Date Posted: 1/28/2010

Friends & Neighbors at Waterstone- HIGGENBOTHAM AUCTION ON 1.28.10 I, along with four other interested homeowners attended the long anticipated Waterstone Property Auction. Although the auction was very interesting and the food was plentiful there were no serious bids on any of the three properties of interest to THE LAKES HOMEOWNERS offered.

The Auctioneer opened the bidding at a cost per acre that appeared to be the cause of lack of any bidding interest. The 751+ acre Waterstone Commericial & Residential Development, the property in front of our Waterstone property as well as the acreage that surrounds Waterstone received no bids.

The 300 acre Cypress Bay Development tract across Babcock Street from our Waterstone property did receive one bid of $10,000 per acre, but was not taken very serious by the auctioneer and later dismissed.

It should be noted bidding on all properties will continue to be open until February 9, 2010. The property owner of the three properties listed above does reserve the right to set a RESERVE per acre price he will accept with right of refusal on any bid they feel not acceptable.

Jack Pennella (HOA President)