Lake Martin waterfront condo buyers flock to the condo auction at Harbor Pointe in Stillwaters.
Roebuck Auctions held an auction at Harbor Pointe Marina in Stillwaters last Saturday, July 7, 2007. The bidding started at 11:07 AM, selling 20 units in the Harbor Pointe Condo development. Chris Boden, representative of Roebuck Auctions, stated he thought the auction went very well. He estimated that there were about 500 people in attendance and about half were registered bidders. Boden confirmed that all 20 condos were sold and are under contract to close in thirty days.
Boden went on to say that the boat slips were not auctioned that morning. They were pulled from the auction due to a “legal snafu” that the sellers were currently working out. He said that 24 slips are still available, and they would be offered for sale first to the auction high bidders, then to existing Harbor Pointe owners. Boden also said that some boats were sold, but since he worked on the real estate side, he didn’t really know the details on how that all turned out.
Lake Martin Voice roving correspondent Kirk Wascom had this report:
“I went to the Harbor Pointe Auction at Harbor Pointe Marina this past Saturday. There was obviously a lot of interest given there were 300 other folks in attendance as well.
The first condo sold for $385,000 and the last one went for $235,000, not including the 10% fee to be added. They auctioned the condos on a buyer’s choice. The first condo sold allowed the buyer to choose his/her choice of the 20 available waterfront condos. The first one sold and chosen by the buyer would have been the one I would have chosen.
Although I attended the auction more out of curiosity and genuine interest, I did take my checkbook and a letter of guarantee from bank. During my registration they asked me for my letter of bank guarantee. However, a buddy of mine who also attended the auction was not asked to present one. We registered at different times. I guess it’s like buying alcohol; sometimes you’re carded and other times you’re not.
In my opinion, I think those who were the high bidders and who got their choice of a condo got a good deal at a fair value. It was all a win-win position for both sides. Due to the number of buyers at the auction there was no way anybody was going to get a condo for some low bid price of $75,000 – $100,000.”
Thanks Kirk, for that report, and for the inspiration for this series of posts.
Does anyone else out there have a subject they would like to see covered by the Lake Martin Voice? Speak up! And watch out, you may be drafted into action like Kirk…..
More Info – Harbor Pointe Condo Auction – Lake Martin
Lake Martin Voice Auction Post Linked By The Wall Street Journal
6 Questions To Ask At A Lake Martin Auction