Friday, February 26, 2010
Auction: new tool in home seller’s kit?
The announcement there will be an auction of a large house at 650 Concord Street on March 6 was a surprise to many in town. Auctions have traditionally been the avenue of last resort for selling property: there have been only two others of Carlisle homes within recent memory. But this auction is not the result of distressed selling, according to Coldwell Banker Realtor Kevin Balboni. “The owner is using creative marketing to gain interest,” he says, adding that auctions are becoming more common in other parts of the country and can sometimes garner attention because buyers hope to be able to bid a bargain price.
“There’re quite a few (buyers) sitting on the sidelines,” he says. “The auction ad piqued their interest.” The home, which was purchased new for $1,539,000 in August of 2000, was listed for sale in February 2009, and withdrawn from the market in December. Rather than return to methods that had not been working, it was decided to try something different.
Balboni notes that since the auction announcement there have been two open houses at 650 Concord Road, each of which was well attended. Some buyers have already expressed interest, and an additional open house will be held this Sunday. Depending on the result, “We may not need to go to auction after all” if an offer is received.
Balboni says his office is following the results of the experiment closely. If the auction is successful, we can expect more to follow, as sellers look to expand methods for gaining attention in a buyer’s market. ∆
© 2010 The