Turning Dirt To Gold

Sleepytown Motel and Cottages

by Rowell Auctions, Inc.

When

Sept 9th - Sept 20th - 1:00 PM Eastern

Where

Sleepytown Motel & Cottages
1661 Post Rd (Route 1)
Wells, ME 04090
ONLINE AUCTION

Notes

Lender Approved - Online Auction

44 Cottages, 35 Motel Rooms, Restaurant, Pool, Colonial Home, 10 Bed Dorm
OFFERED IN 3 Parcels

Bidding Begins Sept 9th, Ends Sept 20th

Motel Owners / Developers Take Note!!

Highly desireable10+ acres on East side of busy US Route 1
Between Boston & Portland, ME
17,000+ traffic Count/ Summer
Easy Access from I-95
Near Amtrak Station
Large Summer Vacation Area
Close to many Beaches, Specialty Shops, and Restaurants
Near Kennebunkport


Continue as a resort or take advantage of development potential of this Commercial Site.

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Conducted By

Rowell Auctions, Inc.

P.O. Box 3428
Moultrie, GA 31776

1-800-323-8388

http://www.rowellauctions.com

Ending Time

Sep 20, 2011 1:54 PM

Contact the Auctioneer

P.O. Box 3428
Moultrie, GA 31776
1-800-323-8388

Auction Listing

sleepytown motel cottages restaurant colonial home dorm wells maine me motel hotel
sleepytown motel cottages restaurant colonial home dorm wells maine me motel hotel
sleepytown motel cottages restaurant colonial home dorm wells maine me motel hotel
sleepytown motel cottages restaurant colonial home dorm wells maine me motel hotel
sleepytown motel cottages restaurant colonial home dorm wells maine me motel hotel
sleepytown motel cottages restaurant colonial home dorm wells maine me motel hotel
Contract For Sale of Real Property : Each property is offered under the specific terms provided in the contract. The Purchase and Sale Agreement is available at www.rowellauctions.com, in the pre-bid package located at each property listing. Please read and review the contract thoroughly prior to bidding on any property. If you have not read and reviewed the Contract For Sale of Real Property, Do Not Bid!

Property Offering:
Parcel 13 - 2.27 ± acres
• 3,667± sq. ft. restaurant, one story, built in 1960 and substantially renovated in 1988, seating capacity is 100±
• 35 motel units in three one story buildings
-Building #1- has 11 units (4-14) and is 3,780 sq. ft. ±
-Building #2- has 16 units (15-30) and is 5,160 sq. ft. ±
-Building #3- has 8 units (31-38) and is 1,854 sq. ft. ±
-Built in 1955 and substantially renovated in 1989, total gross building area for the 3 build- ings equals 10,794±
-Each unit has a 6’ covered porch area, etc.

Parcel 13-A – 7.93± acres
• 44 units (currently condominiums) consisting of free standing detached buildings/cottages except units 57-63 which are attached with common walls
• One story dormitory with four rooms, 10 beds, small kitchen area, full bathrooms and is 900 sq. ft. ±
• Pool, playground, laundry, storage building, extensive landscaping, etc.

Parcel 13-1- .18± acres
• Two story wood frame antique colonial renovated in 1988
-First floor/living room, dining area, kitchen, bedroom and bathroom
-Second floor/two bedrooms and a bathroom
• One and a half story attached building remodeled in 1994- currently used as office and an employee apartment
-First floor/rental office, kitchen, office and bathroom
-Second floor/two bedrooms and a bathroom

Parcels 13 and 13-1 will be offered individually. Parcel 13-A can only be offered individually to owner’s of property abutting said tract.

All three tracts will also be offered in its entirety. Whichever offering brings the highest total price will prevail.

Auction Bid ending time is subject to auto extend.
Example: Rowell Online Only Real Estate Auctions has an auto extend feature. Any bid placed within 10 minutes of the auction ending will automatically extend the auction for 10 minutes from the time the bid is placed. Example: If an auction scheduled to end at 10:00 a.m. receives a
The “Live” Auction Event (On Site Bidding Available): For your convenience, on site bidding is available for bidders wishing to submit bids in person via an online computer set up for this specific purpose, along with the help if needed with Rowell auction personnel who will be on site. On site live auction bidding location and times are open as listed below.

