Commercial Development Land Online Auction: 36+/- Acres of Highway Development Land Adjacent to Osage National | Lake of the Ozarks, MO (Property C)

3,800 ft of Highway 54 Frontage and 650 ft of Osage River Shoreline For Sale at Auction With Low Published Reserve!

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Brief Description

Prime development land perfect for mixed use commercial. 36+/- acres along Hwy 54 at the Lake of the Ozarks. Includes partial TIF reimbursables. Appraised in 2010 for $5M; last listed at $2.1M; seller’s auction reserve only $945k! 

Auction Schedule

Online Bidding Only

Began: Thursday, April 05, 2018 at 3:00 PM CDT

Ends: Wednesday, May 16, 2018 at 3:00 PM CDT

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Details

This exceptional site adjacent to Osage National is bordered on the west by 3,800 feet of highway frontage (21,095 VPD) and on the south by 650 feet of shoreline on the Osage River. Due to its location and size, the site would be ideal for a mixed use development consisting of retail, office, entertainment, residential, restaurant, and/or hotel uses.

Substantial excavation and grading work has already been completed with material remaining onsite to complete leveling for development. (See cut & fill reports in “Documents” tab). Water and sewer connections are approximately 150 yards beyond the north end of the site and three phase electric is in place. Existing access is via Osage River Bridge Road from Highway 54 near the south end of the site. New owner will need to acquire a reclamation bond as the current bond is non-transferable. (The current bond is approximately $21,000 at $400/yr.)

A TDD (approximately $3-4M) and a TIF District ($21M max) are currently in place. Neither has been activated and no project plan has been approved. NOTE: $7M of accrued expenses have been approved. In the event the buyer secures an approved Project Plan and payment of the eligible expenditures commences, the buyer will be entitled to an amount of the eligible expenditures equal to 50% of the purchase price of the property, on a pari pasu basis with the seller.

An additional .463 acres at the northwest corner of the site is owned by the state of Missouri. According to the Missouri Department of Transportation, the new owner will have the option to purchase this tract at the same “per foot” price paid at the auction.

2010 “As Is” appraisal = $138,889/acre ($5,000,000)

Last list price = $58,333/acre ($2,100,000) No TIF reimbursables included

Auction reserve = $26,250/acre ($945,000) Partial TIF reimbursables included. See terms.

PID#s:

12-9.0-29-001-005-001-000 (zoned: Residential Low Density)

12-9.0-29-001-001-001-000 (zoned: Industrial Light)

12-4.0-20-004-004-001-000 (zoned: Residential Low Density)

12-4.0-20-004-001-005-003 (zoned: Residential Low Density)

Fast Facts:

  • 36+/- acres
  • Hwy 54 frontage: 3,800 ft
  • Osage River shoreline: 650 ft
  • VPD: 21,095 (per MODOT 2015 data)
  • Adjacent to Osage National Golf Resort
  • TDD & TIF in place
  • Eligible accrued TIF expenses to be shared with buyer (see terms)
  • 2016 taxes: $2,265.72
  • Seller’s reserve: $26,250/acre (945,000)
  • Appraisal in 2010: $138,889/acre ($5M) Available upon request.
  • Last list price: $59,333/acre ($2.1M)
  • All bidding is taking place online
  • Pre-approval letter or proof of funds required to bid
  • Online bidding is open and will end May 16, 2018

Auctioneer’s Note: This prime commercial property is part of a larger sale of high quality development land and lots at auction, in and around the popular Osage National Golf Resort development. Our seller, an established Cates Auction client, is committed to selling everything and has set reserves well below market value on all these excellent properties. Look through all the materials and visit the sites, then log on and bid your prices! 

Auction Information Center: In addition to complete details on this website, full auction information is available in the Auction Information Center located in the lobby of the Osage National Golf Clubhouse. Additionally, auction staff will be onsite at the Auction Information Center on April 18 & May 2 from 11:00 to 1:00.

Two Ways to Buy!

  1. Bid in the auction. All bidding will take place online and will end on May 16th..
  2. Make a pre-auction offer. Subject to all auction terms and conditions. Call Ray at 816-695-2163 for details.

Lake of the Ozarks… A Vibrant Region with a National Draw.

