The Auction we hosted last Saturday, though a rude awakening for Banks, Builders and Sellers, proved to be a tremendous purchasing 
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Several of the high bids did not meet the reserve amounts set by the seller, so it will not be clear for a few days how many properties will actually sell for the high bid amount. However the market has spoken loud and clear, and the banks understand the value of liquidation rather than biting the carrying costs on these highly taxed and high maintenance estates.
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The Results:
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Reunion
Address                Previously Listed       suggested opening bid        High Bid
7812 Whitemarsh       $1,595,000             $550,000                        $500,000
315 Murfield               $2,550,000             $950,000                        $860,000
Reunion Grand #509Â Â Â Â Â Â $779, 000Â Â Â Â Â Â Â Â Â Â Â Â Â Â $375,000Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $375,000Â Â
595 Murfield                $2,595,000              $895,000                     $1,090,000
7849 Pamilla               $1,895,000               $695,000                      $500,000
8198 Valhalla (Lot)Â Â Â Â Â Â Â Â $395,000Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $95,000Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $95,000
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Bella Colina
16321 Pendio             $4,000,000                  $1,450,000                $1,000,000
16812 Vinvi                $3,500,000                  $1,350,000                $1,000,000
16045 Pendio             $3,400,000                   $1,195,000               $1,000,000
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The remainder of the properties were pulled from the auction, and we should be aggressively marketing them in a post auction campaign in the near future. So if you have an interest, get with Marcus. Also we have 2 other great auction opportunities coming up soon. Look for a Commercial auction in December and a Coastal Auction in January.
Thanks for the update, John. So how many properties were pulled from the auction as a result?
I wonder if it was disclosed to the bidders that Lake Apopka in the 90’s was listed as a federal environmental disaster site. Most of the property at the north end still is.
With all costs down— labor, material and raw land-
Can a biulder comment- as to where today’s replacement costs in relation to low bid?
Marc, the post auction material should be available today.
In auctions we ask all due dilligence to be done by the buyer prior to auction, no refunds for a dirty Lake 🙂
I would love to see a builder’s cost for these properties. I’ll see if I can dig something up.
So did a lot of the properties go unsold? Do they allow short term rentals?