Nogies Bay

[Frank]

This one had the word Trent in it and therefore I expected to see 'Dave Also' at the sale.

Three properties at sale...two didn't attract any bids (except one that was disqualified for not having property info. on form 7), but Nogies Bay property received a total of 22 bids.  Interestingly enough four of them were disqualified for not having property info. on their form 7.  Only about a dozen people at the sale, and they came in pairs, so no doubt only half a dozen bids represented.

I was fully expecting this property to go for 50-60k (interesting property, but cottage is a burner), and I tried to steal it for a little less.  However, at least 5 people saw more in this than I did since they came in over 100.  Winning bid was 160, seems high however the successful bidder no doubt feels very good as there were three others in just over 150.  Go figure   , I see newer fully furnished cottages with full lake access in this area for that price.  

[jt]

I agree with Frank -thought this was going to go for about 60k.  160k seems high given the state of the cottage.  It was odd how with 22 bidders there was a 50k gap between the top five bidders and the rest of the pack.  What did the top 5 see that the rest of us missed? (or what did the rest of us see that the top 5 missed )

[Frank]

I agree with Frank -thought this was going to go for about 60k.  160k seems high given the state of the cottage.  It was odd how with 22 bidders there was a 50k gap between the top five bidders and the rest of the pack.  What did the top 5 see that the rest of us missed? (or what did the rest of us see that the top 5 missed )

Stranger things have happened.  I bid on one in Parry Sound years ago, it had been on the market for three years with an asking price of $80k...I bid $50k at the sale....it went for $120k.  Why was it that people who couldn't go through the place to view the condition of it would bid 50% more than the owner was openly seeking over an extended period...someone didn't do their homework....they won the bid, but sadly lost a lot of money. 

[Dave2]

This one had the word Trent in it and therefore I expected to see 'Dave Also' at the sale.

Off in my own little world where like you I was not successful.  Have to go outside normal territory occasionally to put you guys off balance.

In my case was not successful because I failed to judge the level of competition.  Not illogical bids just I misjudged the market.  One of those you kick yourself afterwards because of your own personal stupidity.

Big problem seems to be often with structures for stupid bids because often a lot can happen to them in the interim time compared to the apparent condition shown by 5 year old photos.  Bidding market is making a big mistake by thinking that they are in real time.  

Personally I can easily justify to myself when the winning bid is not justifiable except in special cases like adjacent landowner.  The ones that hurt are where you did everything right except judge the logical bid market correctly.  Guess I will have to lick my wounds and try again.  

[les]

anyone have any input on the land cluster at bald lake ,bald eagle lake ,,same sale as nogies
I was in at 32,500 can,t wait to get my cheque back lol

[Frank]

Word has it that the property at Nogies Bay was redeemed.  I think he did better at tax sale, most likely unaware that he is able to claim the excess proceeds.  Look for this one to come up in another four years, this is actually the second time around for it already.