Ray Miller
Elite Member
- Joined
- Feb 20, 2002
- Professional Status
- Licensed Appraiser
- State
- Wisconsin
Well guess it has come to Wisconsin Lakes area now. I work with another larger auction company from time to time. Well tonight UPS drops off some signs for a Bank Ordered Auction on June 16, 2008 for some condo units at Northern Bay Resort to be posted on site. Opening bid is $50K.
When this resort opened four years ago, I was only allowed to appraise one unit in the complex. The reason, I did not get the $350K to $500K they needed. I think I came in at around $150K at the time. They tried to get me to use in house sale from investor to investor. As well as the unit did not have a CO on it from the county. They told me to just mark it finished and not subject to be finished. I would not fish in there pond like other were doing. Now they foreclosed on the General Partner and Contractor a few weeks back. Some tried to buy that interest, but it looks as it may have failed. I have heard that other developments and business in the area from the Dells north are also in trouble and my not be able to get the projects off the ground or some might suffer a crash like some on.
There are other condo units in other resort going on the auction block as well that the banks are selling, one is selling this coming weekend.
So now it starts, gas is at $4.05 a gal for regular, diesel is at $4.999 a gal. Tourist business was not what was expected for the holiday weekend and last week end was below the average for the past four years. Less then ½ of the rental units in the area were rented. About ½ of the boats have been put in the water that were in storage. In the past 90% or better were in the water by this time.
Just heard to night from a construction company up at Adams, WI that I have done business with that the construction, landscapers are bidding jobs below cost in hopes to keep employee’s on till it turns around in the area and things pick up in the mid to late summer. Don’t guess these boys can see the writing on the wall yet. Not enough work to keep them all busy and crews working. Some have been waiting for several months get a job.
Now where are all those appraisers that did push the values up in the area when it all started by using in house sales between investors to get the value to boost the sales for the out side buyers? How is the state appraisal board going to handle this one?
Any one want a Pent House condo on the fourth floor that looks out over Castle Rock Lake for $50K?
When this resort opened four years ago, I was only allowed to appraise one unit in the complex. The reason, I did not get the $350K to $500K they needed. I think I came in at around $150K at the time. They tried to get me to use in house sale from investor to investor. As well as the unit did not have a CO on it from the county. They told me to just mark it finished and not subject to be finished. I would not fish in there pond like other were doing. Now they foreclosed on the General Partner and Contractor a few weeks back. Some tried to buy that interest, but it looks as it may have failed. I have heard that other developments and business in the area from the Dells north are also in trouble and my not be able to get the projects off the ground or some might suffer a crash like some on.
There are other condo units in other resort going on the auction block as well that the banks are selling, one is selling this coming weekend.
So now it starts, gas is at $4.05 a gal for regular, diesel is at $4.999 a gal. Tourist business was not what was expected for the holiday weekend and last week end was below the average for the past four years. Less then ½ of the rental units in the area were rented. About ½ of the boats have been put in the water that were in storage. In the past 90% or better were in the water by this time.
Just heard to night from a construction company up at Adams, WI that I have done business with that the construction, landscapers are bidding jobs below cost in hopes to keep employee’s on till it turns around in the area and things pick up in the mid to late summer. Don’t guess these boys can see the writing on the wall yet. Not enough work to keep them all busy and crews working. Some have been waiting for several months get a job.
Now where are all those appraisers that did push the values up in the area when it all started by using in house sales between investors to get the value to boost the sales for the out side buyers? How is the state appraisal board going to handle this one?
Any one want a Pent House condo on the fourth floor that looks out over Castle Rock Lake for $50K?
