Today, 36 Condos went up on the auction block where the Auctioneer sold the property owner a bill of goods, once again.
All too often some of the more questionable Auction Companies tell these property owners what they want to hear and create these absolute auctions where out of 36 condos were guaranteed to sell for a minimum bid. One absolute sale was the biggest unit that had retailed for $750,000.00 and sold today for $260,000.00. Not an auction company I'd like to do business with, that's for sure.
We're told there were only 75 people at the auction, similar numbers to pretty much every auction this company seems to bring. However, just weeks ago Doug Marshall from Marshall Auctions brought almost 300 people to a massive sale in Ocean City and sold every single unit. The same auction company that was in Crisfield also attempted to sell similar condos on that very same day, 75 people showed up and nothing was sold.
While I firmly believe auction companies have a special niche in a tough marketplace, hiring companies that are all talk and no auction, (lol) is something every one should be more careful of. These companies are hurting the reputation of the more solid companies, yet the MSM is too afraid of lawsuits to tell the general public the truth. Or perhaps they consider posts like this more opinionated.
No matter what is said, the economy clearly sucks when $300,000.00 condos are selling for less than $100,000.00. Oh, get this too. These units that sold for less than $100,000.00 have a yearly tax of around $6,000.00 a year, IN CRISFIELD! Its no wonder people refused to pony up any kind of money. Look, I like Crisfield but you'd have to be absolutely NUTS to pay $6,000.00 a year in taxes in the middle of nowhere. That's one key reason I refused to even attend or participate.
Rather than saying better luck next time I'll simply say, next time hire Doug Marshall where everyone walks away happy.
UPDATE: Whoops, Doug Marshall had some 550 people attend the OC Auction. Here's the video to prove it too.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
I wouldn't blame the auctioneer. Of course more people want OC condos! OC is an actual resort... Who really wants to pay that much for a condo in Crisfield? Auctions get the fair market value, i.e. what people are willing to pay. If people won't pay it, then it's not the market value. Plain and simple.
ReplyDeleteNothing to do with the auction company I'm afraid.... more to do with the Free Market. You can't blame anything else other than capitalism... congrats to those who bought low and can sell high!
ReplyDeleteIts ashame it wont burn.
ReplyDeleteYou would be better off to time share or lease this and target the fishing community. Use the rock fish and the crabs to do business. Alot of people that fish have coin. Boats aint free.
ReplyDeleteRaffle them off.
ReplyDeleteIt's a shame because I like Crisfield.I've heard a rumor that Jason Crabb may be doing a show there' a talking Crabb in Crisfield. LOL
ReplyDeleteJoe:
ReplyDeletePlease give us the name of that company that you bashed so we can stay clear of it in the future.
The Crisfield real estate market is about the most over hyped nonsense that ever came down the street. Now you've got these expensive condos in a primitive and improverished municipality.
ReplyDeleteCrisfield is a horrific and corrupt steaming dump of a city. It boggles the imagination to wonder why a developer ever thought this was a good idea.
I saw the auction advertisement. They were suppose to accept $75,000minimum bids according to their online literature.
ReplyDeleteWhat probably happened is that they were afraid of losing 'face' because of the possibility that the rest wouldn't even bring $75,000. So in an effort to try and save 'face' they must of decided to cancel the sale on the entire lot of unsold units.
What a disaster for the general public. I'll never attend an auction with that company.
7:42 Just because Joe bashes someone or something doesn't necessarily mean he knows what he is talking about. Read the disclaimer...this is an OPINIONATED blog. Just because someone has an opinion does not mean he/she has the facts or knowledge. One person cannot be an expert or authority on EVERY topic. I hope that you don't also believe every thing you see on TV or hear on the radio.
ReplyDelete"the economy clearly sucks when $300,000.00 condos are selling for less than $100,000.00"
ReplyDeleteHey, here's a novel idea. They are not $300K condos anymore, and we are not living in 2005.
If anyone thinks $100 is a bottom, they are not going to like 2011, 2012, 2013 and probably the balance of the decade either.
Why do the auction guys talk like that? Its jibberish, thuuuuuurhh thuuuu putthhhhhh thuuuuu sold 13 dollars
ReplyDelete7:42 actually it's not really the company's fault it is the location plus the high fees/taxes down there. All of those condo's as well as support business have had struggles to get going in Crisfield
ReplyDeleteOne of the existing condo buildings reportedly is accepting Section 8 tenants,which is a slap in the face to those who paid in the area of 250k for their condo units.
ReplyDeleteSadly,Crisfield would seem primitive and impoverished to most outsiders.A crime ridden housing project dominates the marina area.A HUGE percentage of the population is unemployed or underemployed.The people in power there have conspired to keep it backwards.And the police go out of their way to ticket drivers for everything they can which turns off tourists and residents alike.Im shocked Food Lion was able to build there at all.Maybe in another ten yrs a Rite AID or another fast food chain will come to the area.And now a former Mayor who had some "controversy" is going to run again.Joe,you could write a book on the place.
Come on. I am a lie time resident of Crisfield. To the ones that have called us an impoverished city and a dump we do not want your type anyway. You have to live here to appreciate it's beauty and tranquility. No price can or will pay for that...Stay your behind in Baltimore because inmy opinion all you want to do is ome down here and rape our waters and free style of living with your crime ridden city....Stay North!
ReplyDeleteThis come on crap is just that crap.
ReplyDeleteThe lie(lifetime) residents here are part of the problem they see there children through school and watch them move out of town!!WHY!!!!!because there is nothing her for young people, This is a nice place to live but as normal the politics here is all for those lifetime people they want your money but they don't want you. Take a look at the sign when you come onto 413 off of 13 the sign say's Welcome to Crisfield WE LIKE VISTORS, that in it's self would let you know what this town is all about, taxes are also a problem. The condo's should have been sold before they were built. No your right it's a slap in the face for those who paid dearly to put section 8 there, I think it should be turned into a retirment center for the elderly, but now they have spent lord knows how much on a new nursing home, God know's they needed it. But if it's not any better then the hospital them it will be a waste, The hospital is a joke if you need a band aide your ok. If your interested in buying be smart buy one of the home's here with a front lawn and rear yard without someone walking above your head or underneath of you. CRISFIELD is NO Ocean City that's for sure so don't blame the auctoners for your own mistakes.
Tell city hall to get off it's duff and put some job and entertaiment here, if you want money think!! Think!!!