Madoc - 1 - Lets get real for a minute

[netpred]

you certainly think OTS are evil...a few years back I ordered a search from them and the property redeemed that morning ..they didnt do the search and didnt charge me..

You certainly see OTS as the devil....never seem to go after tri-target . As linda at tri-target is an ex partner/ex-employee (not sure which)  of OTS (the devil).. would she not be by default also evil...  sort of vampira or something..just a thought

Has tri-target actually managed to get any taxsales for themselves?  I dont recall seeing them in any gazette ads etc  http://www.t-taxteam.ca/

Vampires vs Devils? I never thought of it that way. Pick your poison.

You are right about Tri-Target and I have been far too kind. Maybe because Tri-Target is free and new so is deserving of some latitude. But you're right, there is virtually nothing original about Tri-Target. I think that they have had only one featured (or whatever they call it) property ever.

[Pfm1011]

For those of you that have to get out in the country and need an excuse; OTS has replaced Madoc with waterfront and waterview tax sale properties that you can drive to in half the time, and no real problems in winter driving other then get your car muddy.  You can even see both easily from the road.

If this doesnt redeem..VERY BIG IF... it will go for way too much..Go to MLS and you can buy a cottage  on this water for under  150..so that means this will be bid up to 250 to 300...

[Dave2]

Vampires vs Devils? I never thought of it that way. Pick your poison.

Here is a suitable poison for a Devil.  Too bad no one else on this board likes beer except Netpred or myself.

Netpred:  

Care to comment if there is any truth to the rumour that this label is a reasonable likeness of you?  (tail and horns excluded)

[g2020]

[/quote]

If this doesn't redeem..VERY BIG IF... it will go for way too much..Go to MLS and you can buy a cottage  on this water for under  150..so that means this will be bid up to 250 to 300...
[/quote]

I am afraid that pfm1011 is going to call this correctly, just like he did the shack on a minuscule Muskoka lake just over a year ago. Remember all the big bids because it was technically "waterfront"? My theory is that to make a high percentage return on a tax sale you should never bid over $15,000.00. Never!
It takes time. It may take several years, but eventually you could double or triple your money. The big bidders, myself included, may be happy with a 20% return on a large purchase. I would not waste my time and money chasing the impossible dream of getting a waterfront cottage on Rice Lake for less than market value. Dave2 has already looked at it and says it will just get my Mercedes muddy. Putting in a low bid on such a property of such obvious value would be just plain stupid, but just watch how many stupid low ball bids it attracts. A lot of research, a lot of patience after you purchase, and never a bid over 15k is the only way to make a high percentage return anymore. I bought one for 8k a few months ago that I will do very well with, and I stupidly paid over 60k for one that I will lose money on. More than 15k nevermore

[shineofmine]

Did a drive by of the property on Rice lake and it definetly qualifies for a Tax Sale.  I did see a person (Camera Guy) taking photos of the property and also entering the cottage.  Hopefully this is not the same idiot who got stuck in the Madoc driveway.  Lets not be stupid.
Does anybody think there would be any issues with relocating the drainage ditch in the middle of the property?  I like g2020s assessment at $15,000.00 

[Dave2]

[quote author=g2020 link=topic=1940.msg8274#msg8274 date=1329772208

 I would not waste my time and money chasing the impossible dream of getting a waterfront cottage on Rice Lake for less than market value. Dave2 has already looked at it and says it will just get my Mercedes muddy. Putting in a low bid on such a property of such obvious value would be just plain stupid, but just watch how many stupid low ball bids it attracts.  
[/quote]
G2020:  

Lets not get too enthusiastic about this yet.  After all as PFM once said this is Rice Lake, and normally people who have a Mercedes head for more refined or elegant parts of the province.  (BTW was that Mercedes the car or alternatively a member of the opposite sex named Mercedes.  You know the type that you find on the cover and in the pages of a magazine that all us sports lovers like at this time of year.)  

Rice lake is just fine for people like me who drive a 3 year old GM car made by the best car plant workers in the world; Oshawa, but I am the first to agree it is not a movie star lake.  

Like most tax sales this property has some potentially interesting issues associated with it that will take some time to sort out and see if they are apparent or real.  If real they may affect the final price quite a bit. Among the things I am concerned about include:

A possible boundary issue with the land to the east (Anytime a property line goes through the middle of the cottage on neighbouring property has been known to keep lawyers happy and employed.  I have an email to OTS Jeff about this issue and we need some technical discussions before we can comment on it when he returns from vacation. )

The hydro pole right in the middle of the property where I would normally put a dwelling.

