Auction of Five Lots in Ginn Hammock Beach Resorts Scheduled for July 22nd

Baltimore, MD investor wants to free up investment funds for reallocation.

July 3, 2007 – Palm Coast – Another investor has realized that investing in lots in gated communities is not a sure thing, even with a premier developer. The added costs of HOA fees and club dues mount quickly, cutting into potential profits in a rising market or increasing losses when the market goes south. Sheldon Good & Company has often been referred to as the Christie’s of real estate auctions. They have been engaged to sell five vacant lots in Ginn Hammock Beach Resorts communities. The Baltimore, MD owner/investor of all five properties has decided to cut her losses and reallocate her assets. Most of the lots include Golf or Hammock Beach Club memberships. The five properties are:

Hammock Beach

• Lot 41 North Shore Avenue, purchased for $700,000 – suggested opening bid $175,000
• Lot 47 North Shore Avenue, purchased for $430,000 – suggested opening bid $150,000
• 5 Spanish Moss Court, purchased for $427,000 – suggested opening bid $150,000

The Conservatory

• Lot 7, 223 Conservatory Drive, purchased for $385,900 – suggested opening bid $150,000

Yacht Harbor Village

• 224 Harbor Village Pt, purchased for $505,000 – suggested opening bid $150,000

Two of the lots will be sold “absolute” regardless of price.

But there’s a story within the story. Sheldon Good & Company contracted with The Ginn Company to use The Club at Hammock Beach as the auction site. Even though a contract was signed, Ginn subsequently notified the auctioneer that they would have to find another location, stating that an auction might create a stigma on other Ginn affiliated properties. Sheldon Good will announce a new location as soon as a suitable site is found. Keep in touch with this website for additional information.

Nationally, real estate auctions are on the increase as another tool in the seller’s toolkit. Combining a high caliber auctioneer with amenity rich Ginn properties is a first for Palm Coast. According to Jim MacDonnell, Sheldon Good’s Executive Managing Director, the sale is advertised not only locally, but also in the Wall Street Journal and the New York Times and disseminated electronically to 51,000 parties who have participated formerly in Sheldon Good sponsored auctions. Local Realtors and owners of vacant lots in other Ginn developments are sure to be watching. There have been no MLS sales of Conservatory lots in two years as most owners have been reluctant to lower prices. Everyone will be anxious to see if this sale establishes a price point.

Further Information from Sheldon Good:   (click here)