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*********************

Unlike my last auction, which took place in an old colonial building on folding chairs, today’s remate is being held in two large, red-carpeted auction salons at the Uruguayan government’s central mortgage bank. Each salon has a large movie screen in front where the properties are displayed. In total, there is seating for about 150 people. Today, it’s standing room only.

The bidding begins at shortly after 1.00 p.m. and closes at about 5.00 p.m., during the last three workdays of each month. The pace is rapid with a property being sold every 15 minutes so you’ll need to stay on your toes to keep up with the proceedings. When they have many properties to auction, the bank opens a second salon, and gets through two properties every 15 minutes. I’ve seen as many as 80 properties sold during these monthly three-day session.

Many of the houses and apartments at auction are small and are located in poor neighborhoods so it’s important that you see the property and the neighborhood ahead of time, so you know where and what you’re buying.

The people bidding at this auction were a mix of people looking for a place to live, investors who intended to fix up and flip the properties, landlords shopping for rental units, and two U.S. expats. Most people attend with specific properties in mind. All properties have a base price, and you must bid at least that much to win. (The average base price in Montevideo is around $13,700.) If no one bids–which happens in about 20% of the cases–the price is reduced and re-auctioned at a later time.

While many of the properties are in undesirable locations, you’ll always find a few gems.

One example is a 1,144-square-foot home we went to see on Calle Rio Negro, just one block from the water. With a balcony and a water view, it had three bedrooms and two baths. It was sold for just $23,000.

One small house was offered at a floor price of $2,676 but no one bid on it.

The $6,000 apartment I mentioned at the beginning–I looked at the property and found it was located on Calle Cuestas in Ciudad Vieja, Montevideo’s original historic district. Calle Cuestas is in a rundown neighborhood, and I decided that I wouldn’t want that apartment if it were free. But soon afterwards, another auction took place, and the abandoned hotel in front of the $6,000 apartment was sold to a Greek shipping tycoon for $3.3 million dollars. Restoration is now beginning, and the whole area is expected to flourish.

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Jan 6
DR ABDU SAMU
The Manager of Audit & Accountancy Dept.
African Development Bank/A.D.B.

Ouagadougou, Burkina-Faso.

( READ CAREFULLY AND KEEP SECRET )

Greeting, and how are you doing?I hope fine.Please let this my message do not be a surprise to you because i got your information and lay trust in you before i contacted you. I am the MANAGER OF AUDIT & ACCOUNTANCY DEPARTMENT of our bank and i decided to contact you over this financial transaction worth the sum of TWENTY TWO MILLION,THREE HUNDRED THOUSAND UNITED STATES DOLLARS ($22,300,000.00).This is an abandoned fund that belongs to the one of our bank foreign customers who died along with his completely family on 25th Oct, 2002 in a plane crash disaster.

I was very fortune to came acroos the deceased file when i was arranging the old and abandoned customers files of 2003-2004 in other to submit to the bank managements accordingly for documentation purposes.It is clearly stated in our BANKING FOREIGN POLICY and signed lawfully that if such fund remains unclaimed by the NEXT OF KIN till the period of SIX(6) years starting from the date when the beneficiary died, the money will be transferred into the BANK TREASURY as an unclaimed fund.Besides,it is not authorized by the law guiding our bank for a citizen of BURKINA FASO to make the claim of the fund.

So the request of you as a foreigner is necessary to apply for the claim and transfer of the fund smoothly into your reliable bank account as the NEXT OF KIN to the deceased.When the fund is transferred into your account, FOURTY PERCENT(40%) will be for you in an assistance and in provision of the bank account,while SIXTY PERCENT (60%) will be for me. If you are really sure of your integerity, trustworthy and confidentiality,reply with your contact necessary for the transfer and call me as you so that i will let you know the steps to follow in order to finalize this transaction immediately.I will be waiting for your urgent reply.

My regards to you and your family,

DR ABDU SAMU

Why, that she didn’t hold all the cards after all — that I had a certain passive hold over her. It was not only warmed up now, it was hot and running on full choke. About how the clunk of that dead key was driving me crazy. It had been called Misery’s Hobby. “GAW. I repeat, a tomado watch — But it was time to stop playing games and get down to business. He switched custody of his cloth cap to his left hand solely, and with his right produced a giant red handkerchief from his pocket. andesine