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…..
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John: The first unit sold was for $385,000 not including the 10% auction fee. The buyer chose Unit D401. Top floor corner unit in building D. Corner units have a bigger balcony and the balcony wraps around the edge. Unit D401 had the best view of the lake of the 20 available condos. The second unit sold went for $310,000. The buyer chose Unit A201. Unit A201 had a view of the harbor. Unit A201 also had a gas fireplace. The third unit sold went for $335,000 and the buyer chosed Unit D203. I can go on and on. I am still of the opinion that the buyers got a fair deal. Condos are not for everyone. Moreover, owning a lake house is not for everyone either. There are two distinct differences in lifestyle when considering condo living or house living.
Kirk - agreed. Thanks for the clarification.
[…] count any that are under construction or might come on the market in the future. The recent condo auction at Harbor Pointe taught us - there are buyers out there, but they are at lower prices. This segment was by far […]
[…] 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 […]