Bob - Walt, what do you have for us today?
Walt - Good morning Bob, today I’m talking about an auction event that Sperry Van Ness is having October 23 through the 25th. The website for the auction is svnauctionevent.com to see all the properties across the country in the auction. This auction includes all types of property including triple net properties, notes, and bank owned assets. The auction will feature over $100 million of real estate properties and loans that will be auctioned in a three-day period.
Bob, we have had some conversations about auctions before and auctions are a great way to turn a real estate asset into cash in a specified period of time. An auction will also provide what a willing buyer will pay for a property in this market. It’s a true indicator of where the market is at a point in time and what somebody is willing to pay for property.
Each property will have a four hour time window during the three day event to sell the property. The buyer will have to bring a 2.5% buyers premium to close property. Again the national auction event is svnauctionevent.com.
Bob - Walt are there any local properties in the auction?
Walt - Yes there are, we have three assets in the auction and today I’d like to talk about saddle Ridge subdivision in Edgewood, New Mexico which is 62, 1 acre lots that will be auctioned in the October 23-25 event.
This is a tremendous opportunity for someone looking for a subdivision that is ready to go at a tremendous price. The subdivision has underground electric, natural gas, water and telephone are already in. There is asphalt pavement on the roads that are servicing 31 of the 62 lots.
The starting bid for the subdivision is $945,000 or $15,242 per lot. This auction will occur on October 24 beginning at 11 AM and ending at 3 PM. You can access all the information at auctionsvn.com/saddleridge.
Bob, the purchaser of this property, 62 residential 1 acre single-family lots in a very desirable bedroom community with all the utilities ready to go, 31 of the 62 lots have paved roads, at $15,242 per lot, it would cost that much just to put in the utilities and infrastructure required for the subdivision.
The residential market appears to be getting stronger and this is a great opportunity for someone to purchase this property and either develop it themselves or sell the lots individually.
Bob - Walt, how can people contact you today to talk about your auction event?
Walt - Thanks Bob, Walt Arnold, 256-1255, our website is waltarnold.com and again the website for the saddle Ridge auction is auctionsvn.com/saddleridge. Bob have a great week!