Peterborough results

[Pfm1011]

849 George st   Vacant lot  40 wide    3 bids    41,100  40,100   and 37,270            Fair market for the lot   ,very good value if you are adjacent

1225 lansdowne   , 4 acres landlocked sort of .. 1 bid 21,100     cant figure out if this is a OK deal or a great deal as it can easily be sold to the adjacent owners for at least double I would think.. if its member here who won let us know what you plan and think its worth..To me it looks like someone did very well..

1185 Hilliard   .95 acre commercial  vacant land    5 bids    117700 , 112550, 101872, 93005 ,  92500

70 Towerhill rd  1.48 acres   adjacent to 1185 Hilliard   Zoned residential ,  16 bids   107500, 105000, 105000 ( neither put in the dollar, could have been ugly)   101,100  ,67900. 67500, 67000 and a pile more all the way down to 36005

The kicker..... Hilliard and towerhill were won by the same people, towerhill was already approved for 7 poorly laid out  detached lots, combined with Hilliard it could probably be 12 to 14 houses or 30 or more townhouses

Mind you up lots in peterborough  are probably only worth 50k raw  ( the property is in the city so completely serviced) it still adds up to at least a double the money

If the winner of these two is on here please let us know the plan and the math

[DF1]

So, what happens if the winning bid is a tie? 

[Rob]

So, what happens if the winning bid is a tie? 

First one who pays, wins.

[farrouk]

Thanks for the comprehensive results. Took a look at the landlocked 4 acres but couldn't figure out how to make money on that one. The neighbours might not belly up to extend their lots plus you would have to pay for severance. Perhaps there is some inside knowledge at play.

[speedfreeksteve]

The 40 foot lots seem a bit up there for a tax sale. It's not like its prime real estate. Houses on even bigger lots are going for $120000 (or less) in Peterborough, and they're a dime a dozen.

[Pfm1011]

The knockdowns on George go for more then that..  The area where these are the townhouses are 170 to 200 and houses go 200 to 320   ( towerhill, Milroy, baker  etc ) even if the lots are 30K ( which serviced lots are asking 60 to 70 in newer districts) the math still  works as a double to me.. ( mind you I should have done my math prior to the tender and I wouldn't be staring at around a 10th place finish..ouch..

This will definately a "check back to see what happens" over the year

[peri3810]

70 Towerhill rd  1.48 acres   adjacent to 1185 Hilliard   Zoned residential ,  16 bids   107500, 105000, 105000 ( neither put in the dollar, could have been ugly)   101,100  ,67900. 67500, 67000 and a pile more all the way down to 36005

From the looks of these bids there appears to be 2 fairly distinct waves....would this be an indication of people putting in two separate bids with the hopes of defaulting on their highest one and winning with the second bid if they initially had the top 2. I've seen comments about this in other parts of the discussion board but I was unsure if this was a common practice. I guess in this case it could be a coincidence but from the looks of the top 7 bids it appears to case (the difference in bids are around 40% which would make sense...)

[worldjohn]

Is this township charging HST as most are right now?  If so then the winners have overbid.  This is not the place to buy land at market value.  Use MLS for that.  It is not worth the extra time and risk to use tax sales to get properties at market value.  Remember to consider HST when doing ones math.

[baller50]

I believe MOST if not all are charging HST now.

[Asindero]

So, what happens if the winning bid is a tie? 

First one who pays, wins.

Wrong!
It's the one whose envelop is received first. Bids are dated and deposited in a safety box.