This is an indication of the gap between buyers and sellers in the Hamptons market today – 45% off asking (at least at these 16 houses) that were put on this “internet auction”.
Several of the houses that didn’t sell had offers of more than 50% off asking price and the sellers were not willing to accept that. It would have been interesting to see the results if this had been a true “absolute” auction, where the houses would be sold to the highest bidder, regardless of price. I imagine some of the bids would have been higher…but I guess we really don’t know, do we?
27 Fair Hills Lane On market for: $3.895 million Highest bid: $1.8 million 5 beds, 6.5-baths, 5,500 sq. ft., ocean view, marble baths, pool
Lucky buyers were able to purchase two luxury Hamptons homes for almost 50 percent off at an Internet auction of 16 properties in the tony East End.
see complete NYPost article here
Also, see the UrbanDigs.com post below
2 comments
March 24, 2009 at 5:15 pm
Jessica
I am a real estate investor and I must say there are So Many Deals Out There it is Incredible!!! By the way… I want to to move to the Hamptons!!!
March 25, 2009 at 6:51 am
dmparkman
I have sold 1,389 properties in a single day with Coldwell Banker at auction
with Judy Rae & Steve Miller, then owners of the Coldwell Banker franchise
in Lake Placid, Florida http://heathrowrealty.com/judy_miller_bio.htm. Our
team has joint ventured exit strategies with some of the Country’s largest
Builders, Developers, Brokers, Receivers, Trustees and Financial
Institutions. Our staff has auctioned in excess of $4 Billion in unique realty
Internationally from the Caribbean to Mexico to Hawaii to Canada. This
includes a million acres of land, the 25,000 acre
http://www.lajitas.com/history.html resort (see the second to last sentence),
golf, ocean front, ranches, 45,000 sq.ft. warehouse, office buildings,
commercial, 7,000 luxury condos and the largest manse in Charleston, SC,
The Calhoun Mansion http://www.calhounmansion.net , with over 24,000 square
feet while maximizing revenues and accelerating absorption. I have been
entrenched in International real estate for over 30 years and have worn
several top hats. Therefore, I have significant resources at my disposal in
the world of realty and finance depending upon your requirements.
Past clients include: $1.5 Trillion Fidelity Investments http://www.fidelity.com
(America’s largest Mutual Fund) ; Irving Miller http://www.millergp.com of the
Lennar http://www.lennar.com (America’s #1 Builder) & John D. MacArthur
Families http://www.macfound.org ($7 Billion Charitable Trust) ; Dean Witter, III
(Neil Cavuto of Fox TV interviewed Dean Witter,III for our Carmel, CA sale);
Peter Sibley of Carnival Resorts & Casinos http://www.carnival.com (The World’s
largest cruise ship conglomerate & operator of 90 Resorts) and
http://www.lbfmiami.com ; Forbes 400 Southamptonite Leslie Alexander owner of
the Houston Rockets sold The Vanderbilt Estate to at auction; Christie’s
Great Estates http://www.christiesgreatestates.com ; Chevron Mining
http://www.chevron.com (4th auction in 3rd State); Frank Mackle, III of the Mackle
Brothers/General Development/Deltona Corp (World record holder having
sold 50,000 homesites in a single year) http://www.themacklecompany.com ;
Charles Ross, past member of Holland & Knight of St. Pete, FL
http://www.hklaw.com (World’s Top 10 Law Firm) ; Peter Rummell, CEO of St.
Joe Land Company (largest private land owner in Florida owned a million
acres) http://www.joe.com & Disney & http://www.nicklaus.com ; Sanford Sigoloff of
KB Homes; Jeff Lodder & Richard Monprode of Hovsons/Hovchild (K.
Hovnanian family); U.S. Federal Bankruptcy Tampa District Judge Alex
Paskay; worked thru a $1 Billion L J Hooker bankruptcy (America’s largest
bankruptcy in U.S. history at that time) with Steve Golub of Proskauer,
Rose , Goetz & Mendolson of NYC; Forbes 400 David Chase
http://www.chaseenterprises.com and Richard Steele of
http://www.woodsideplantation.com ; Jay Clark CEO of http://www.secpartners.com
developed $2Billion in luxury condos; Jason Frank of http://www.regions.com ;
Vivian DuBose of Noble Properties – developers of http://www.lenoxsquare.com ,
http://www.phippsplaza.com , http://www.atlantafinancialcenter.com and
http://www.buckheadhotelatlanta.com & John Hill, Jr., past managing director of
Raymond James Tampa http://www.harbourwatch.net .