I believe this may be situated in the Oak Ridges morraine, but have to check.  

The possible watercourse noted by shineofmine.

Fortunately we have lots of time to check these out if we can restrain people from doing crazy things like contacting the owner.   

[Pfm1011]

 I did see a person (Camera Guy) taking photos of the property and also entering the cottage.  Hopefully this is not the same idiot who got stuck in the Madoc driveway.  Lets not be stupid.
 

Nothing like a little break and entering  to go with trespassing. That is a douchebag  who deserves to be shot     I understand the trespassing on a clearly vacant lot to sneak a peak (It is Illegal but we all have done it on vacant land)   ..but breaking in ? Whats next?, find the owner or his next of kin and kill them so they don't redeem,   Landmine the property to get the other bidders.  Break into town hall the night before the opening  and steal all the bids.

In regards to the creek.  Probably a very very big hassle as you will have to deal with Quinte conservation  and pull a study or too.  

 Its not like you can just move it and hope no-one complains. To win this you have to beat all the neighbours , who will feel you screwed them and rat you out on everything you try to do.

I think a bigger problem is the septic.  I am guessing this just dumps into the lake. It is seasonal.   When you knock it down or try to rebuilt  ( with the footings ( brick foundation) collapsing and rot I suspect not viable to repair ) or even turn to year round ..   you going to run into a septic requirement   This is a small low lying  lot with the creek in the middle.

It looks to me like a complete knockdown and rebuild on the footprint .Repair and  Winterizing will be very expensive on this one . cheaper to start from scratch

Also what is the waterfront like?   Rice is very weedy and if you have a pile , turns the cottage to sh*t.  Certainly would be better if this was a summer or fall sale so we could get a look at the lake  , would get more idiots but I'm sure we will get plenty on this. If it doesn't redeem..I'm calling at least  89 bids.  and at  1/3 of them within 10K of min and probably 10 within 3 k of min  ( I'm bidding $1127.36 over min to be tricky..I will get this for sure )

[baller50]

Rice should be a complete sh$tshow...Lots of waterfront cottages for 200-250

Great for people that enjoy traffic jams on the water and more weeds than the side of a Jamaican hill top.

[shineofmine]

There is a waterfront property for sale privately just down the road from the tax sale on Rice Lake.  I called about it, he is asking $500,000.00, it is 200ft of frontage, house, garage, septic, well,and has a boat house at the water.  He said it was hard sandy bottom and not to weedy if you  maintain it (sounds like Lake Scugog). Anyone who does not win the Tax Sale can pick this one up!!!  It might be a bargain in comparison.

[Pfm1011]

One VERY serious matter to also consider is  Sandy Bay cottages

Just go to the photo gallery and get an idea of how many people are there at any given time

http://www.sandybaycottages.com/gallery_files/2008_data/2008_master.htm

They  can have 80 people when full , all non local who can give a sh*t how they behave as they are paying guests    ..forget relaxing waterfront. I can assure you these will be neighbours from hell ..and kids will use the park so they will be beside or on your land all the time

[Pfm1011]

Pay for a mud bath..  if you have ever been to Bon Echo. Everyone covers themselves in the clay and gives themselves facials..

[daftdaft1996]

I have said before some of the numbers that have been mentioned for this property don't make sense.  Leave aside the issues outlined in Madoc 2 and Madoc 3 threads; remember also the property is occupied. (Madoc 4 anyone)

Back to basics lets look at a realistic value.  We can't look at the building but we can consider the land value.   Here is a current listing of major riverfront property - 3600 ft (almost a kilometer) ; not contaminated like the Moira from a well known local realtor.

http://www.century21.ca/bob.bancroft/Property/ON/K0K_2K0/TWEED/LINGHAM_LAKE_RD/0

It has cabins and everything. Regular real estate sale.  $600 an acre asking price.   This is not the only one.   And you were going to bid how much for the tax property; with all of the problems? Elk Grove Tile

 I thought it good to get that info out.  I'm not interested in purchasing in the area (if anyone does have any info on the large Frontenac piece that just got tax sold they can PM me?I would be interested in hearing about it) but others might.