Auction of Annual Leases for (9) Parking Stalls--Final Reminder Notice for Thursday, Jan. 31, 2008!

We’re getting down to the wire…

on receiving the Open Bids on Auction of Annual Leases for (9) Parking Stalls from (1) to (5) Years----Located as you drive up to the circular driveway, to Nauru Tower’s front entrance.

Deadline for Receiving Bids on these Prime Locations:
Noon, Thursday, January 31, 2008!

Bids are to be delivered to the Nauru Tower Management Office by 12 P.M. noon, on Thursday, Jan. 31, 2008! Simply bring down to Ginger, in the front office. Please address all bids to, “ATTN: Resident Manager,” with your 9% down payment, either in cash or check made out to “Nauru Tower AOAO.” This 9% will become your Security Deposit when you win the bid and your lease begins. Your Lease Agreement must be signed and the entire rent must be paid within 5 (five) working days.

Because the highest bids will be taken, on a per year basis, here is a breakdown of how the actual process of the bidding will work. Please see below for a sample scenario:

Say an individual puts in a one year’s bid for $12,000.00, for one stall. Say another individual puts in a five years’ bid for one stall, and they will pay $60,000.00, which gives a year’s breakdown of $12,000.00 PER YEAR. This particular scenario puts both of these two individuals virtually on the same exact playing field. Assuming there is no other space available, in order to get the stall, someone will have to raise their bid, on a per year basis.

So say the individual that puts in a one year’s bid raises it by a thousand, thus giving a new annual total of $13,000.00, and the other individual chose not to raise his/her bid. Well, obviously the one with the HIGHER ANNUAL BID wins the stall!

Now take it from the other side:

Say just the opposite happened and the individual who put in the five years’ bid raised his bid and the other one didn’t. Well, how greater for that person! Why? Because he will have LOCKED IN HIS RATE for those five years without having an increase every year!

So any person who bids on a one year’s basis, that’s fine, but if you still want that stall for longer than one year, you may run the risk of losing it to someone who will bid even higher than what you may have initially got for when your year expires.

Let the games begin…….