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Tuesday, June 9, 2009

Cliffs properties auction yields no bids

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    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.

Read 3724 times Last modified on Tuesday, 09 June 2009 13:33
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Larry Gavrich

This blog was conceived and is published by me, Larry Gavrich, a former corporate communications executive who founded HomeOnTheCourse, LLC, in 2005.  Our firm advises baby boomers and others seeking a lifestyle in which golf is a major component.  My wife Connie and I own a home in Connecticut (not on a golf course) and a condo at Pawleys Plantation in Pawleys Island, SC, on a Jack Nicklaus layout.  We began our search for our home on the course more than 15 years ago, and the challenges of the search inspired me to research golf communities and write objective reviews of them.

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