Tuesday, September 20, 2011
LIVE Bidding begins at 10:00am
Closing at the conclusion of all bidding at 1:00pm: Subject to Auto Extend.

You may also bid directly online by visiting www.rowellauctions.com (registration required)

Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Rowell will reject the registration, and bidding activity will be terminated.

Location: Hampton Inn and Suites Wells-Ogunquit (Rte. 1)900 Post Road Wells, Maine 04090 (207) 646-0555
Terms: At the close of the online auction, successful bidders will be emailed a contract to be executed and returned to Action Auctions for this property:

Walter H. Liff
Action Auctions
P.O. Box 96
New Castle, NH 03854-0096
(603) 431-6317


If sold divided, the sale of Parcel 13 is contingent upon the closing of the sale of Parcel 13-A.



Onsite bidders will sign contracts at the auction. Successful bidders will deposit 10% of the contract price per property in the form of cashier's check or wire transfer to Escrow Agent Attorney Lawrence C. Walden and as stipulated in “Contract for Sale of Real Property”. The entirety of the remaining balance is due at closing. Purchaser shall be responsible for all wire transfer fees.

Attorney Lawrence C. Walden
lwalden@lexmaine.com
Bergen & Parkinson, LLC
62 Portland Road, Suite 25
Kennebunk, ME 04043
Tel 207.985.7000
Fax 207.985.7707

Buyer's Premium: A 10% buyer’s premium will be added to the bid price to determine the final contract price.

Buyer's Premium Example:

Bid Price: $100,000

Plus 10% Buyer's Premium: $10,000

Total Contract Price: $110,000

Contracts: Contract Documents must be executed and returned to Action Auctions within 48 hours of the end of the auction. Successful bidders not executing and returning their contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default.

Auction Bid Default: In the event a winning bidder fails to submit the signed 'Contract For Sale of Real Property' and 10% of contract price per property parcel earnest money deposit as provided in the pre-stipulated Auction Terms, the winning bidder will be charged an administrative fee of $2,500.00 on the credit card provided at auction registration. Additional default remedies are reserved by Rowell Auctions, Inc. and the Seller.

Closing: Time being of the essence, these sales shall be closed on or before November 7, 2011. The seller will pay for preparation of the General Warranty Deed, and all ad valorem taxes up to the date of closing. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with this sale. Onsite bidders will execute all documents and deposit earnest money at the auction event. With regard to bank wire fees for receiving or sending purchaser’s earnest money deposits, the purchaser will be responsible for any bank fees associated with such. If sold divided, the sale of Parcel 13 is contingent upon the closing of the sale of Parcel 13-A.

Property Inspections/Showings:
Auction officials will be on-site on the following dates:
Monday, September 12, 10:00am-12:00pm
Monday, September 19, 10:00am-12:00pm
For preview times other than the above scheduled inspections, contact Walter Liff at Action Auctions, (603) 431-6317, w.liff@actionauctions.com.

Broker Participation: A two percent (2%) bid price commission is available to properly registered brokers. A Broker Participation Form with complete instructions is available on our website.

Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as buyer's agent. Rowell reserves the right to remove or cancel the bids and or bidding rights and privileges of any party, deemed not to be in the best interest of the seller, at any time. At auctions with reserve, the seller and/or auctioneer reserves the right to bid. all other auctions, auctioneer reserves the right to bid on auctioneer’s when permitted by law.

Disclaimer: All information contained herein is believed to be correct to the best of the auctioneer's knowledge. The information is being furnished to bidders for the bidder's convenience and it is the responsibility of the bidder to determine that information contained herein is accurate and complete. Any reliance on the contents shall be solely at the recipient’s risk. Bidders must conduct and rely solely upon their own investigations and inspections. The property is being sold 'AS IS' with any and all faults. Please review all information supplied, and seek appropriate assistance prior to bidding.

Hazardous Materials:
LEAD PAINT: Paints used prior to 1978 may contain lead. The presence of flaking paint or dust produced by opening windows and doors that have lead paint can present a serious health hazard; especially to young children and pregnant women.
RADON GAS: Radon Gas, the product of decayed radioactive materials in rock my be formed in some areas of Maine. This gas may pass into a structure through the ground or through water in a deep well. Testing can establish the presence and equipment is available to remove it from the air or water.

Route 1 North in Wells, Maine...1/4 mile beyond Fire Station on East Side of Route 1.