Some upscale Amelia island units go on the auction block in Jacksonville tomorrow morning at 10
#4 goes on the block.
With the economy showing reluctant signs of not-so-random recovery, Collier Int’l and United Country Auction Services are preparing a Commercial Multi-Property Auction Thursday morning April 8 at the Jacksonville Marriott on Salisbury Rd.
Looking at the list of properties I was most dismayed to notice that out of the 34 properties offered 9 are homes, condos and places of business right here in Fernandina Beach. That is not only sad for the victims involved, it is also bad for real estate values in the various neighborhoods. Especially the condo unit in the towers at Peters Point that is offered, can do some real damage to perceived property values on that part of the island, while the office building on Centre St. next to the old Court House can hurt downtown’s property values.
The properties, many recently foreclosed on, are located between Ft.Pierce, Fl. and Brunswick, GA, with the lion’s share in greater Jacksonville. Land, shops, condos, industrial units and even a marina go on the chopping block at 10am so if you have some cash left under your mattress and are interested in building or rebuilding a real asset portfolio, here is your chance.
On a side note:
While researching the website , my eye caught the following abbreviation: ARERS. With my curiosity peaked, I learned that this acronym stands for Accelerated Real Estate Resolution Services, an ironic departure from the general assumption that in the current property bust, foreclosure would be the last thing lenders want to pursue. Colliers’ motto seems to be, the early bird catches the worm; foreclose today and auction off tomorrow and go on with your life. A position I endorse from an economic point of view. Acute pain and recovery is much better than a nagging, continuous pain without the incentive to face reality and go on.
The Registration starts at 9:00 AM – Auction: 10:00 AM
Location: Jacksonville Marriott
4670 Salisbury Rd., Jacksonville, FL 32256
Contact: Gary Montour: 904-358-1206 ext 1116
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We will see more and more of local properties going on the auction block. Can you buy them at bargain prices? Yes, however we must remember with each “bargain” sale, you and I just lost a little more of the value in our own property.
We had cocktails over at friends whose backyard is lined with large 2 under one roof townhouses that sold for $675,000 a piece during the hey-days. People bought for investment with the idea of renting them out. My friend says they have been empty for years and the units don't even catch attention at $300,000 for sale price. And that is today's reality. In the fall of 2008 I said, prices will drop to 40% of the boom prices before we will see real estate action again. The first ones coming back into the market are the investors who want to diversify portfolios again. That's happening now that government incentives are drying up. From an investment point of view Colliers made a smart move to test the market early on in my opinion.
We will see more and more of local properties going on the auction block. Can you buy them at bargain prices? Yes, however we must remember with each “bargain” sale, you and I just lost a little more of the value in our own property.
We had cocktails over at friends whose backyard is lined with large 2 under one roof townhouses that sold for $675,000 a piece during the hey-days. People bought for investment with the idea of renting them out. My friend says they have been empty for years and the units don't even catch attention at $300,000 for sale price. And that is today's reality. In the fall of 2008 I said, prices will drop to 40% of the boom prices before we will see real estate action again. The first ones coming back into the market are the investors who want to diversify portfolios again. That's happening now that government incentives are drying up. From an investment point of view Colliers made a smart move to test the market early on in my opinion.