Park City Real Estate Trends

New Way to Sell Real Estate: The Auction Block

By Todd Anderson
Aug 21, 2015

auction saleThere’s a new business model for selling real estate in the Park City area that is becoming increasingly popular. As you may know, the usual way to sell property is to hire a real estate agent, who then puts the property on the market and stages it. Then you wait for an acceptable offer, which with any luck, will let the seller walk away with a substantial check.

However, now a new approach has hit the Park City real estate market. It has become an enticing proposal for homeowners to put a property up for auction — especially if they have the desire to sell the home quickly.

Instead of waiting for lengthy periods of time to sell high-end property, homeowners are now auctioning their real estate when they are willing to risk getting a lower price in exchange for a faster sale.

Essentially, homeowners will pay an auction firm an upfront fee to market their homes across the country, as well as internationally. This will result in a large number of potential buyers by the auction date.

In reality, one thing that real estate agents may not do as effectively as an auction house, is to bring a sense of urgency to the sale.

Additionally, the process can be so successful that an actual action doesn’t happen. Agents in this area have seen properties that have been ready for auction go to a buyer who just didn’t want to lose the home, so a price that is just to good to pass up is offered. And for sellers, this is a great outcome.

There are, however, some risks that may come with the auction process. For instance, with an “absolute” auction, which is an instance where the top dollar that the bidders are willing to offer becomes the final price. There is no turning back for sellers once the auction has started.

The entire process can be intense. Sellers have no guarantee that the price they want for their property will be met, so it is definitely not a process for the faint of heart.

It is however, a good option for those who are willing to take a more aggressive approach to getting their properties sold — especially those within the higher end markets.

If you are interested in selling properties through an auction process, or even through a traditional method, the YouInParkCity.com Group at KW Park City Keller Williams Real Estate can give you a distinct advantage. Contact us today to discuss all your options!

Park City Luxury Estate Home Auction

By Todd Anderson
Aug 13, 2010

 Sealed Bid Auction with Published Reserves for 11 Luxury Park City Residences             Another Park City Real Estate auction is set for August 27,2010. This marks the fourth or fifth such auction for the calendar year. This one may prove to be a bit different from the others.             This auction is different in that it is confined to a small number of luxury Park City, UT area properties and that all of them have set a published reserve price. Reserve prices in most cases are millions less than the highest asking prices these homes have seen in the past. The properties for sale in this auction represent some of Park City's truly exclusive addresses. These luxury homes are in Upper Deer Valley, Deer Crest, Old Town, The Colony, Tuhaye and Promontory. Unlike some of the other auctions we have seen, these properties are not developer owned, or bank distressed sales. These owners have grouped together to share marketing costs to try and create a buzz. Published reserve prices range from $1.5M to just under $16M.             The auction is being publicized nationwide through print ads in the Wall St Journal, NY Times, Chicago tribune and the like in most major metropolitan areas that represent the homes or workplaces of many Park City and Deer Valley second homeowners.             The Sellers will sell the property if an offer comes in above the published reserve price. The auction is a sealed bid auction rather than a live auction. Sellers will open all bids, if there is more than one bid above the reserve price, potential buyers will be notified that they are in a multiple offer situation and will be asked to bring their "highest and best offer".             As was the case for some of the previous auctions in Park City, the results of this auction may help to reset pricing in the luxury homes sector of the Park City real estate marketplace.             For more information about the homes to be auctioned, pricing and placing a bid for a home, contact a real estate professional with the YouInParkCity.com Group. 1(888)968-4672.

 
 
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