58 Unit Subdivision
Partnership Dissolution Auction
November 10, 2016 at 11:00 am
Bristol, CT 06010
NY LaGuardia Airport Marriott
102-05 Ditmars Boulevard
East Elmhurst, NY 11369
Partnership Dissolution Auction
58 Unit Subdivision – Fully Approved
- Lot 14 Allentown Road, Bristol, CT 06010
- Known as the “Saddlebrook Condominium Complex”
- Half Mile to Fall Mountain Lake & 1.5 Miles to Cedar Lake
- Fully Approved 58 Unit Subdivision – Sold in Bulk Only
- Selling the Remaining Unsold Lots in an Established Community
- 25.82 Acres of Vacant Residential Land
- 16.32 Acres Dedicated to Condos
- 9.5 Acres Designated Open Space
- Zoning: R-25 w/ Open Space Development Overlay (“OSD”)
- Site Improvements:
- Ductile Water Main with 2 Fire Hydrant Connections
- PVC Sewer Main with 7 Manhole Cover Assemblies
- Underground Electrical Conduit (Partial)
- Storm Detention Basin with Concrete/Spillway for Overflow
- Developers Spent in Excess of $3,000,000 on Water, Sewer & Electric Installation
- Additional Information:
- Combined Annual Real Estate Tax: $21,846.72
- Property Known as Allentown Road has no Unit Number Assigned, the Annual Taxes are $282.48
- Individual Annual Real Estate Taxes for all Other Units: $378.32
- Map: 9 Lot: 14; Units: 7-14, 27-76 + Property known only as Allentown Road (Map: 9 Lot: 14)
- Favorable Seller Financing Available
- Appraised in 2014 (60 Units) for $1,245,000
- $240,000 Opening Bid
Viewings: Vacant Land – Inspect Freely.
Auction Date & Time: Thursday, November 10, 2016 at 11:00 am. Registration begins at 10:00 am.
Auction Location: NY LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369. Online & absentee bidding available with registration at least 5 business days prior to auction, please call for details.
Terms & Conditions of Sale: Property will be sold free & clear of all monetary liens. In order to register to bid, all prospective bidders must present a cashier’s check in an amount of $30,000. All funds must be made payable to “Maltz Auctions, Inc.”. Subject to sale prior to auction as pre-auction offers are encouraged and will be considered. Please download the complete “Terms & Conditions of Sale”.
Seller Financing (Option 1): Seller shall offer a secured first mortgage to any successful bidder on the property under the following general outline of terms: 50% Minimum Down Payment (Plus Buyer’s Premium), 5% Annual Interest Rate, Monthly Interest-Only Payments, 3-Year Term & Personal Guarantee.
Seller Financing (Option 2 – Lot Release Basis): Seller shall offer a secured first mortgage to any successful bidder on the property under the following general outline of terms: 50% Minimum Down Payment (Plus Buyer’s Premium), 5% Annual Interest Rate, Monthly Interest-Only Payments, 5-Year Term & Personal Guarantee. A minimum of 5% of the initial loan balance shall be paid for each lot released.
Buyer’s Premium: A ten (10%) percent Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.
Buyer Broker Participation: A two (2%) percent commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines. Please download the Broker Participation form for details.
Have Questions? Get In Touch
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Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105
The Real Property is being sold “AS IS” “WHERE IS”, “WITH ALL FAULTS”, without any representations, covenants, guarantees or warranties of any kind or nature, and free and clear of any liens, claims, or encumbrances of whatever kind or nature, with such liens, if any, to attach to the proceeds of sale in such order and priority as they existed immediately prior to the Closing, and the sale of the Real Property is subject to, among other things (a) any state of facts that an accurate survey may show; (b) any covenants, restrictions and easements of record; (c) any state of facts a physical inspection may show; (d) any building or zoning ordinances or other applicable municipal regulations and violations thereof; and (e) environmental conditions. By delivering their respective Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Real Property, the state of title thereof and laws, rules and regulations applicable thereto, and will rely solely thereon and on their own independent investigations and inspections of the Real Property in making their bids. Neither Maltz, the Seller nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses of the Real Property including, but not limited to, the zoning of the Real Property. All Bidders acknowledge that they have conducted their own due diligence in connection with the Real Property and are not relying on any information provided by Maltz, the Seller, or their professionals. The Real Property will be sold subject to any and all violations or conditions requiring corrective action. The information contained herein was derived from sources deemed reliable, but is not guaranteed. Most of the information provided has been obtained from third-party sources and has not been independently verified. It is the responsibility of the Buyer to determine the accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the Property. All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.