Real Estate Auctions

Near Alys and Seacrest area. No disrespect but we would like to sell it not give it away.

Near Alys and Seacrest area. No disrespect but we would like to sell it not give it away.

Just an observation Andi. When you bought this home I assume you weren't planning to move to the area immediately. I realize the market is down and may go down further but this really is only a problem if you sell. The market will come back although it may be a long time. Why not put the house on a rental program and see if you can cover some of your expenses with a fixed mortgage? It would be worth the time to look at the numbers anyway. I realize the rent won't cover the expenses but it may make the bleeding tolerable in the meantime and you may not have to make any adjustments.

I feel strange being so positive. :floor:

Just an observation Andi. When you bought this home I assume you weren't planning to move to the area immediately. I realize the market is down and may go down further but this really is only a problem if you sell. The market will come back although it may be a long time. Why not put the house on a rental program and see if you can cover some of your expenses with a fixed mortgage? It would be worth the time to look at the numbers anyway. I realize the rent won't cover the expenses but it may make the bleeding tolerable in the meantime and you may not have to make any adjustments.

I feel strange being so positive. :floor:

I was thinking the same thing. Even if you do rent the house already, there are ways to maximize your renters and/or income. It just takes some strategerizing. :lol: Not that I have all the answers, but PM me if you are looking for any ideas. Also search the forums ... there are many members here who rent their homes and are great at it! I'm sure any of them would be happy to give you advice.

No, we strictly bought it as an investment. Kept it for a year--that has been the biggest mistake!!!! Has been for sale most of the last year. Reduced the price $225K in that time. It will not rent as a short term without a pool. We do not want the agony of a pool. Rentals were down this year anyway.Thanks for the suggestion. We will probably open it up for long term rental soon. It is just like new , so immaculate we know it will be damaged. But at this point we must make some changes. Once we convert to a fixed the payment will skyrocket. It is already a nose bleed payment.

Still not sure exactly where your property is located...but if its not in a subdivision, you could possibly look at selling it as a commercial property (assuming you could get zoning). Pool issue is resolved. A lot of businesses need locations. Just a different thought.

No, we strictly bought it as an investment. Kept it for a year--that has been the biggest mistake!!!! Has been for sale most of the last year. Reduced the price $225K in that time. It will not rent as a short term without a pool. We do not want the agony of a pool. Rentals were down this year anyway.Thanks for the suggestion. We will probably open it up for long term rental soon. It is just like new , so immaculate we know it will be damaged. But at this point we must make some changes. Once we convert to a fixed the payment will skyrocket. It is already a nose bleed payment.

Hi..can you provide the listing details and pics. I'm looking..right now just looking..thanks

Does anyone know what is up with the two huge gulf front villas in Santa Rosa Beach, aka Seagrove right next to Sugar Dunes that are selling at auction Sept. 7? Just saw them in the Wall Street Journal Distinctive Properties, I watched them being built and they seem to always be rented or occupied?

I went to an absolute auction in Freeport tonight of 40.5 acres that allowed for 80 units. It sold for 700,000. Maybe 50-60 people, about 4 or 5 bidders. Winning bidder was a call in.

I went to an absolute auction in Freeport tonight of 40.5 acres that allowed for 80 units. It sold for 700,000. Maybe 50-60 people, about 4 or 5 bidders. Winning bidder was a call in.

50-60 people with only 4-5 bidders?--I guess there wasn't a good flick playing at the Freeport Bijou tonight. 😀

Does anyone know what is up with the two huge gulf front villas in Santa Rosa Beach, aka Seagrove right next to Sugar Dunes that are selling at auction Sept. 7?

Two words: Negative Cashflow.

Possibly you are correct about the villas and toe issue too.

Disilvar,
If you are looking --just looking. I have seen some good buys/sales IMHO. Good thing I am house poor or might try to buy something myself.
You may be a realtor or investor and do not need my 2 cents. Of course there are some honest, sharp realtors like Bobby and SJ who could help if you are not.
Things of interest:
Lot on San Juan $215k this am
A nice house sold in Sand Cliffs (south of 30A) for $550K. There is another good buy there.
I think there have been some deals in Seacrest and White's Gulfview Estates. Houses selling for what lots did in the past. Good luck! Buy something everybody lets' get this inventory down.

I went to an absolute auction in Freeport tonight of 40.5 acres that allowed for 80 units. It sold for 700,000. Maybe 50-60 people, about 4 or 5 bidders. Winning bidder was a call in.

So I guess my guys who had it under contract for $5M+ and backed out are happy now. That was prior to the higher density zoning. I know the sellers are a little freaked out now for selling absolute. Let's see $700K + $70K buyers premium for auction, + another 3% ish for closing costs, divided by 80 lots = raw land cost of ~ $9,500 per lot -- not a bad deal for the buyers, and since Ms Cuchens probably paid very little for the property, she should be happy, but is probably more disappointed that it didn't close ealier at the premium price.

So I guess my guys who had it under contract for $5M+ and backed out are happy now. That was prior to the higher density zoning. I know the sellers are a little freaked out now for selling absolute. Let's see $700K + $70K buyers premium for auction, + another 3% ish for closing costs, divided by 80 lots = raw land cost of ~ $9,500 per lot -- not a bad deal for the buyers, and since Ms Cuchens probably paid very little for the property, she should be happy, but is probably more disappointed that it didn't close ealier at the premium price.

Does that mean that "market price" for Freeport land has dropped a smidge? :confused:

I wouldn't have a problem making that assumption.

Disilvar,
If you are looking --just looking. I have seen some good buys/sales IMHO. Good thing I am house poor or might try to buy something myself.
You may be a realtor or investor and do not need my 2 cents. Of course there are some honest, sharp realtors like Bobby and SJ who could help if you are not.
Things of interest:
Lot on San Juan $215k this am
A nice house sold in Sand Cliffs (south of 30A) for $550K. There is another good buy there.
I think there have been some deals in Seacrest and White's Gulfview Estates. Houses selling for what lots did in the past. Good luck! Buy something everybody lets' get this inventory down.

Thanks AP..not a realtor or investor. Just someone who likes the area. With insurance on homes so "up in the air" I might wait a while. I have a 1031 I have to deal with. Good luck on your place. Regards.