Joke of the Day

[netpred]

Well Dave, I hate to admit it but you just might be onto something here.

As far as bidding goes, I am willing to go over $100k if we go 50/50. Oh, and by the way, you put up the deposit - I'll get you later.

[Dave2]

Well Dave, I hate to admit it but you just might be onto something here.

As far as bidding goes, I am willing to go over $100k if we go 50/50. Oh, and by the way, you put up the deposit - I'll get you later.  

Netpred:

How about a modified plan.  First you make your $100,000 bid but I question if you are that generous if you will have any money left after buying all the Mississauga properties tomorrow.  

To help you; out of the goodness of my heart,  I will change my plans and make a logical second place bid; say around $25,000. Now I am a strong believer in what goes around comes around and quoting from an earlier post of yours;

" I know the answer so I feel a bit guilty about taking more beer from Dave, but of course, I am more thirsty than guilty  . "

I have always as well believed that " While money isn't everything it is way ahead of whatever is in second place," so I will be happy to sell the second place bid to you for a suitable markup of course.
 

[Frank]

I can't believe how far this joke has gotten. 

Anyone want to start-up the next one...I think it is Dave's turn.  Perhaps one of those Rodney Dangerfield mother-in-law jokes. 

[Pfm1011]

Im not bidding on this but here is my guess,    Im sticking with my 89 bids ( might be low)

Im guessing the winning bid will be 127.6 K  This is just a guess , DO NOT change your bid based on my BS as it is simply BS from me and nothing more and is based on absolutely nothing ( I think it is worth 50 k under that  as I would only bid in the mid 70s for this if it didnt have the neighbours. with the 80 neighbours, its worthless  crap)

If the winner last name starts with a K  and has 11 letters, ..bid may go higher then I guessed above . That party is the only one I can see having a true value

Please post results

[netpred]

Im not bidding on this but here is my guess,    Im sticking with my 89 bids ( might be low)

Im guessing the winning bid will be 127.6 K  This is just a guess , DO NOT change your bid based on my BS as it is simply BS from me and nothing more and is based on absolutely nothing ( I think it is worth 50 k under that  as I would only bid in the mid 70s for this if it didnt have the neighbours. with the 80 neighbours, its worthless  crap)

If the winner last name starts with a K  and has 11 letters, ..bid may go higher then I guessed above . That party is the only one I can see having a true value

Please post results

Well I usually agree with everything PFM says. In this case I disagree on one thing. There will not be 89 bids. Maybe "only" 20 - 30. However, everything else is bang on in my opinion. My side bet with Dave is that this one will go for over $100k. Funny, but Dave and I discussed how, if we were bidding, we would bid much much lower. On that basis I have decided not to waste my time by bidding.

Now of course if everyone does the same thing, some smart guy  may end up winning with a 30k bid. Further, if there is any more trash talking about this one, I just might be convinced to take a shot at it. I could always drop by Dave's place for "refueling" so to speak. 

[Dave2]

If the winner last name starts with a K  and has 11 letters, ..bid may go higher then I guessed above . That party is the only one I can see having a true value

Please post results

I will go and post the results.  I agree with this guy   we have beat this one to death.

 My only question is why no posts on big city property like Mississauga which has much higher potential value; Its almost like the the big city boys want to distract their poor country cousins like me from the motherlode in the big city.  

I guess we will find out about mississauga tomorrow and the poor country cousin property on Thursday

[g2020]

Mississauga may indeed indicate how Rice Lake will go. The house and townhouse were redeemed. There were 58 people attending, plus 9 city staff, and a security guard. The commercial/industrial condo at 145 Traders Blvd had 13 tenders and high of $219,99. Second high was 160,000. This unit was assessed at $210,000 and the unit beside this one sold for $195,000 last September. By the time the city adds HST and tax adjustment, this one will have sold for about $250,000.
No one  bid the strip of land.
The vacant lot got 11 bids and the high and second high were $305,000 and $188,100. Amazing!
If this is any indication then the Rice Lake "tear down cottage" could go for much more than it is worth, since whether or not a lot can realistically be built upon does not really seem to matter. It must be the weather

[Dave2]

Mississauga may indeed indicate how Rice Lake will go. The house and townhouse were redeemed. There were 58 people attending, plus 9 city staff, and a security guard. The commercial/industrial condo at 145 Traders Blvd had 13 tenders and high of $219,99. Second high was 160,000. This unit was assessed at $210,000 and the unit beside this one sold for $195,000 last September. By the time the city adds HST and tax adjustment, this one will have sold for about $250,000.
No one  bid the strip of land.
The vacant lot got 11 bids and the high and second high were $305,000 and $188,100. Amazing!
If this is any indication then the Rice Lake "tear down cottage" could go for much more than it is worth, since whether or not a lot can realistically be built upon does not really seem to matter. It must be the weather

So will you be taking a drive to Grafton tomorrow?

[netpred]

Mississauga may indeed indicate how Rice Lake will go. The house and townhouse were redeemed. There were 58 people attending, plus 9 city staff, and a security guard. The commercial/industrial condo at 145 Traders Blvd had 13 tenders and high of $219,99. Second high was 160,000. This unit was assessed at $210,000 and the unit beside this one sold for $195,000 last September. By the time the city adds HST and tax adjustment, this one will have sold for about $250,000.
No one  bid the strip of land.
The vacant lot got 11 bids and the high and second high were $305,000 and $188,100. Amazing!
If this is any indication then the Rice Lake "tear down cottage" could go for much more than it is worth, since whether or not a lot can realistically be built upon does not really seem to matter. It must be the weather

So will you be taking a drive to Grafton tomorrow?

WOW!!!

