Auction Tomorrow - Reserves Lowered

Interesting thread--shows that folks are finally starting to ask the right questions about real estate. But I still think the sellers are in a state of denial.

The "reserves lowered" is an indication that the response has been less than anticipated and a last-ditch effort to lure folks away from the "other" auction (which has absolutes).


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Atl,

The gulf front townhome has a reserve of $625K, not $650K. Thanks for the postive words, it's hard to get around here sometimes. For the record, I'm not putting anybody on trial.

2 properties have been sold before the auction. This will be my last response for the day.

Hope to see all of you there.

"This will be my last response for the day". Given the rather accusatory questions posed to you, this response does not leave your auction company in a very good light.

JMHO,
Flyguy

I am involved in this auction but I can only speak as a referring sales associate. I referred 4 properties- the 3 Ariel Dunes II units and the single family home in the Moreno Acres subdivision of Destin.

Let's begin with the home. I previously had it listed and it expired 12/06 - MLS #425407 @ $499K. We published a reserve of $349K for the auction. It is now under contract from a pre-auction offer and will close on 12/7. I'll be happy to share the closing price after close when it becomes public knowledge.

So YiPPee, we have a sale!

Now the other 3 AD II units are a 2br and a 3br direct from the developer and a 4br penthouse from a private owner that I had listed at $849K - MLS#425407. The published reserves are well below the comps:
2br $295K
3br $395K
penthouse $695K (the seller paid $899K in May '07)

I can assure you there is no funny biz with prices raised in the MLS prior to auction on any of these condos or the home. If any of these sell at minimum bid they will easily be the leaders in the clubhouse for the best deals in the building.

None of these properties published reserve has been lowered, they are already WoW prices- we have had alot of showings in the last two weeks.

If you come to the auction, stop by and say Hi, I'll be the guy wishing there was a tv around so that I could be watching the games.

I was going to attend the auction but have decided not to. I am starting to think the only real auctions that will be worthwhile to attend will be "absolute auctions" unless there is a free buffet. Perhaps more shoes are getting ready to drop....

I was going to attend the auction but have decided not to. I am starting to think the only real auctions that will be worthwhile to attend will be "absolute auctions" unless there is a free buffet. Perhaps more shoes are getting ready to drop....

I don't think I agree. After reading all of these auction posts, properties like Joe's look as interesting as the absolutes. In the case of the absolute, you know the property is going to sell. In the case of the minimums, you know before you show up what you can get the property for. If the thread title is true and the posted reserves or minimums are lower, you know there is a possibility to get even lower than published. Just a thought.

I am involved in this auction but I can only speak as a referring sales associate. I referred 4 properties- the 3 Ariel Dunes II units and the single family home in the Moreno Acres subdivision of Destin.


Now the other 3 AD II units are a 2br and a 3br direct from the developer and a 4br penthouse from a private owner that I had listed at $849K - MLS#425407. The published reserves are well below the comps:
2br $295K
3br $395K
penthouse $695K (the seller paid $899K in May '07)

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What comps are you referring to? Have there been any resales in ADII or are the only sales so far precon closings?

Fisher-
If we look at just AD II there are only 2 flips in the MLS, bear in mind the building is brand new and the closings were in March and May. Here is a report of just the lowest priced 2brs on or above the fifth floor (the auction unit is on the 11th and has a much better view):
http://ecarmls.com/EmeraldReports/listings.asp?ID=4911860926

The 3br is a ground floor on the west end of the building. Here is a report of all the 3br sales fifth floor or lower:
http://ecarmls.com/EmeraldReports/listings.asp?ID=4911860928

The penthouse #2405 is a 4br and closed in June for $899700. #2402 also closed in June for $899,700. Offered at $695K plus bp of 10% if won with only one bid will be a heck of a deal. The views from the top are most impressive of all of Destin.

The amenities in AD II include gym with steam and sauna, 3 large pools, 200 yards to the beach, walk on golf, tennis and bicycle trails. The only other condo that offers golf and beach are Sandestin and they are priced twice as much as similar units. The association fees are extremely competitive and lower than any other Destin condos I've priced with similar square footage. The units are beautiful with granite counters, tile and very large balconies and floor plans.

If you want a Destin condo, these are the best deals out there.

This thread is very quiet. Must be a good auction, eh? Any reports?

No bids on my Ariel Dunes II. About 20 registered bidders. Looks like the locks were on their wallets. Good snacks though- eggrolls, chicken fingers and mini-kbobs.

No bids on my Ariel Dunes II. About 20 registered bidders. Looks like the locks were on their wallets. Good snacks though- eggrolls, chicken fingers and mini-kbobs.

Whoa

So what does this mean for Ariel Dunes II?

Did anything sell? Or where they just there for the snacks?


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For AD II? I think there were buyers there in hover mode, simply observing. My personal feelings are the 10% buyer's premium caused the double clutch. My seller's are not going to give them away. These remaining post close units are great value and will sell soon enough.

JoeMammy, did anything sell?

I know there were 2 pre-sales ( I had 1). My units were the first 3 on the block and I didn't stick around. I'll let PAG answer.

Note to self..."if you don't want to sell that pig, don't waste the lipstick."

Joe,
I noticed on your website that the ADII unit prices were lowered again. Is this the final price, or do you have to attach a premium to the end of the listed price?

Where is P.A.G. with the report on the "make us an offer auction" results?

Joe,
I noticed on your website that the ADII unit prices were lowered again. Is this the final price, or do you have to attach a premium to the end of the listed price?

