Word on the street is that several of the units for sale in The Lofts at Brian Head development will be auctioned this Saturday (11/28/09). I’ve talked with the developers representative, Carrie Dever with High Country Realty who has verified that this auction has been approved by the developer and second lien holder but not the first lien holder.
The auction is scheduled for noon on Saturday at the Lofts development (270 S Hwy 143). If this auction is to proceed, any and all winning bids must be approved by the first lien holder. Carrie has indicated that the first lien holder has not approved of this auction at this time. Also, winning bidders remember that your bid still must be approved and accepted by the seller.
There are several companies who conduct auctions. Many people are sceptical now days due to the way auctions are presented. I have attended an auction online with a client through REDC, a professional and credible auction company.
This bank owned cabin is one of the largest cabins available in the Duck Creek/Brian Head area. Last foreclosures sold quickly for a low price. It’s large and in great condition. About 3 hours from Las Vegas and one of the most ideal vacation areas in Southern Utah. This cabin is located only 20 miles from the Brian Head Ski Resort and close to some of the best recreation activities in southern Utah.
This cabin is located in the Duck Creek Pines Subdivision is one of the areas most desirable. Homeowners enjoy all services (water, propane and garbage) along with properly maintained dirt roads. Enjoy the active HOA with dues at only $200 per year. Click Here to view the Duck Creek Pines website.
The price on this cabin has not yet been determined by the seller. The cabin has a total of 4901 square feet and offers 6 bedrooms and 4.5 bathrooms. Enjoy the multiple family rooms, game rooms, play areas, open kitchen to family room and space enough for you and all your friends. Or just enjoy the comfort of two propane fireplaces. The entire cabin has granite counters, hardwood floors/tile/carpet with a main floor master bed/bath and laundry.
It is bank owned and in great condition. This property backs up to the National Forest with immediate access to trails. Don’t worry about neighbors building in the back. Enjoy the landscaped and fenced back yard with a large firepit and stone seating.
You must check this cabin out so call Scott today (435) 590-7106
Cedar Breaks Lodge is selling 25 Queen size sofa sleepers ($150 each), 50 chaise lounge chairs ($50 each), wooden dining chairs ($25 each), 90 cushioned and stackable conference room chairs ($5.00 each) and we still have King and Queen Serta Presidential pillow top mattresses for $50 each and Maple cabinets for $10 per box.
Please contact Troy Katwyk at 435-990-1012 if you are interested.
The auction was held in Salt Lake City, Utah. The buyer was located in St. George, Utah. Online bidding is easily accessible to anyone, anywhere. You can view the instructions in detail at www.auction.com or you I’d be happy to help you out.
I recorded this auction of a cabin located in Brian Head for you to experience.
719 S Snowflake, Brian Head UT 84719 1994 1388 sq ft. 2 bedroom, 2 bath. No garage. Located within 200’ of the new ski lifts.
First Listing
4/3/2009
Withdrawn
$375,000
3/5/2009
Price Reduction
$375,000
12/19/2008
Price Reduction
$419,000
4/06/2007
Listed
$550,000
Property was foreclosed due to non payment by owner.
Second Listing
11/07/2009
Withdrawn
$257,000
8/05/2009
Price Reduction
$257,000
5/05/2009
Listed
$267,000
Several offers were made to seller (bank) in the $200k range yet no interest in lowering the price.
Auction Outcome
11/09/2009
Winning Bid
$160,000
Mid Bidding
$100,000
Starting Bid
$59,000
The overall sales price was 71% of the original list price in 2007. Almost a 28% annual decline.
I’ve recently become aware of Brian Head property owners that are taking extreme measures to beat the system regarding their loans. This is troublesome because it distorts the values, and quite frankly is dishonest. Here’s the situation.
Property owner has locked into a loan that they no long choose to pay.
Property owner stops making payments on their mortgage.
Property owner continues to vacation, travel and spend money “they choose not to pay their mortgage”
Property owner continues to rent their cabin at a discounted rate undercutting other rental rates in Brian Head, while collecting income but not making mortgage payments.
Property owner discovers that their cabin is going to foreclose because of non-payment. They are upset that they haven’t received notification (because they missed the mail while on vacation).
Property owner is concerned that they might be foreclosed on prior to the winter holidays where they won’t be able to collect rental income (while still trying to walk away from their cabin and not make the payments).
If foreclosed, those who are scheduled to rent the cabin in the future may lose prepaid rents (deposits) and their rent dates. Meaning, they might be spending Christmas at home this year.
Be careful who you rent from. You can verify if an owner has received a Notice of Default letter by visiting www.ironcounty.net and click on the Recorder Property Search. Give me a call if you need some guidance.
For all you Mexican food lovers, the Mi Pueblo restaurant is coming to town. Their plans are to be open before the Christmas Holidays.
I’ve recently become aware of Brian Head property owners that are taking extreme measures to beat the system regarding their loans. This is troublesome because it distorts the values, and quite frankly is dishonest. Here’s the situation.