Located equidistant from Kansas City and St. Louis, Missouri, the Lake of the Ozarks was created in 1931 by the damming of the Osage River and resulted in one of the largest and most beautiful man-made lakes in the world. Surrounded by the Ozark Mountains, the Lake is notable for 1,150 miles of shoreline. Sustained population growth over the years supports the significant development of the region as a major second home market and strong tourist/vacation destination. The east side of the lake in particular has seen tremendous real estate development of all types. Interstate access exists in all directions, primarily via Highway 54 which links the various Lake communities and has seen the most extensive development in the region. This prime commercial property is located on Highway 54 in the northeast portion of the Lake area.

Featured Images

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Gallery: 36 Acre Commercial Development Land Adjacent to Osage National

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Video: Osage National Lots & Land Auction

Auction Terms

“ONLINE ONLY” REAL ESTATE BIDDING

AUCTION TERMS AND CONDITIONS

REGISTRATION:

Proper and complete online registration is required to bid. All bidders must provide name, address, phone number, and email address to register. A credit card (MC, Visa or Discover) is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit will be charged to the credit card provided at registration. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.

 

BIDDING ONLINE:

All bidding in this auction is being conducted online. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office for assistance. 816-781-1134) To place a bid, bidders enter their “maximum” bid and click the “Place Bid” button. Each time that bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum. In the case of an auction with a reserve, if the max bid amount entered is less than the reserve, the system will place the bid at the max amount. Once the system displays that the reserve has been met, then it will advance the bid (by the bid increments) only when the bidder is outbid by another bidder, up to the bidders max. The Auctioneer does not know any bidder’s maximum bid.  The system will not advance a bidder’s own bid. Online-only auctions utilize the “Soft Close” feature that automatically extends the bidding time if a bid is received in the last 2 minutes of the published bidding period. The extensions will continue until 2 minutes have lapsed without any bidding activity, at which time the auction is concluded.

 

BUYER’S PREMIUM:

A buyer’s premium of ten percent (10%) of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s).

Sample calculation —   High bid                      =          $50,000

                                    Buyer’s Premium        =          $  5,000  (10% of 50,000)

                                    Total purchase price    =          $55,000

 

FINANCING:                                                                                                                       

Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.

 

CONTRACT SIGNING:

At the conclusion of the auction the Winning Bidder will receive an email and/or phone call confirming his or her winning bid status. In this or a subsequent email the Winning Bidder will receive a link to sign all documents electronically along with wiring instructions for submitting the required earnest money deposit to the named title company.

Should the electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and deposit payment process must be completed by noon on the day following the auction conclusion. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller’s reserve, unless advertised otherwise. Any property with a high bid exceeding the Seller’s reserve will be declared “sold” by the Auctioneer. In instances where the seller’s reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller’s sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.

 

DOWN PAYMENT (DEPOSIT):

The Winning Bidder shall be required to make an earnest money down payment equal to five percent (5%) of the total purchase price.  This deposit must be received by wire transfer (or by certified funds), by close of business the day following the bidder being declared the Winning Bidder. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events.

 

CLOSING:

The Winning Bidder shall close within 45 days of the auction date, unless stated differently in the Purchase Agreement.

 

EVIDENCE OF TITLE:

Seller shall furnish at seller’s expense an Owner’s Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s).

 

REAL ESTATE TAXES & ASSESSMENTS:

2018 taxes are to be prorated as of the closing date.

 

EASEMENTS AND LEASES:

Sale of said property is subject to any and all easements of record and any and all leases.

 

AGENCY:

Cates Auction & Realty Co., Inc. and its representatives are Exclusive Agents of the Seller.

 

BROKER PARTICIPATION:

A commission of 3% of the high bid (unless a different percentage is stated in the property’s MLS listing) will be paid to any properly licensed Broker who registers a successful buyer according to the appropriate Broker Participation Agreement. This form is available from the Auction Company and must be completed and returned no later than 48 hours prior to the auction end date.

 

DISCLAIMERS AND ABSENCE OF WARRANTIES:

The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it.  All sketches and dimensions are approximate.  No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an “AS IS”, “WHERE IS” basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement.  The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller’s reserve (if applicable). This property is available for and subject to sale prior to auction.

 

PRE-AUCTION SALES:

As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Sale Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion.

We hope you enjoy bidding in the online auction!

 

Documents

Directions

Directions to AUCTION INFO CENTER: From US HWY 54 Northbound, go east on Isleworth Ave. (approx. 9/10 mile north of Osage River Bridge), to Osage Hills Rd., east to Osage River Bridge Rd., north to Clubhouse.  From Southbound US HWY 54, turn east at Osage Hills Rd., follow Osage Hills Rd approx. 1.5 mi. to Osage River Bridge Rd., north on Osage River Bridge Rd to clubhouse.

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