In spite of a roster of properties with opening bids as low as $25,000, an online auction of two-dozen re-sale properties in The Cliffs Communities generated no bids on Saturday. UpstateBuyers, a new auction service, conducted the sale on the Internet and live from a Greenville, SC, hotel.
The $25,000 property, which had recently been on the market for more than $80,000, is located in the The Cliffs Valley community in the town of Travelers Rest. While not the most desirable lot in the golf community -- Cliffs properties with mountain and golf views can stretch into seven figures -- the $25,000 opening price was lower than virtually all other properties in The Cliffs.
Jon Ball, founder of UpstateBuyers, which conducted the auction, told me that the market for Cliffs homes is dry because those who might move to The Cliffs either cannot or will not sell their primary homes at current market prices. Some readers of Golf Community Reviews have told me privately that they are looking for "steals," properties either in foreclosure or in "short sell" mode (a short sale occurs when what the owner owes the bank is more than his home is worth). Ball is confident that opening bids for properties at his next auction on July 18, featuring Cliffs at Walnut Cove properties, will be considerably lower than fair market value. The auction web site is at UpstateBuyers.com.
