auctions today

😱 Thanks for the info, SJ! :bang: I wish I had more cash. I can't believe that price..lucky b%$&*(ds!

I heard that the Grayton Oasis property auctioned today for $515,000 with only the original builder and one other person bidding. They stole that property for that price, even with the 10% buyers' premium. That is less than $200/sf for a commercial property in the Grayton area. :shock:


It once last listed at $1.48M (mls 414652)

It's only a good deal if the buyer can find a business or businesses to rent the vacant space for $5,000 or more per month. That space has been vacant for quite some time and the former tenants did not appear to be very successful.

It's only a good deal if the buyer can find a business or businesses to rent the vacant space for $5,000 or more per month. That space has been vacant for quite some time and the former tenants did not appear to be very successful.

The former occupant/owner was trying to run a bakery and restaurant out of the building. If you know about restaurant marketing, you know the first three words are location, location, location.

I understand the other bidder was a doctor who was looking to move her practice. That location would be perfect for a doctor's office.

did the doctor get it? I think that's my doctor:clap_1:

where was Dr. Skunky????????????????:idontno: :idontno:

Would be great for any professional office.

did the doctor get it? I think that's my doctor:clap_1:

No, she had done her homework and knew what numbers worked for her business, and more importantly, knew what numbers didn't work. She set her max price and stuck with it.

Thanks SJ. I was curious about that property. I believe that it was once listed for $2.5 million.:idontno: Isn?t the selling price about the same as the asking price for vacant lots in the area?

Sorry about that. In the first post I made, which I can no longer edit, I transversed two numbers in the MLS #. The correct MLS number for the last time it was listed was 414562.

In April '05, the property first came on the market, listed at $2.5 M. The sellers went through three different agents before the auction, changing the price from $2.5M > $1.9M > $1.48M, before trying to lease it at $6450 per month. 😱

The property is roughly .4 acres though I believe some of the back side may be wet (not sure), and yes, if you find a commercial or mixed use lot in the area of that size, you will have to pay around $400K-$500K to purchase it. As I said, the buyer stole it at that price.

Is there living space in that property as well so someone could have a business/rent business space and live there as well? If so, that's amazing.

Sorry about that. In the first post I made, which I can no longer edit, I transversed two numbers in the MLS #. The correct MLS number for the last time it was listed was 414562.

In April '05, the property first came on the market, listed at $2.5 M. The sellers went through three different agents before the auction, changing the price from $2.5M > $1.9M > $1.48M, before trying to lease it at $6450 per month. 😱

The property is roughly .4 acres though I believe some of the back side may be wet (not sure), and yes, if you find a commercial or mixed use lot in the area of that size, you will have to pay around $400K-$500K to purchase it. As I said, the buyer stole it at that price.

Only time will tell if it was a steal.

It's only a good deal if the buyer can find a business or businesses to rent the vacant space for $5,000 or more per month. That space has been vacant for quite some time and the former tenants did not appear to be very successful.

$4000 would be a good return in the current market at 515k. Even if it is never resold it is a good deal as long as it rents. I heard the buyer is trying to flip this anyway.

$4000 would be a good return in the current market at 515k. Even if it is never resold it is a good deal as long as it rents. I heard the buyer is trying to flip this anyway.

Remember to throw the 10% auction premium charged to the buyer and insurance and taxes, and you will probably be closer to $5000/mo break even cost.

Currently, there is no residential space in that building and I am not certain whether it is zoned for mixed use or strictly commercial. I know of properties in close proximity that are mixed use, allowing for both residential and commercial. The foundation for this building is claimed to be constructed to withstand a second floor added on to this single story building, so there is potential to add on if you go up, and if parking space requirements are met per County Code.

I do believe one could split the building into two or three offices and easily make the rents decently affordable.

My guess was that the buyer was looking for a flip, although probably not a quick flip.