- Palm Coast and Flagler County Area
- Golf Courses
- Palm Coast History
- City of Palm Coast Parks and Facili
- Flagler County
- County Parks, Flagler County, Flori
July 23, 20007 – Palm Coast,
The five properties in the auction were:
As advertised, two lots were to be sold without reserve, meaning regardless of price. The auction board listed all five properties. Only lot 41 was listed as reserved. There was not a separate sale for each lot. The winning bidder of the first round of the auction selected the lot they wanted, either the reserve lot or one of the others. If the selection was without reserve, the sale was final. If the chosen lot was a reserved lot, the seller has five days to accept or reject the contract. During the five day period, the bidder cannot withdraw their bid. A 6% bidders premium (commission), paid by the buyer, would be added to the winning bid price.
There appeared to be about six to ten people holding bidding packages. There were three additional bidders on the phone. Unable to get the suggested $150K opening bid in the first round, the auctioneer accepted a bid of $25K. Bidding moved quickly to $180K where the auctioneer had to work hard to get $5K increments. The winning bid was $230K. The winning bidder selected
During a break following the first round, the seller instructed the auctioneer to place all but the
What did we learn? Two people got some desirable property at great prices. At least it looks that way. But it was anticlimactic when the sale was suspended. Two sales do not establish a market. Everyone would have wished to see a sale price for each lot.
The current market resembles a Mexican standoff. Many sellers are still holding onto the unrealistic thought that they can break even (assuming they bought at the peak). But others have reduced their prices to levels below their acquisition cost. On the other side, buyers are reluctant to be the first to establish a market price. They don’t want to pay $299K if they think it’s possible someone else might be able to buy at $250K soon after.
I attended a foreclosure sale on Friday where lot# 92 at The Conservatory was sold. The representative of the plaintiff (bank) was the only bidder. When I spoke with him, he indicated that he had been authorized to go as high as $285.9K for the lot, which was originally purchased for $339.9K. So anyone bidding would have to bid higher than $285.9K to win the property. A bundle of four contiguous lots on A1a South in