Oshawa Results - April 16, 2015

[PG]

Does anyone have the Oshawa Results for the April 16th sale?
Unfortunately, I couldn't make it.
Thanks.

[Dave2]

Sorry but not a mind reader.  still 20 minutes to the sale.   

I have been trying to find a software  program for years that would allow me to forecast competitive bids in advance.   

[Asabat]

Hey guys,anyone know the results? I think the sale should be done by now.  Thanks

[Dave2]

Hey guys,anyone know the results? I think the sale should be done by now.  Thanks

a) Albert Street: 

19 bids  Highest: 112,000 2nd highest:  82,000

b) Parker Street:

22 bids: Highest: 138,200 2nd highest: 131,026

c) Stevenson:

13 Bids: Highest $501,000;  2nd Highest $401,000

[pjdd]

Hey guys,anyone know the results? I think the sale should be done by now.  Thanks

a) Albert Street: 

19 bids  Highest: 112,000 2nd highest:  82,000

b) Parker Street:

22 bids: Highest: 138,200 2nd highest: 131,026

c) Stevenson:

13 Bids: Highest $501,000;  2nd Highest $401,000

Thanks Dave2; karma to you for  posting the results...Just wondering if the winner for Stevenson drove home smashing the dashboard thinking WTF I overpaid 100K.. (I know I would).....do you think lately everyone is a little overzealous??

[Dave2]

Thanks Dave2; karma to you for  posting the results...Just wondering if the winner for Stevenson drove home smashing the dashboard thinking WTF I overpaid 100K.. (I know I would).....do you think lately everyone is a little overzealous??

1.  Stevenson is not your normal tax sale property because it is in a development area and slated to become industrial zoning so hard to judge it in terms of value or whether good bid or bad.

Obviously the winner wanted the property.   Most of the reasoning for this type of property we will never know.  

2. Lets wait and see if the owner redeems post bid.  (I am not going to follow it.) or if the bid holds and the winning bidder gets
it or even leaves his or her 20% on the table.  

3. People tend to forget it ain't over until you get the deed and even then some things happen although you have a pretty good legal case in the very rare case of a fight post deed registration.

4. The question I always worry about in these cases if the value is solid is why has the owner walked away.  I mean think about it would you walk away from half a million dollars.    

5. Funny enough in percentage terms I felt some of the house bids in Oshawa were even more risky. 

[ffrob]

Does anyone know anything about this property on stevenson? Was there any liens/claims against it or environment concerns? It does seem unusual for the owners to walk away from that kind of money.I used to live on a farm about ten minutes from there in Brooklin and I think the previous owner/owners buried glass there, and I know the police busted things up there a few times, so the story goes.

[Frank]

Does anyone know anything about this property on stevenson? Was there any liens/claims against it or environment concerns? It does seem unusual for the owners to walk away from that kind of money.I used to live on a farm about ten minutes from there in Brooklin and I think the previous owner/owners buried glass there, and I know the police busted things up there a few times, so the story goes.

You have it all wrong, they didn't walk away from half a million....they sold it for half a million.  If there are no liens on the property then they just sold it for half a million.  After taxes are deducted, the municipality must pay the excess into court, then any interested parties can apply to the court for the money.  If there are no others in site, then the owners will get the excess in full.  If the property has environmental issues, then they just sold it for more (perhaps) than they coiuld have gotten on the market.   Could be a wise decision not to pay their taxes, if on the other hand, this wasn't enough to satisfy them then they still have a week or so to redeem, it isn't over till the tax deed is issued to the new owners.  This could well be a strategy that they have used to get a quick sale, and maybe for a good price. 

[ffrob]

Thanks Frank. I appreciate your reply.

[Elvis]

Wonder if the high bidder for Stevenson drove home thinking-wow, the (similar) property next door was listed last month for $895K for land value only, the area is slated for future development by the region of Durham and the 407 will be coming through just to the north, I hope they don't redeem.

What may seem expensive (or excessive) to most of us is business as usual for some.

[Dave2]

What may seem expensive (or excessive) to most of us is business as usual for some.

Elvis:  

Oshawa is for high rollers and I generally prefer to stick to the ones I can afford.  Also I learned early on in tax sales that I can't buy the property after the sale.  When it is gone it is gone and we move on.

 A six hour round trip (north west of Orangeville) is a lot of driving even if the weather was good and I did I did get a chance to meet an old friend for lunch. Tax sale properties side by side are rare let alone a whole subdivision. Two or 3 lots combined open up possibilities that individual ones do not even if the basic zoning seens to be unpromising on an individual lot basis.        

Fortunately I was able to view other tax sale properties enroute.