Gord, are you back in Toronto? Dave and I were talking this past weekend how nice it would be for Dave to buy the three of us a beer.

[Frank]

Mississauga may indeed indicate how Rice Lake will go. The house and townhouse were redeemed. There were 58 people attending, plus 9 city staff, and a security guard. The commercial/industrial condo at 145 Traders Blvd had 13 tenders and high of $219,99. Second high was 160,000. This unit was assessed at $210,000 and the unit beside this one sold for $195,000 last September. By the time the city adds HST and tax adjustment, this one will have sold for about $250,000.
No one  bid the strip of land.
The vacant lot got 11 bids and the high and second high were $305,000 and $188,100. Amazing!
If this is any indication then the Rice Lake "tear down cottage" could go for much more than it is worth, since whether or not a lot can realistically be built upon does not really seem to matter. It must be the weather

So will you be taking a drive to Grafton tomorrow?

WOW!!!

Gord, are you back in Toronto? Dave and I were talking this past weekend how nice it would be for Dave to buy the three of us a beer.

Did someone say that Dave was buying.  When he opens his wallet, the moths fly out.  Let me know and maybe we can get him to pay for four. 

[shah]

Mississauga may indeed indicate how Rice Lake will go. The house and townhouse were redeemed. There were 58 people attending, plus 9 city staff, and a security guard. The commercial/industrial condo at 145 Traders Blvd had 13 tenders and high of $219,99. Second high was 160,000. This unit was assessed at $210,000 and the unit beside this one sold for $195,000 last September. By the time the city adds HST and tax adjustment, this one will have sold for about $250,000.
No one  bid the strip of land.
The vacant lot got 11 bids and the high and second high were $305,000 and $188,100. Amazing!
If this is any indication then the Rice Lake "tear down cottage" could go for much more than it is worth, since whether or not a lot can realistically be built upon does not really seem to matter. It must be the weather

I was there too. The vacant lot which is un-buildable is actually gone for $188,100 and Traders commercial condo was sold for $305,000. The city staff made a mistake in reading the tender for $305,000 referring to the vacant lot which was actually tendered for the commercial condo.  
My curiosity is that why did the construction company buy the un-buildable lot for $188,100 which could not be built for last 40 years? The easement describe that you can only make a garden on it. Any thoughts ?

[Dave2]

[quote author=netpred link=topic=1950.msg8337#msg8337 date=1332370928] [/quote]

WOW!!!

Gord, are you back in Toronto? Dave and I were talking this past weekend how nice it would be for Dave to buy the three of us a beer.   [/quote][/b]


Correction:  You were talking about how nice it would be for me to treat you and your friends and acquaintances from the board for a beer.  I like it how the board is generous with my limited funds.  

This tax sale game is expensive in indirect costs like beers and other obligations you forget about, like Timbits.  With the interest I owe G2020; from a year ago I guess he will now be able to open a Tim Hortons franchise.

[netpred]

Well Dave, maybe you will be in a mood to celebrate after you win the Rice Lake waterfront later today.

So, Dave's buying, who's in?

[g2020]

Shaw requested comments on why someone would bid $188,100 for a lot that an easement shows can only be used as a garden plot. That is just one more reason why you cannot pay market value on a tax sale. You are obviously sharper than most. Many individuals, lawyers included, assume that a tax deed is equivalent to a new crown grant, subject only to interests of the crown such as timber rights, mining rights, and crown liens. This is not the case. Restrictive covenants that run with the land also remain. What you have mentioned is a restriction with respect to use. It survives!!! I have seen one where a person let his adjoining lot go for tax sale but before the sale he registered a restrictive covenant on title that prohibited any building taller than 6 feet. I once sold a hydro easement that made a lot worthless. I offered Ontario Hydro the lot for the same price as the easement but they only wanted the easement. I did not pay the taxes and it sold at tax sale for the full market price as if the easement would disappear. If you pay more than half market value at a tax sale you are probably better off buying through MLS where you are not subject to tax sale risks. These restrictive covenants are not easy to spot since when parcels were transferred to qualified land titles, all that remains is reference to an instrument, and no actual detail line on the print out. You caught it but most would not. Another clue is when something is described as a "block" on a registered plan, as opposed to a "lot", that is block B as opposed to lot 2, you need to get ready to run. A good lot in Mississauga would have attracted 80 or more tenders so the fact that this one only attracted 10 or 11 tenders certainly is an indication that others had concerns, and not just Shaw. Did anyone else

[Dave2]

Well Dave, maybe you will be in a mood to celebrate after you win the Rice Lake waterfront later today. So, Dave's buying, who's in?  

Certainly an active tender opening for rural property;  Almost 50 at the tender opening.

1.  No I did not bid Sandy Bay as I promised;  To get to these prices someone would have smoke a lot of the local weed not weeds. In total for Sandy Bay about 40 bids including rejected bids (someone forgot to include their check).  Four highest bids:  $138,500 - $121,000 (this I believe was the campground neighbour), $113,800 and $98,000 Next four were above $70,000 and next 9 bids between $60,000 and $70,000.   I hope these Sandy Bay bids get lots of publicity because I also have property to sell on Rice Lake.

2. I did bid the other interior lot waterfront property (Dunnette) and was a close second but again no cigar.  These were a little more sensible.   Only 5 bids

Winning bid; $11,500 Second Mine $11,140+ Third:  $10,500.  

Dunnette has some risks like Sandy Bay and I was / am prepared to walk away from my deposit if necessary.
 
I have no complaints; on last 5 properties I have bid on; Came first on 2 and came second 3 times.  I refuse to pay idiot prices so that is about as good as I can expect to do.  

3. No bids on the remaining properties.  

And yes I do acknowledge I owe Netpred two more beers.