wollaston results

[worldjohn]

Another case of  people,  that are either very rich or very stupid,  over bidding. I spent two days there trying to look at the properties.  Bear lake 47 acres was what everyone thought they wanted I tried getting to it from the north(private roads blocked off) and south and along the river but it was completely inaccessible! People tried with atvs and conoes but only a float plane or amphibian will get u there.  The 99 acres parcel was even deeper into the bush.  Locals stated they werent interested in these parcels but both had over 20 bids. 
the coucil room was packed with over 30 people

Bear lake went for 41k. bought by an east Indian lady who knew nothing about the land never even saw a map of it. Everyone thougth it was a big over bid! second highest 32k

the 99 acre (half swamp innaccesssible) went for  16,800. (more than its worth)

urbach lake had over 20 bids. (20 acres, can never build a road to it) went for 30k (assessed value 29k), second highest 21k

the 1.84 acres by the railway tracks. I spoke with the family and they didnt think it was worth the minimum tender amount of 4900.  it had only one bid of 14,000. (I'll hold my comments to my self as Im sure he feels stupid enough.)

 the 10 acres of forest on a road. this was my dream parcel I bid high but not stupid 10,000.  but was outbid by 11,130 and 10500. smart bidding as this is worth 14k on the open market. but a heartbreakerfor me. 

anybody have 10 acres of forest or farm they want to sell me at a reasonable price?

[Asindero]

Thank you very much for the info.

I know you were upset but did you stay till they've read all the properties?
I put bids to all small properties in Coe Hill.
Please let me know just in case you took note.

[worldjohn]

About half the small properties had no bids.
the fourth property listed went for 2505
the 8th property went for 2202
and the 10th for 3000
Hope one of those was you

[speedfreeksteve]

You sound like you think you're a professional real estate appraiser?

You're right that people often do overbid, but I wouldn't be passing judgement on people with limited information. For all you know they could be flipping the properties for more than they paid as crazy as that might seem.

The property that I recently bought probably seemed like an overbid to some, but many people didn't have all of the info on the property (right-of-ways, view, etc).

[Asindero]

The properties in Wollaston have right of way in their PLAN but the amount of materials to fill them is tremendous. I was able to get close to the 99 acre property in my second trip. I did not bid more than I can afford.

[Pawel]

The assessed value of a property should be taken into consideration when making a bid, although this does not reveal the true value of the property. Many properties may be under-developed or not well maintained. Their value can be significantly increased by putting in the work. For example, the wallaston properties. A few of the properties have extensive acreage, limited access, and no servicing. By putting in a road, hydro lines, septic, etc., and maybe severing a large parcels of land, and individual can turn this into huge profits. Alot of people playing the tax sale game are looking into developing these parcels and this is why they may bid higher than the assessed value because they see the potential.

[worldjohn]

flipping the large wollaston acreages to other naive people is a possibility with the market the way it is.  But developing them is unrealistic.  The former owner of bear lake went bankrupt trying to bring a road in. Crossing two large swamps is incredibly expensive. The lake is too small and the banks too steep to develop. Its probably too small to land a float plane in. 

The winner of the bear lake bid  told me she bid 41k because she recently one another tax sale with a bid of 41k so thats how she decided to bid. She had zero knowledge about the land except there was water on it.  The only way she will ever see this land is flying over it. The only enjoyment she will get from the land is knowing that she owns it.  Only a serious bushman will ever get to this property or the 99 acre one. 

Im not a real estate appraiser but high bids are ruining the tax sale game (for me anyways).

[Rob]

Then that creates a low resale market and when the person figures out the property is landlocked and tries to sell the property you can pick it up without being forced to pay the back taxes.