The auctioneer has a 90 day listing agreement from auction date. These are the new reduced prices that include all premiums (commissions) cooperating brokers get an equal share and any offers are encouraged:

#1103 2br $315K
#110 3br $425K
#2405 4 br penthouse $735K

I have showings there today from 10:00am on. Call me if you would like a tour: 850.642.1081

I heard that everything on the block was bid on. I also heard most of the inventory was bid way below what was owed. Anyone with more info care to elaborate? How did the gulf front do?

Just received this email. I'm confused ... did these not sell at auction?

POST AUCTION STEALS!!
Ariel Dunes: 2bed/ba, 1175+ sqft, with stunning gulf views, $315K
Ariel Dunes: 3 bed/3ba, 1763+ sqft, offering amazing gulf views, $425K
Ariel Dunes Penthouse: stunning views of the coastline, 4 bed/3.5ba, 2216+ sqft, $735K
89 Palmeira Way: 4 bed/4.5ba, with gulf views 2167+ sqft, $720K
62 Thicket: located in Watercolor, 3 bed/3ba, 2028+ sqft, $785K
Sandollar Gulf Front Townhome #19: 3 bed/3.5ba, 1650+ sqft, $649K
Sandollar Gulf Front Townhome #3: 3 bed/3.5ba, 1680+ sqft, w/ efficiency, $599K
Carillon Beach Front Lot: 52x180, Sold with DEP permits & approved house plans, $1.335M

Just received this email. I'm confused ... did these not sell at auction?

POST AUCTION STEALS!!
Ariel Dunes: 2bed/ba, 1175+ sqft, with stunning gulf views, $315K
Ariel Dunes: 3 bed/3ba, 1763+ sqft, offering amazing gulf views, $425K
Ariel Dunes Penthouse: stunning views of the coastline, 4 bed/3.5ba, 2216+ sqft, $735K
89 Palmeira Way: 4 bed/4.5ba, with gulf views 2167+ sqft, $720K
62 Thicket: located in Watercolor, 3 bed/3ba, 2028+ sqft, $785K
Sandollar Gulf Front Townhome #19: 3 bed/3.5ba, 1650+ sqft, $649K
Sandollar Gulf Front Townhome #3: 3 bed/3.5ba, 1680+ sqft, w/ efficiency, $599K
Carillon Beach Front Lot: 52x180, Sold with DEP permits & approved house plans, $1.335M

Apparently that's the stuff hanging on the Clearance Rack.

The PAG website is adverstising some as "Today's Total Contract Price"...meaning the buyer doesn't have to pay the 10%??

Come on P.A.G., I know you're out there--fess up.


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Too rich for my blood, but to answer your question with the obvious, it is worth what a buyer is willing to pay. It is a very nice house, though I think the upstairs is a little tight feeling with the ceiling height, after walking through the tall ceilings downstairs. It appears very well constructed, and I notice many upgrades. I think you could find a buyer in today's market in that 750K-800K range, which might sound low compared to the highs of the market, but I think that is the real price to expect today. Ask me again in two years, and I may have a different answer for that day.

Interesting that the other house in WaterColor, auctioned on Saturday, brought $765,000. Now PAG is offering 62 Thicket Cir at $785,000.

Interesting that the other house in WaterColor, auctioned on Saturday, brought $765,000. Now PAG is offering 62 Thicket Cir at $785,000.

I called PAG today to find out about these "total contract price" properties on their website. From what I understand, these prices include sell price AND commission.

So...now after reading your post Joe, I think that the Watercolor bought on Saturday would be $765,000 plus a 10% buyers premium which would put it at $841,500. The PAG watercolor listing would be $785,000 total price.

IMO $785 for that house doesn't sound bad. Wish I had the cash!

I called PAG today to find out about these "total contract price" properties on their website. From what I understand, these prices include sell price AND commission.

So...now after reading your post Joe, I think that the Watercolor bought on Saturday would be $765,000 plus a 10% buyers premium which would put it at $841,500. The PAG watercolor listing would be $785,000 total price.

IMO $785 for that house doesn't sound bad. Wish I had the cash!

... and as I stated earlier, I think the 62 Thicket Cir would bring between $750K-800K in today's market. The other home in WaterColor, located on Western Lake Dr, is larger by about almost 25%, hence the higher price for offered for it. ;-)

I called PAG today to find out about these "total contract price" properties on their website. From what I understand, these prices include sell price AND commission.

So...now after reading your post Joe, I think that the Watercolor bought on Saturday would be $765,000 plus a 10% buyers premium which would put it at $841,500. The PAG watercolor listing would be $785,000 total price.

IMO $785 for that house doesn't sound bad. Wish I had the cash!

A 42% decrease in 2 years @ Watercolor

What will the neighbors think?


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What happened to the good ole days? Used to be you could walk into a sales office and get sized up to see if you were a "worthy buyer?" Then, if you did not feel too uncomfortable, you could ask for a "Lottery" ticket to see if you could "Win" an opportunity to buy a new property. And if you survived all of those pre-requisite terms, you could finally buy property @ the beach, let it equitize for a couple of weeks (maybe a month over on the west side), and sell it for few hundred $k with a click on the blackberry? Now we are here. If you want to buy beach property today, you get courted with little smokies, egg rolls, balloons and bottled water minis, only to be confronted with Enron price matrices. I miss the good ole days when "south of the bay" was synonymous with "sealed bid" and the biggest casualty from hurricanes were colored urine and hangovers.