Recently two auctions were held at waterfront property on Lake Martin. A quick check with each of the auction companies revealed that neither homes sold for the reserved prices. Both remain unsold at post time.
Here’s the lowdown:
1. 284 Lakeview Drive – The “Waterfall House” at Willow Point – This auction was held on July 20, 2008. I wrote this post before the auction to spread the word. I haven’t talked to anyone that attended, but I spoke to a representative at Albert Burney Auction Company. He said that neither the lot nor the home met the reserved price that day and therefore did not sell at auction. He did say that both properties were available for sale in case anyone was still interested. If you (or someone you know and love) are, let me know.
2. 211 Farm Loop Road – Wind Creek Farms– This auction was held on July 26, 2008, by Deanco Auction Company. It had a published reserve price or minimum bid of $300,000. Apparently that amount was not met because a representative of the company confirmed that it also failed to sell at auction date. Again, if you’re still interested, let me know. I went through this home about a year ago (when owned by a previous family) and have tons of pictures.
These recent strikeouts remind me of last summer’s Lake Martin auctions. You may remember when another auction company had a big deal where they tried to auction 3 different waterfront homes on the same day. None sold. Contrast that with 2007’s auction at Harbor Pointe condos, where they sold about 20 units in one day.
So why are waterfront home auctions not catching on at Lake Martin? Is it:
A. The buyers are reluctant to pay the typical 10% auction commission on top of their bid price?
B. It is too much of a hassle to view the homes at the times appointed by the auctioneers?
C. Sellers are placing too high of reserve prices?
D. Local Realtors are digging defensive trenches around Lake Martin?
E. Buyers are unrepresented (by agents) and therefore uninformed of value?
F. Or a combination?
What do you think, dear reader? If anyone out there has some input, or would at least like to vote on my suggestions, please leave a comment below where it says “Leave A Reply.” If you can’t see that, hit the Continue button and then you should be able to see it.
I am really curious as to what others might think. As a “professional” (I know, eyes rolling) I might be missing something here, so let me hear some other opinions.