Marmora and Lake Moose Pasture - Tax Sale Results Contest

[Dave2]

For a coffee first a test of your market pricing knowledge before I give I give you the results (no cheating)

100 acres bushland, nearest public road about 2 miles away, no obvious problems on title, Mostly marginal agriculture zoned with about 5% EC around minor waterways (creeks, did not seem to be navigable)
Hunt Camp only permitted to build on.  Unknown if neighbouring landowners will give you access.  Municipality not even certain of exact location as tax sale map and planning department info did not agree. 

Assessed value $12,000 (2008), last sale $6,000 in 1982  I also obtained a market value from a knowledgable realtor in area. 

If I win I m in trouble with my wife

All right Frank, PFM, Speed et al now's the time to test your market knowledge and stand up and be counted. 
What were two winning bids.   

Reveal results on Friday. (no cheating) 

[Pfm1011]

Im guessing this is a silly one from your build up ... 3,988.13  min  bid ...I will go with 18K was bid by someone, its not worth close to that but..

[markymark]

Double cream one sugar please. $31500.00

[twinn1]

Anything more then 5k is too much. A landlocked parcel does not have much use, better hope that the neighbours are not bidding because if you win, they might not be very cordual about giving you access.  There is no shortage of land up north.  Beware of the hunt camp idea, do not mention it to teh neighbours when asking for ROW.  Hunter are very sensitive about their land, they don;t take to kindly to those that want to hunt in their "area" even if it is on crown land. 

[Pfm1011]

I cant see it being worth the minimum

[farrouk]

POS property. (and I don't mean power of sale) Maybe the lady that bids $42000 for everything is back. I will go with that one.

[speedfreeksteve]

Landlocked you say? Sounds like half the properties sold by HG Dignam Corp.. and they've stayed in business for decades.

I'll say 10k. There's so many scenarios that can dictate the final price in a tax sale. Usually there's one of two things that will make the price higher than expected 1) the person is an idiot or gets abit too excited 2) the person knows something positive about the property (access, valuable standing timber, etc) that most other people don't.

Usually it's the first one.

[markymark]

Dave,did you forget to mention the only practical road access was closed 2 years ago by neighbours.
Geez I wonder if they bid?

[boughtit2]

Humm I wonder if a timber tour was done and there was between 24 and 40 thousand dollars worth of timber on this property. and the accees to it was though an already established Domtar road. And the timber tour was for a selected cut not a clear cut, And Domtar granted written access to this property would it be a good buy at 31500?

[Larry]

Somebody know something when they say 31,500/
I'd say 19,000.

[markymark]

OK But your wife still might not like it.
Sweet dreams.
Just kidding.

[Pfm1011]

Humm I wonder if a timber tour was done and there was between 24 and 40 thousand dollars worth of timber on this property. and the accees to it was though an already established Domtar road. And the timber tour was for a selected cut not a clear cut, And Domtar granted written access to this property would it be a good buy at 31500?


Hmmm   here is a thought...do you think we have the buyer here on the forum and the buyer did more research then the rest of us and this buyer has essentially got the land for free and can now pick up alot of beer money by selectively cutting every 20 years ?  If so, well done, as we do forget about basic stuff like timber. 

Apparantly Domtar roads dont show up on teranet maps...and apparantly I , yet again , have been proved to be less then "all knowing"   ( this is getting hard on my ego, now I have to go convince myself that everything boughtit2 said was just made up and my ego will be restored )

[Dave2]

Markymark:  The Winner  (Was I set up because he was at bid opening) 

To nearest $1,000:

Winning Bid:  $32,000
2nd Bid:        $22,000

To recap other benchmarks:

Appraised value $12,000

Knowledgeable real estate agent estimate of value:  $15,000 - $20,000

Two highest bidders both knowledgeable influential locals and may have hunting camps in area. 
(There are 4 hunting camps in range of property according to locals at bid opening)
 
Bid results blew me away and really surprised town officials when I talked to them after opening. 
I personally decided to take a flier and bid what I considered high because I am looking for some timberland as a long range investment for my family (20+ year time horizon) at $13,000.  I still think my life might be in danger from my wife if I won it but that risk only occurs when I win.  I keep trying to explain to her that I could have a worse vice. 

Timber value unknown but because it is deer hunting season locally assume the high bidders visited the site.  Access rights unknown but according to locals if you own property in area and can prove it and are (Acceptable??? whatever the hell that means) you might be able to get access. 

Marky mark could you send me a contact email and we will schedule a meeting for coffee payment. 

See next post about recognition. 

Dave2

[markymark]

Hi Dave
I did not attend the opening,but did bid blind myself.
Old PM. Meeting sounds good.
No bigfoot sightings since.
We crossed paths in Chandos.
We seem to have the same interests.