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$3.2 Million Sold Under the Hammer

December 5, 2018

A Record-Setting Night

Harcourts USA held a record-setting Live Auction event last month, which included the sale of a property reaching the price point of $3.2 million. The La Jolla property is a Mediterranean style home with expansive views. It’s located close to La Jolla village and has complete custom designs that set it apart from other properties.Director of Harcourts Auctions, Ben Brady mentions,

“This property shows that even in one of the most tightly held marketplaces in San Diego, the Harcourts Auction process is shining through with exceptional results.”

According to Harcourts agent, Justin Brennan, the property was originally listed traditionally for four months at $3.4 million, only receiving one offer.

“We decided to put the property through our Harcourts Auction process, where in 17 days, we received 5 offers, 7 registered bidders, and 127 people who walked through the home,” Brennan shares.

The property sold “under the Live Auction hammer” for $3.2 million, with added seller financing to sweeten the deal. According to Brennan, this included an additional $550,000 in interest payments over the next few years. The total consideration result for the seller ended up being $3,750,000. Brennan simply comments, “The results speak for themselves.”

Tensions Ran High

During Live Auction night, tensions ran high leading up to the moment of purchase. Auctioneer Ben Brady began the process by educating the audience on the property and then starting the live bidding. When asked about the experience from the agent’s perspective, Brennan responded,

“It was nerve-racking, but I trusted the process. I was optimistic because we followed instruction given by Amy Gardiner, Ben Brady, and the Harcourts Auctions team, and we had done everything we needed to.”

Once the property sold, both the buyer and seller had positives to look at. For the buyer, the Harcourts Auction Process is an accelerated sales method and allows the free market system to present itself. Buyers can’t ask for more than knowing their purchase will always be at a fair price, seeing their competition right in front of them. For the seller, they are always in complete control. Brennan mentioned the La Jolla property sellers were amazed at the success of the process. The difference the auction process made in results was unique and remarkable, especially after seeing no movement through the property listed traditionally.

 

Closings and escrow took about a week to wrap up after the auction. A huge benefit that comes with Harcourts Auctions, is the simplicity of purchase. All the property disclosures are done before auction night and ready to go for the purchase to be clean and easy.

See the full story

Harcourts holds monthly Live Auction Events, and the next is scheduled for Tuesday, December 12th. Be sure to update by following us on Social Media or by visiting our website to find all the information on the Harcourts Auction Process. This website will have information on future events, all the properties up for auction, and simply how to buy and sell property through auction. To see the full success story click the link below.

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