Auction of 8.15± Acre Residential Land Lot in Kinnelon, NJ (Morris County)

Bidding Opens:  Tuesday, November 15 at 1:00 PM ET

Bid Deadline: Tuesday, November 22 at 1:00 PM ET

Inspection:  Wednesday, November 16 at 12:00 Noon

Sale Manager: Bob Dann, (215) 850-5466 or rdann@maxspann.com (local NJ), or Jeb Howell, 770-841-9924 or  jeb@amcbid.com (Atlanta)

 

The 8.15± acre Residential (Single-Family) Land parcel in Smoke Rise, a sought after gated lake community in Northern New Jersey, is approximately 30+ miles from New York City and just off Route 23, close to Interstate Route 287. The 920± single family household neighborhood is professionally managed by a Homeowners Association. Smoke Rise was conceived and based on a philosophy that no two homes would look alike with a minimum home size of 2,500 square feet located on a minimum of one and a half acre wooded lot. The community contains 100+ acres of common property and a 108 acre recreational lake for swimming, fishing and sailing. There is a pond for ice skating and a field used for baseball, soccer and lacrosse. Additional amenities include a sandy beach with a snack bar, 10 tennis courts, two playgrounds, horse stables, riding rings, a restaurant, and two manned gates that control access to the community.

Smoke Rise Club is surrounded by preserved park lands and watershed woodlands with numerous hiking trails. Club membership has an upfront one-time acquisition fee of $6,250 and monthly maintenance dues of $135 for lot ownership, and $260 if you have a house on the lot. Membership is required as a property owner, and an orientation class is required for any new owner.

 

This parcel is an elevated, wooded lot on a hilltop with exposed bedrock outcrops and expansive views. Located at the end of a cul-de-sac, the buildable area is accessible by a paved private driveway with upward sloping topography providing for limited visibility from the street.

 

A November 2014 Appraisal stated 2.2± acres of “Usable” land and 5.59± acre of “Excess” land and “Vacant Land” to the North, West and partially to the East. This Vacant Land is a 430 acre parcel of preserved park land owned by the state of New Jersey and Morris Country. The same appraisal states the site had approved plans for a 6-bedroom septic tank bed, dated 2005, on file with the Borough Health Inspector. Electricity and gas are available to the site and trash service is included in Association Fees. However, per the appraisal, a well would need to be built on site for water.

 

A July 2011 ESA identified no evidence of recognized environmental conditions.

 

Morris County Tax Board identifies this Tax Parcel in the Kinnelon Borough, District 15, Block 12001, Lot 00101, Deed Book 22659, Page 00708. 2015 taxes were $8,672.92 and 2016 taxes $9,031.28.

 

 

Terms:  Bank Proof of Funds Required to Bid, 10% Buyer’s Premium added to winning bid to determine sale price, 20% Earnest Money Deposit, close in 30 days.

 

 

AUCTION TERMS AND CONDITIONS:

 

AUCTION REGISTRATION: In order to register for the auction, you must have pre-inspected the property and must confirm that you have done your own inspection prior to registration. You must provide proof of funds from your bank showing sufficient funds to cover the required 20% earnest money down payment in order to obtain a bid number. This may be accomplished by faxing the proof of funds to 770-980-9383 or emailing to info@amcbid.com  in advance of the auction. Proof of funds consists of a copy, fax, or scanned pdf of a current bank statement in bidder’s name showing sufficient funds for earnest money deposit. If you are unable to provide these in advance, please contact the auctioneer for instructions.

 

AUCTION INFORMATION & OFFICES: All available material and updates are posted to www.amc.bid. Due diligence materials, Auction Purchase and Sale Agreement, Broker Registration forms, and other information may be obtained by calling 770-980-9565, or by visiting our websites.

BROKER PARTICIPATION INVITED: Unless noted otherwise in property listing or herein, a broker commission of one percent (1%) of the Winning Bid will be paid on real estate.  A commission will only be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by mail, email, fax or hand delivery using the Broker Registration/ Written Opening Bid form posted to the website for the property listing prior to bidder registration. The registration form must be signed by the prospect and the Broker, and must be received at an office of Auction Management Corporation no later than 5:00 PM two (2) days prior to each bid deadline via fax or mail. In no case will a broker registration be accepted after a bidder has registered. If bidder bids onsite, Broker must also attend the auction and sign the Auction Real Estate Sales Contract if their client is the winning bidder. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction.

 

CONDUCT OF THE AUCTION: Register to bid at our website at www.amc.bid. Online bidding will begin one week prior to the auction. The auction ends when the highest bid is recognized by the auctioneer. Bid increments and bidding methodology are subject to change at the sole discretion of auctioneer.

TERMS OF SALE FOR REAL ESTATE: Winning bidders will pay an earnest money deposit of twenty (20%) percent of the purchase price (bid amount plus buyer’s premium). Upon conclusion of the bidding, Buyer will sign an Auction Purchase and Sale Agreement (“PSA”), and must submit earnest money deposit in the form of a wire transfer to  seller-designated escrow agent (See Auction Purchase & Sale Agreement). The earnest money deposit is non-refundable.

Closing must occur within 30 days of the bid deadline unless extended in writing by mutual consent of the parties. Buyer not closing within the contractual time period to close may forfeit his/her earnest money deposit. Buyer shall execute an Auction Purchase and Sale Agreement for the property immediately after being declared the successful bidder by auctioneer. A form Auction PSA is available at our website prior to the auction. The Auction PSA which Buyer must sign at the auction contains an acknowledgment that Buyer has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property As Is with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND BUYER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time. All payments (ie, Earnest Money, Closing Funds) must be in the form of wire transfer only.

 

BUYER'S PREMIUM: Property will be sold with a ten (10%) percent buyer's premium. The bid amount plus buyer's premium equals the final purchase price. For example: A $100,000 bid, plus the 10% ($10,000) buyer's premium, equals the $110,000 final purchase price.

FINANCING: Please note that financing is NOT a contingency of this transaction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.

PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.

AUCTION POWER OF ATTORNEY: For interested bidders who cannot attend the auction but would like to have a representative bid at the auction on their behalf, an Auction Power of Attorney can be obtained by contacting the Auction Information Office at (770) 980-9565.

TAX EXCHANGE: Sellers and Purchasers agree that certain Sellers may effectuate 1031 Tax Exchanges on certain properties sold herein. Buyers will agree to cooperate and execute necessary documents to enable Sellers to consummate said transactions.  

 

EASEMENTS: All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.

BUYER'S NOTE: Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Auctioneer reserves the right to convert the bidding platform from an online to an onsite bidding platform if no bidders register and submit required bid deposit by the online bidding deadline. Personal on-site inspection of the property is strongly recommended. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by Special Warranty Deed. Only the following sale closing costs will be paid by seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) reasonable title corrective expenses, in Seller’s sole determination; and (3) Prorated property taxes and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, loan closing costs, and closing attorney fees are at the expense of the Buyer. Sale shall be closed at the offices of Seller’s Designated Closing Agent (“Closing Agent”), Ronald L. Conklin, 856-702-6893, as noted in Auction Purchase & Sale Agreement, or as announced at the auction.

 

Closing costs shall be paid in accordance with the Auction PSA, posted to the website.

 

Information was gathered from reliable sources and is believed to be correct as of the date this material is published, however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction PSA. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.