Stowe, Vermont Real Estate Auctions
On Friday, September 11th, 2009, I attended two real estate auctions in Stowe, Vermont. I have been a Realtor in Stowe since 1998 and have never been to a real estate auction. As a former Bed and Breakfast owner in Stowe, I used to attend many furniture auctions. They were always a lot of fun and I certainly was able to purchase some great antiques for the bed and breakfast.
In these trying times, I think we will see more properties going into foreclosure. Some on the auction block.
I decided to witness the auctions for three reasons: 1. To gain a better understanding of what happens at real estate auctions; 2. Had a potential buyer interested; and 3. I absolutely love the two properties on the block.
The photos of the auction properties were provided by Thomas Hirchak Company located in Morristown, VT and the Auctioneer of the real estate.
The first property is known as Staffords. It is located in the heart of Stowe Village. It used to be operated as a 
Vermont Country Store, Pharmacy, and Funeral Home. It also has 5 apartments. It has long been an icon in the Village. Many interested folks attended the auction. Most appeared to be curious locals, but there were definitely some serious buyers.
As a joke, the auctioneer started the bid at $5,000,000. Eventually, a starting bid was placed for $500,000. The auctioneers quickly picked out the serious parties and the bids went back and forth between them. It is always fascinating to watch the eye contact between the bidders and the auctioneers. Eventually, an investment group had the winning bid at $885,000. That was a hell of a good buy. Plus, it sounds like they have the right idea for the best use of the property and the desire to bring more vitality to the heart of Stowe!
The second property is known as Tandragee. It is a grand and beautifully located home in Stowe Hollow. 
I have had the pleasure of showing it to perspective buyers a few times and have always been awed by the views and gracious grandeur of Tandragee.
Once again, several interested parties previewed the property. The auctioneer started the bid at $500,000. Unfortunately, no one was able to match the bank's minimum. It sold back to the bank for $1,440,000. I guess we will see it back on the market at some point in time.
Another "famous" property will be auctioned off on Friday, September 25, 2009 by Thomas Hirchak Company. It 
is known as Winding Brook Lodge and is a 15 room lodge located on Edson Hill Road in Stowe. This one is a typical ski type lodge with lots of character. I hope the right buyer comes along and is able preserve this property's uniqueness and history.
Vermont has the lowest foreclosure rate in the country. It appears though that some property owners have become victims of the recession. And I must say that it is sad to see this...
I hope I do not have very many more occassions to attend real estate auctions in Stowe.
Teresa Merelman, Broker
ABR, CRS, e-PRO, Green
Stowe Realty located in Stowe Vermont
(802) 253-8484 Office
Teresa@StoweUSA.com
www.StoweUSA.com
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