Last Saturday fourteen properties that are/were part of a large estate on Rest Lake of the Manitowish chain were auctioned off. The foreclosure judgement in the amount of $4.6M was entered into last year; attempts to sell the property before and after foreclosure have been unsuccessful. (See my blog post of April 20th.)
Of the properties up for auction, 4 of the 14 had homes on them, and the remaining 10 are vacant lake lots. Nine parcels were offered absolute; 5 parcels had a reserve. Following are the final bid prices plus the auctioneer's 10%:
(First, a caveat -- these numbers came from the notes of another agent from our company who was at the auction and she believes them to be accurate, neither she nor I have verified them. In my opinion, considering our market, the properties that sold absolute were very good buys, but not steals.)
Lot 1 $297,000 (Reserved, bid not accepted)
Lot 2 $269,500
Lot 3 $253,000
Lot 4 $407,000 (3 BR home)
Lot 5 $385,000 (Reserved, bid not accepted - 1 BR cottage)
Lot 6 $286,000 (Reserved, bid not accepted)
Lot 7 $660,000 (Reserved, bid not accepted - main home w/pool)
Lot 8 $297,000
Lot 9 $550,000 (3 BR home)
Lot 10 $264,000
Lot 11 $264,000 (Reserved, bid not accepted)
Lot 12 $280,500
Lot 13 $346,500
Lot 14 $253,000