In The Hamptons, Forbes 400 Leslie Alexander, owner of the NBA Houston
Rockets, Beau Hulse, co- owner of http://www.coldwellbankerhamptons.com in
Southampton, Dan Gualtieri, CEO of Hamptons Mortgage Corporation in
East Hampton http://www.hamptonsmortgage.com and Gerry Wawryk, owner of
Spinnakers Restaurant in Sag Harbor are business associates of mine. We
also arranged mezzanine funding for a $4M Mixed use commercial real
estate enterprise in the Hamptons. I am summering in the Hamptons and
wintering in Palm Beach. I wanted to reach out to you as a result of my
consulting with several owners in the Hamptons properties from $4M –
$20M+ regarding our maximizing revenue streams & exit strategy
platforms.
Our experience is that the vulture/investor/bulk/wholesale buyers represent
the floor or minimum price per unit. They usually open the bidding and are
ultimately outbid by end users. A portfolio/asset/pie/project will sell for less
bulk at wholesale than in pieces/slices retail direct to the public at auction.
Prices generally range from 70% – 120% +/- depending upon the
market/economy. We just sold special assets properties for Regions Bank
http://www.regions.com in Henry Ford’s Plantation (Founder of The Ford Motor
Company) http://www.fordplantation.com/Content/611.htm , in Savannah,
GA & Pensacola Beach, Florida @ auction for 84% of Region Bank’s own
Appraisals.
Find my bio and sample credentials attached for your consideration.
Respectfully,
Daniel M. Parkman, Sr.
dmparkman@gmail.com
USA CEL: 561 452 5167
http://www.albertburney.com
P.S.: Palm Beach Roots
Palm Beach Roots
My family, the Parkmans & Thompsons, have held key leadership rolls with
the Weitz Company since 1972 in Des Moines, IA & WPB,FL. More recently,
Larry Thompson, as Weitz’s lead Super set what I understand is a 153 year
record for the largest singular contract for the $350M Scripps Research
Institute Project PBG,FL http://www.scripps.edu/intro/glance/ .
I cut my teeth with the Weitz Co. in 1981 under the tootaledge of Ben
Sorenson, Ivan van Roekel, John Rodeman, Bob Demers, Jack Duran &
Gary Swanson as the Chief Land Surveyor @ the $80M Abbey Del Ray
South project, Delray Beach , FL. The Vulcan Co was a recent subsidiary
that Weitz had established in S FL. http://www.weitz.com
In addition, find attached a History of the Ritz Carlton of Palm Beach
http://www.ritzcarlton.com . The Ritz franchise is owned by the Marriott
Umbrella. I meet Bill Marriott, Jr. when he was in Palm Beach, FL to bid
on the Palm Beach International Airport’s concessions prior to PBIA’s
grand opening in 1997 +/-. Bill & are both LDS (Mormons) as well
http://www.marriott.com . Roderick Davies, who is brother-in-law to Governor
Mitt Romney introduced me to Bill http://www.freestrongamerica.com .
Norman Groh of Cherry Hills, NJ had, acquired the La Coquille Club from
Robert (Bob) Evans Chairman of The American Motors Corporation ( Mitt
Romney’s Father George Romney was also a Chairman of The American
Motors Company, Governor of Michigan, US. Secretary of HUD and a
candidate for the Office of President of the United States
http://en.wikipedia.org/wiki/George_W._Romney ). (La Coquille was
originally founded by Spelman Prentice, a grandson of John D. Rockefeller,
Sr. in 1954). A biz assoc & friend of mine, Pete Bryce of the Bryce Mountain
Resort in VA http://www.bryceresort.com , was then the manager of La Coquille
and used to throw a junior Senator from Massachusetts in his Cadillac and
take him to the Kennedy Compound – JFK; Then the Massachusetts
Governor was Gov. Endicott (Chub) Peabody who’s Mother was Mary
Parkman Peabody). Norman had approached me, while I was the AVP of
DeBartolo Financial Services http://www.debartoloholdings.com , to fund the
ADC mini perm funding for the La Coquille tear down. Norm was thin on
resume and financial statement and ultimately flipped it to Mel Simon
http://www.simon.com . Mel Joint Ventured with Shimizu and the Ritz went under
construction. Mel hired The Weitz Company (America’s Top 25 GC) to build
the Ritz Carlton. My Father, Richard D. Parkman, was the Quality Control
Superintendent for the $100M project as well as the Plaza del Mar luxury
retail/commercial project directly across A-1-A from the Ritz. I was an Asst.
Super @ the Plaza del Mar http://www.manalapan.org/321677.html . Over the past
2 years my Father was once again called out of retirement to be the QCS @
the Ritz for the Architectural firm responsible for the $20M facelift and
expansion. My Brother, Steven T. Parkman, was the Super @ The Breakers
Palm Beach’s rehab for $20M with the Weitz Co http://www.thebreakers.com .