A residential lot (205 Yorkshire Garden Court) in the Avalon subdivision of Cool Springs in Franklin, TN will be sold by absolute auction on Saturday, July 24th at 11:00am.
For those not familiar, an absolute auction is one in which the property sells no matter what the highest bid price, as opposed to an auction with a reserve price set.
Let’s hope this one fares better than the last real estate auction in Cool Springs we attended.
As a side note from a casual observer, would it be rude to send the auctioneer a memo, with instructions to leave the big hats and cigars at home? We would also prefer to have a catered lunch on site. Mimosas are optional. A few awnings and misting wands to combat the summer heat wouldn’t be bad.
Wayne Judkins from Exit Realty in Hendersonville is the designated real estate broker and auctioneer. People have asked us how an auctioneer from Hendersonville ends up selling property all the way down here in Franklin? We’re curious ourselves.
This Cool Springs real estate auction will be held rain or shine. Builders, investors and speculators are invited and a 1% broker participation is offered, although agents must register their clients within 48 hours of the auction. 15% earnest money due in cash day of sale, balance at closing, seller to furnish deed and title.
Brentwood Builders bought the property for $223k on January, 25 2006 then sold it just two days later. The current owners Dr. Jonathan Bennie and Dr. Kelly Bennie paid $300k, giving what appears to be a nice $77,000 profit to Brentwood Builders. Not a bad profit for owning the land just 48 hours.
Dr. Jonathan Bennie is a local Nashville anesthesiologist and his wife Dr. Kelly Bennie a pediatrician. The Avalon auction description reads, “After owning this lot for several years, the owners have purchased another property and have decided no to build here.” Dr. Jonathan & Kelly Bennie did purchase a home recently on 11/22/09 at 8255 Jamie Ct in Brentwood for $1.15 million.
The parcel next door to the auction lot has been listed in the MLS for 387 days at $299k. Despite that fact, Debbie Yeager with Crossroads Realty states in Realtor remarks, “Hurry before the secret gets out”.
Debbie, the secret is out.
A couple doors over, 200 Yorkshire Garden Court was originally purchased in 2007 for $170k by William Akers then sold again the same day to Dr. Max & Lynn Caudill for $285k. Dr. Max Caudill is a gastroenterologist in Franklin, TN.
There are no shortage of examples in the Avalon subdivision of residential lots being purchased by one individual and then sold for profits in the $75k – $115k range within days.
There are currently 45 active MLS sale listings for residential lots in the Avalon subdivision ranging from $49k to $795k.
Since the beginning of 2010, MLS records show only 1 residential lot actually being sold in the Avalon subdivision. That unicorn, er…we mean that single residential lot sold, was 512 Excalibur Court. After being listed in the MLS for 437 days for $299k, it sold for just $125k.
We’ll see you at the auction on July 24th!
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