Today's Roebuck Auction Results...

Beach Fanatic

Nov 17, '07 · 2:27 PM19,084

Were very interesting - many folks got a very good deal, esp some of the high bidders on 'absolute' properties.
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Replies

Beach Fanatic

Nov 18, '07 · 11:02 AM#27

SJ, where is Greenway Park?

thanks

SoWal Expert

Nov 18, '07 · 11:06 AM#28

SJ, where is Greenway Park?

thanks

That is the question of the day. The info packet describes directions as being 1.9 miles west of 395/30A, then north side of 30A. That would put you around WaterColor, which isn't correct. Perhaps it is actually to the east of 395/30A. :idontno:

Or, maybe it is 393/30A. :idontno:

Beach FanaticAuthor

Nov 18, '07 · 11:07 AM#29

SJ, did they change the status of 134 Hidden Lake Way (Old Florida Village)? Originally #104 was the only 'absolute' of the 3 in OFV.
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Beach Fanatic

Nov 18, '07 · 11:07 AM#30

yeah, that's what confused me.

SoWal Expert

Nov 18, '07 · 11:15 AM#31

SJ, did they change the status of 134 Hidden Lake Way (Old Florida Village)? Originally #104 was the only 'absolute' of the 3 in OFV.
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The Property Info Package states only one as being absolute, but the auctioneer was asked during the bidding of 134 Hidden Lake Way if it was absolute and he stated that it was. Given their somewhat loose knowledge of the listings, I'm not sure if he spoke accurately, or if it was changed to absolute if they knew what they needed to get for it and the amount which 104 brought. Thanks for the question.

Can anyone verify the two prices which I had as questions, and the Gulf front home in AL?

Beach Fanatic

Nov 18, '07 · 11:44 AM#32

I seem to recall seeing road signs for greenway park right before entering watercolor if heading east. This would be pretty much the area SJ described. North side iirc.

Beach FanaticAuthor

Nov 18, '07 · 11:50 AM#33

The Property Info Package states only one as being absolute, but the auctioneer was asked during the bidding of 134 Hidden Lake Way if it was absolute and he stated that it was. Given their somewhat loose knowledge of the listings, I'm not sure if he spoke accurately, or if it was changed to absolute if they knew what they needed to get for it and the amount which 104 brought. Thanks for the question.

Can anyone verify the two prices which I had as questions, and the Gulf front home in AL?[/quote]

The high bid on the Gulf Front home in Gulf Shores, AL was $550K
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Beach Fanatic

Nov 18, '07 · 12:04 PM#34

The gulf front home in Gulf Shores received a bid for $550,000. It was not absolute. I wrote $765,000 down as the price of the Watercolor house. The house at 41 Morgan was pulled because it went under contract prior to the auction.

All in all, I felt that this particular auction went well. There was a huge crowd with many bidders. I did not see the "phantom" bidders there that I have seen in so many others. Of the 15 high bidder numbers that I wrote down, one "bought" 3 parcels, 2 "bought" 2 parcels each and the other 12 each were the high bidder on one parcel. I've been to other auctions where the most active and high bidders were the mysterious person on the telephone or Internet. :idontno:

I was there with one customer and representing another by proxy. We bid on several different properties but were not the high bidder on any.

Beach Lover

Nov 18, '07 · 12:34 PM#35

Is Greenway Park near the old storage unit area? North of 30a near Eastern Lake??

Beach Fanatic

Nov 18, '07 · 1:41 PM#36

I found no trace of Greenway Park when I checked where I thought it was.

Beach Fanatic

Nov 18, '07 · 1:49 PM#37

Is Greenway Park near the old storage unit area? North of 30a near Eastern Lake??

Yes you are correct. Everyone can still go to www.orderedsold.com to get the property info.

Beach Fanatic

Nov 18, '07 · 1:56 PM#38

I think the bank will take a long, hard look at the assets of those behind "Tiger Joint Ventures" before they let that one slip by.

I doubt any of these wonks showed up at the auction with bank approval for short sales.

.

The banks were there.

Beach Fanatic

Nov 18, '07 · 2:56 PM#39

Thanks for the info SJ. Was the lot on Nursery Rd. a good lot? Deep water dockage? How far was it from Grayton Beach?

SoWal Insider

Nov 18, '07 · 3:54 PM#40

The banks were there.

....sounds like a regular "George Baily" moment.

.

Beach Lover

Nov 18, '07 · 4:25 PM#41

Wow, there were some real steals at this auction, i.e., 33 Morgan Lane. Do y'all think this will send a signal to sellers to lower their prices or will it be back to business as usual?

Beach Fanatic

Nov 18, '07 · 5:17 PM#42

good question ohio girl...it will be most interesting to see realtor owned properties that are listed...i wonder if their list prices will be as low as their bid prices?
i do think the seller in this auction was very smart in going first or at least early in the absolute auction process...I know there are several other multi property holders in the same circumstances...if this follows historical market busts we may have to go through several more months of auctions and then a wrong at any price period based on bank dumps and foreclosures...paying "retail" is still way off...maybe...

SoWal Expert

Nov 18, '07 · 5:22 PM#43

Thanks for the info SJ. Was the lot on Nursery Rd. a good lot? Deep water dockage? How far was it from Grayton Beach?

Looking at the aerial photo of the property, it appears to be at the end of a narrow body of water with marsh grass on both sides. I'm not sure of the depth of the water nor the dryness of the property.

Beach Fanatic

Nov 18, '07 · 7:09 PM#44

I own property on that stretch of Nursery Road. There are areas of wetlands and uplands on the south side of the road, in varying degrees on each of the 10-15 lots. The creek is shallow but probably a kayak could make it easily out to the bayou from there. Lots of pines and magnolias. It's pretty but am
quite surprised that the lot sold at auction for 100K, a decent profit for the sellers. Tax valuations were 85K this year, a substantial rise over '06.

SoWal Expert

Nov 18, '07 · 7:36 PM#45

Looks highly unlikely that 1340 W Lake Dr will sell at $765,000 unless he had a boat load of equity in it. According to the Property Appraiser's Office, he paid $1,375,000 for the house.

The Bay front houses in Freeport were purchased under $200K each, several years ago.

I guess each lender will look at all of the sales collectively, so who knows, maybe if it all balances out to even or just a slightly less than is owed, maybe properties like 1340 W Lake Dr will sell.

Edited Nov 18, '07 · 7:38 PM

Beach Fanatic

Nov 18, '07 · 8:05 PM#46

Looks highly unlikely that 1340 W Lake Dr will sell at $765,000 unless he had a boat load of equity in it. According to the Property Appraiser's Office, he paid $1,375,000 for the house.

The Bay front houses in Freeport were purchased under $200K each, several years ago.

I guess each lender will look at all of the sales collectively, so who knows, maybe if it all balances out to even or just a slightly less than is owed, maybe properties like 1340 W Lake Dr will sell.

It will all balance out just fine. ;-)

Beach Comber

Nov 18, '07 · 8:16 PM#47

Babyblue, How long have you been with Roebuck? What did the seller pay for the marketing budget?

Beach Lover

Nov 18, '07 · 8:25 PM#48

Does the same person own most (if not ALL) of these properties?

Beach Fanatic

Nov 18, '07 · 8:31 PM#49

Babyblue, How long have you been with Roebuck? What did the seller pay for the marketing budget?

Atlanta Gull, I am not with Roebuck, never have been. But having said that I have conducted an auction on 30-A several years ago. This most recent auction worked.