A public auction is scheduled to be held for the sale of 14 lakefront lots on Lake Hancock in the community of Independence in Winter Garden. The auction will be held at 7227 Wild Blackberry Trail, Winter Garden, FL 34787 on January 19, 2007 at 10 am. All of the properties have frontage on Lake Hancock and located on the Avenue of the Rushes with lot sizes ranging from quarter acre to an acre.
The owners of the properties are Michael and Patrica Tozzi, SkyLarc Development, Independence Land Development, and Bigwater Partners.
Bids can be made online or in person. To make a bid online visit proxbid.com. Buyers will be charged a 10% premium for all sales, a $10,000 cash or cashier’s check must be displayed per parcel to bid, the balance of the sales price shall be due within 30 days of the auction, 2007 property taxes will be paid by the seller, and all closing costs will be paid by the buyer with closing taking place at Gulf Atlantic Title.
This auction sounds like an interesting event. Anyone who’s followed pricing in the area knows that lakefront properties in SW Orlando have outperformed every other property by a long shot, so this could be a great opportunity to pick up a property with the potential for big profits down the road. On the other hand, TOUSA, who is the developer of the community, announced huge losses in the fourth quarter of 2007 and said it MAY file for chapter 11 bankruptcy protection. There’s been no news yet on whether or not this will actually happen but Levitt and Sons’ recent filing for chapter 11 shows that it’s a real possibility.
One thing that I did notice about the Avenue of the Rushes is that there’s plenty of homes under construction and completed but no one seems to be living in any of them. What this means, I have no clue. It’s just an observation. There are some awesome builders here already. Sago, Osprey, Arthur Rutenberg, and Brentwood all have homes on the lake available for purchase.
For further information on this auction, visit ewaldauctions.com.
download printable brochure for auction: Lake Hancock Auction