| |
|
| |
|
Schrader has won over 100 advertising awards, including 9 NAA 2006 and 6 NAA 2005 national first-place awards winning best of Brochure Design, and Company Promotion
|
|
| |
 Search
|
|
|
|
| FAX: 260-244-4431 |
| |
|
| |
|
|
Kalamazoo Gazette (MI)
September 4, 2007
Auction brings in $2.6M
Author: Alison Black; Special to Hometown Gazette
PLAINWELL -- Nearly 200 bidders, spectators and auction personnel packed the sweltering Lake Doster Golf Club House last month to buy, at auction, approximately 555 acres of land for a total of more than $2.6 million.
Kalamazoo resident Craig Stull and Lake Doster resident Pat Hodapp together were among two dozen parties to purchase tracts from the Schrader Real Estate & Auction Co. Inc., the company that orchestrated the auction for the Jack Kelly Trust, which decided to put the acreage up for auction earlier this year.
The six children of Kelly, a former developer in the area, are all more than 60 years old and wanted to sell their holdings.
Hodapp had one word to describe his experience: "nerve-wracking."
"We're pleased," said Stull, who said the pair got "close, anyway" to what they came for. The two self-described former college buddies declined to say how much land they purchased or how much they paid.
Smaller bidders like Hodapp and Stull, who sought no more than a few parcels, were the day's big victors, cooperating repeatedly to collectively outbid two bidders looking to spend roughly $1 million dollars each on multitract properties.
The bidding wars took more than three hours.
When one of the high bidders submitted a last bid of $1,581,000 for roughly 445 acres, attendees groaned, but they persevered for the sixth time by again raising their bids across the board and beating out that bidder. They also managed to beat out a $925,000 bid for approximately 118 acres.
Most of the available tracts were residentially zoned, but some along M-89 between Plainwell and Richland were zoned for commercial use. Many tracts came with lake access and boat-slip rights, and five included memberships to the Lake Doster Golf Club.
A total of 64 parcels were available for purchase. At 140 acres, the largest tract went for $263,000. The priciest real estate was less than half an acre on the northwestern shore of Lake Doster that sold for $85,000.
The largest number of tracts purchased by a single party was 11. That party paid $150,000 for three-tract and eight-tract parcels. Together, they comprised just! over four acres.
Only three tracts, making up slightly over an acre, failed to sell.
"We've got land for sale now," joked Dave Woodhouse, of Richland, owner of Ingelwood Builders and another successful bidder, after the event.
"This was a land-auction roller coaster," said Ingelwood project coordinator Swen Erickson.
The Inglewood representatives declined to disclose how much land they purchased or what they bid for it.
Auction details
Number of acres up for bid: 555.5.
Number of tracts up for bid: 64.
Total sales: $2,619,955.
Largest tract sold: 140 acres.
Smallest tract sold: 0.3 acre.
Highest bid: $1,581,000 on 14 tracts (a bid beaten collectively by other bidders).
Lowest bids: $10,000 each for 0.3- and 0.4-acre tracts.
Highest bid for one tract: $263,000 for 140 acres.
Highest per-acre bid: $85,000 on 0.38 acres of lakeside land (the equivalent of $212,000 per acre).
Most tracts purchased by one buyer: 11.
|
|
