Sold at Absolute Auction- on Saturday, June 23rd at 11:00 a.m. 10+ High Waterfront acres (54 total) in 2 Parcels on Sol Legare Road, Zoned Residential
Take a look at this real estate auction in Charleston, near Folly Beach:
Parcel A and Parcel C will be sold separately with Parcel C going on the block first. This property is being sold pursuant to an Order of the Honorable Mikell R. Scarborough, Master in Equity for Charleston County dated April 18, 2012. At closing, the buyer will receive a master’s deed executed by the Master in Equity.
Parcel C is approx. 5.78 acres in total with 1.84 acres of high ground. This high ground is in the process of being divided into 3 separate lots, each having approximately (.60 acres) of high ground and it’s share of remaining marsh property. Each lot borders tidal Kings Flat Creek and all public utilities are available at the street. Several photos show an approach at high tide to parcel C on Kings Flat Creek . Public boat ramp at the end of Sol Legare pictured approx. 1.5 miles down highway.
Parcel C will be sold by the Multi-Par method of auction. In this first round of bidding, bids are entered on each individual lot until a base price has been established for every lot with high bidder choice of lots.
In the second round, bidders can re-bid any tract, group the tracts in any desired combination, or bid the whole property, subject to a specified increase over the current high bid. This stage typically consists of a number of bidding rounds as bidders attempt to obtain their preferred parcels.
Parcel A will be sold as one unit. The entire tract is approximately 48.2 acres with marsh area and has deep water Holland Island Creek just over the marsh. It includes a total of 8.67 acres of high ground divided in a larger area of 6.8 acres of high ground and a wonderful smaller 1.79 acre peninsula of high ground which is accessible to Sol Legare Road. This offers great potential for development. Buy it all and divide off the smaller island for your personal compound and develop the larger into home sites or sell off the larger area to another builder.
TERMS: This property will be sold on auction day to the highest bidder regardless of price with no minimum bid requirement. Prior to (6-23-12) the seller will entertain offers but, reserves the right to reject all offers below the list price without penalty or obligation to sell or compensate. Property will be sold “AS-IS, WHERE-IS” and non-contingent with no warranties of any kind. Inspections and/or due diligence are the responsibility of the buyer and failure of the buyer to inspect the property prior to the sale will not constitute grounds for any claims or demand for adjustment or rescission of the sale or for withdrawal of any bid, offer or deposit. Bidder packages are available for download online (below) and is the responsibility of the bidder.
BUYER’S PREMIUM: 10% BUYERS’ PREMIUM will be added to final bid to become the sales price.
DEPOSIT: 10% Earnest money deposits on each property are required upon acceptance of high bid with $10,000 in certified funds immediately following sale and the balance of the 10% (if any) due into Carolina One escrow account within 72 hours. Deposit is non-refundable in case of default or breach of contract on the part of the buyer. Should the transaction fail to close due to NO fault of the buyer, the deposit will be returned to the buyer.
NOTE: The information below is for your review prior to the auction date. Simply download what you need from offerings below.
-Property information package is just that, everything we have available on this property to help you understand the real estate being sold. Due diligence is the responsibility of the buyer! Do your homework.
-Bidder’s registration will contain all documents that a would be bidder would want to familiarize themselves with prior to the auction. The rules and regulations of the auction, agency disclosure, purchase contract etc. That will give you a heads up on paperwork the day of the auction. Don’t worry, you will register to bid on auction day.
-Referring agent registration is for our realtor pals. This will contain forms and instructions to preregister and represent a client for the auction. Remember, to represent a bidder at the auction, you must preregister. Instructions are contained in the package.
For more information, please contact our Carolina One Real Estate Auctioneer, Greg Napier.
Mike Ciucci specializes in the Charleston SC real estate market. He has been a Charleston realtor for over 15 years, focusing on quality and attention to detail his clients have come to expect.