Of these properties, the two-story, 1,002.12 sq. m. property former Antonio A. Arriola building across from American Memorial Park, commanded the highest price at $141,000 based on a recent appraisal but was sold for $140,000.
The two Rota properties sold for $40,000 and $19,000.
Edward W. Camacho, president and CEO, The Financial & Insurance Services Group, Inc., representing his wife Sheryl Sizemore Camacho, won the bid for the Garapan property when his $140,000 went unchallenged.
“CDA got what they were asking. We met the minimum reserve,” said Edward Camacho who has been doing business in the Northern Mariana Islands for 27 years now.
He has been engaged in loaning money to the local residents and his company also offers full lines of insurance.
Early in the bid, Edward Camacho appeared convinced in buying the property, challenging other bidders with a higher bid until his bid could no longer be challenged.
“Where else can you buy a piece of property across the street from a federal park?” he asked.
In a Feb. 7, 2011 market appraisal, the property that he bought was valued at $141,000.
The appraisal recommended demolition of the existing buildings for redevelopment in the future as the highest and best use of the property.
And that was what Edward Camacho had in mind as he bid for the said property.
“We’re probably going to demolish the entire thing. We like the location but we haven’t decided on what we are going to do with it at this point in time,” he said.
He told Variety that they plan to conduct a market study after the demolition and decide what to do with the property after that.
He, however, expressed excitement over his acquisition of the property citing its proximity not only to the federal park but also to Bridge Capital headquarters.
“We are quite excited because Bridge Capital is there. We think their presence and our presence would enhance that area and we would be interested in other properties along the same road and if anything comes up we’ll look at that as well and beautify Garapan,” he said.
The winning bidders for the two Rota properties requested anonymity.
The 25,000-square-meter Ichenchon property was appraised for $63,000 but fetched only as high as $40,000.
The 928-square-meter property was sold to a former government employee who declined an interview and requested anonymity.
All winning bids were required to place a 10 percent down payment and expected to pay the remainder 10 working days after the auction or payment is expected on the first week of May.
CDA legal counsel Attorney F. Matthew Smith and loan manager Oscar Camacho explained the auction procedure and the specifications of the properties.
Smith explained to the winning bidders the properties are subject to the redemption laws of the CNMI and are sold “as is.”
In an interview after the auction, Camacho told Variety that he was appreciative of the turnout.
Variety observed there were more than 15 bidders during the auction that nearly filled the CDA conference room to capacity.
“The turnout is great. There are a lot of people,” Camacho said.
He also expressed his satisfaction not only with the turnout but also with the bids.
“I am happy that the Garapan property sold for that price. I am also pleased that Rota sold for the price that we garnered. The Ichenchon property was sold for $40,000,” he said.
Camacho told variety that CDA also leased a 25,000 sq. meter property in Rota for 10 years for $25,000.
Moreover, the remaining boat of the previously two boats was sold for $1,800.
Bid began at $700 for the boat but the bidder who identified himself as Dong, a fisherman, won the bid.
He told Variety, “I think this boat is worth buying.”
