.
Most auction marketing & signage I've seen quite prominently tout the name of the auction house, sometimes it seems more so than the featured properties.
Beach Lover
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
What attracted me to PAG's next auction was that they wised up and lowered the upfront marketing fee for the seller from $10K to $2500, hopefully the marketing doesn't suffer.
I've been to many auctions in our area put on by PAG, Roebuck and Anderson. The absolutes always attracted the most buyers but I witnessed some questionable actions of what looked like a real nice buy outbid by a "proxy bidder" on the phone at the last minute.
My seller's did not want to roll the dice with an absolute so we pushed for the minimum bid avenue. The only way it will work is to make the minimum bid + the 10% buyer's premium a WOW price. The sellers had to do some serious soul searching and find the very bare minimum that they could live with. We've accomplished this with 4 properties.
From a buyer's perspective I would think the minimum bid info is great. They know going into the auction what the seller will accept and will not be wasting their time bidding only to find out the reserve was not met thus no deal.
What attracted me to PAG's next auction was that they wised up and lowered the upfront marketing fee for the seller from $10K to $2500, hopefully the marketing doesn't suffer.
I've been to many auctions in our area put on by PAG, Roebuck and Anderson. The absolutes always attracted the most buyers but I witnessed some questionable actions of what looked like a real nice buy outbid by a "proxy bidder" on the phone at the last minute.
My seller's did not want to roll the dice with an absolute so we pushed for the minimum bid avenue. The only way it will work is to make the minimum bid + the 10% buyer's premium a WOW price. The sellers had to do some serious soul searching and find the very bare minimum that they could live with. We've accomplished this with 4 properties.
From a buyer's perspective I would think the minimum bid info is great. They know going into the auction what the seller will accept and will not be wasting their time bidding only to find out the reserve was not met thus no deal.
Edited
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
While the minmum bid approach does have a great level of appeal to it, there is still the question of the mysterious "on the phone" bid. Autioneers have used planted bidders for years to raise prices to the unsuspecting bidder. I am not accusing anyone of doing this, but what has happened before can happen again.
To my earlier point, the Realtor assumes all of the cost for advertising, marketing, office expense, etc with absolutely no assurance of getting any of the money back. They do not charge a "marketing fee" or anything like that. And they do it for 6% or so gross. For the auctioneer, he gets his marketing costs covered up front, and then gets a huge 10%. and he does not guarantee a sale either. If he really wants to add value, guarantee a sale and if the sale does not consumate, he buys the property from the owner. Now you have added value.
If an owner will stop and think about it for a moment, he is really paying the marketing fee plus the 10% because the selling price plus the 10% is the true market value on that particular day. If he/she really wants to sell in 30 days, place the selling price near the minimum and let the Realtor get to work. The same people that are at the auction are looking at Realtors as well.
Bottom line, I have a hard time seeing where the auction process brings anything to the table, especially at 10% plus a hefty marketing fee.
While the minmum bid approach does have a great level of appeal to it, there is still the question of the mysterious "on the phone" bid. Autioneers have used planted bidders for years to raise prices to the unsuspecting bidder. I am not accusing anyone of doing this, but what has happened before can happen again.
To my earlier point, the Realtor assumes all of the cost for advertising, marketing, office expense, etc with absolutely no assurance of getting any of the money back. They do not charge a "marketing fee" or anything like that. And they do it for 6% or so gross. For the auctioneer, he gets his marketing costs covered up front, and then gets a huge 10%. and he does not guarantee a sale either. If he really wants to add value, guarantee a sale and if the sale does not consumate, he buys the property from the owner. Now you have added value.
If an owner will stop and think about it for a moment, he is really paying the marketing fee plus the 10% because the selling price plus the 10% is the true market value on that particular day. If he/she really wants to sell in 30 days, place the selling price near the minimum and let the Realtor get to work. The same people that are at the auction are looking at Realtors as well.
Bottom line, I have a hard time seeing where the auction process brings anything to the table, especially at 10% plus a hefty marketing fee.
Beach Fanatic
Re: AUCTION - Palmeira Villas of Seagrove Beach - NEW published minimum bid of $750,0
Not sure about any of the other properties, but that condo in Watersound at $2 million plus a buyers premium of 10% isn't even close to a WOW price. The Watercolor house doesn't have a listed minimum, but it would need to be under $850k to have any WOW effect.
http://thepremierauctiongroup.com/auction_list.php
Please take a look at our November 17, 2007 multi-property auction. You will find the WOW prices that you speak of.
Not sure about any of the other properties, but that condo in Watersound at $2 million plus a buyers premium of 10% isn't even close to a WOW price. The Watercolor house doesn't have a listed minimum, but it would need to be under $850k to have any WOW effect.
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