TD Bank will try once again Thursday morning to auction off the foreclosed Saltwater Grille restaurant property at 20 South Orleans Road in Orleans. The landmark property is remembered by many Lower Cape residents as the former Arbor restaurant and Binnacle tavern.
The bank tried to auction the property on July 19 but postponed the auction to Thursday, September 13 at 11 a.m. When bidding failed to rise above $375,000 representatives of TD Bank postponed the auction.
From outside, the property doesn’t look like it has improved since July. One of the two signs on the street fell down in a recent wind storm and has been removed.
When auctioneer Dan McLaughlin started the auction last time, he asked for an opening bid of $600,000 but received his first bid at $300,000. The Orleans assessing record for the property values the land at $452,600, the building at $514,300 and a detached structure at $800 – a total assessed value of $967,700.
A recent article in the Boston Business Journal cited Cape Cod Today’s stories on the foreclosure and reported the difficulty selling a property like this as characteristic of the overall slippage in the Cape’s tourist economy between 2008 and 2011.