I have heard of property inflation but this is ridiculous - Billings Results

[Dave2]

So much for the theory that everyone ignores property in Northern Ontario and bidders go into hibernation at this time of year.

Kagawawong on Manitoulin island is not a two hour drive from Toronto.  The land has significant wet areas and my co-bidder said he had to have me on board because I know how to sell swamps.  

Winning bid - $95,000 Second - $68,000  

eight bidders total.  

This is nuts.  It will stand as the worst bid I have ever made on a percentage basis.

  

[mountainman]

So much for the theory that everyone ignores property in Northern Ontario and bidders go into hibernation at this time of year.

Kagawawong on Manitoulin island is not a two hour drive from Toronto.  The land has significant wet areas and my co-bidder said he had to have me on board because I know how to sell swamps.  

Winning bid - $95,000 Second - $68,000  

eight bidders total.  

This is nuts.  It will stand as the worst bid I have ever made on a percentage basis.

  

I am Mountainman

While this one may have appeared bleak

did you even bother to have a good peek?

Mountainman did venture out in the cold

and the tender made was quite bold,

the thing I say to all of you

is that this one had real value,

but how can one ever win

when bidding against the kingpin,

so even though I did go big

the late start suggested a &%^,

so fill in the blank

and you'll know why this one broke the bank.

For I am Mountainman

[Dave2]

but how can one ever win

when bidding against the kingpin,

so even though I did go big

the late start suggested a &%^,

so fill in the blank

and you'll know why this one broke the bank.

For I am Mountainman  

Mountainman:

Sorry I disagree and yes I know who bought the Billings property.  A couplet will explain.

"Those who set the rules,

Can afford the price of jewels"

At this point I don't know whether to cry in my beer or have a cheer.  

Why because 6 weeks ago some crazy fool decided to bid on a tax sale for a similar sized property across the north channel to the northwest in a similar sized village called Desbarats.

The features of the Johnson property that attracted me included.

over 100 acres of dry land only 1 minute to highway 17 on a paved year road road

walking distance to schools including high school

above ground services at the lot line.

30 minutes to Sault St. Marie

some open land likely suitable for grazing.  

For Kagawong you will not put a quarry in (too close to town) and unless there is some unusual value in timber like Birdseye Maple  

or a subdivision across the road from the beach I just don't get the price for it.  

Of course being a cheap tax sale buyer,   I will stick with properties like Johnson that cost me 1/5 the price of Billings even if it means I do not do battle with the big boys except occasionally like for another property closer to Billings.