Arbor property sells for 41% of assessed value

SOLD!  Bidder wins Orleans landmark for only $400k

View of Town Cove and town park land from the front of the Saltwater Grille/Arbor property which sold at auction Thursday.

Saltwater Grille/The Arbor property sells for 41% of assessed value

It was all over in two minutes.  The landmark Orleans restaurant property at 20 South Orleans Road sold for a winning bid of $400,000 at today’s foreclosure auction.

Old ship's air vent: part of the former Binnacle Tavern's outside decor.Today’s auction was far better attended than the first attempt on July 19th

The auction commenced at 11:07 on this sunny, cool morning and was over at 11:09.  The auctioneer from Daniel P. McLaughlin & Co. auctioneers requested an opening bid of $500,000 – down $100k from the requested first bid on July 19th

With no response, he requested an opening bid of $400,000 and again received no response.  Finally, he requested “Any opening bid” and received one for $300k. 

Bidding then moved up from $300,000 to $400,000, followed by the familiar “Going once, going twice… Sold!”

To protect his privacy, Cape Cod Today will not publish the name of the winning bidder until the sale is closed unless that bidder grants permission.

The 1869 landmark property carries a town tax assessment of $967,700.  The property was sold to the foreclosed debtor, Moss Landing LLC on October 6, 2003 for $850,000. 

Last operated as the Saltwater Grille, the property is equally familiar to long-time residents and visitors as The Arbor and The Binnacle tavern.

With a sale price of just 41% of the assessed value today’s winner may have scored one fine bargain in the Cape’s still-depressed real estate market.

Read previous story Will the re-auction be the charm for Saltwater Grille? here.

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