“Absolute auctions expedite the real estate process to the mutual benefit of buyers and sellers,” stated Stacy Kirk Reich, president of Charlotte-based Grand Estates Auction Company. “A Grand Estates absolute auction combines one-of-a-kind properties, extensive marketing, thorough due diligence, and the air of excitement that only live auction can create.”
Absolute auctions require no minimum bid or reserve price and are growing in popularity with buyers and sellers of luxury real estate throughout the world due to their timeliness and transparency. There are no contingencies, no lengthy negotiations, and timelines for closing are already established. The winning bidder of the Lake Lanier property flew in by helicopter the morning of the auction to preview the estate situated on 4.72 acres of forested land including two floating docks on 400 feet of shoreline, after learning of it just one day prior. Yet with all the due diligence readily available, he was able to register as a bidder and confidently purchase the property that same day. Closing will take place within 30 days.
“Although it may seem that learning of the property less than 24 hours prior to the scheduled auction would make it nearly impossible for a buyer to participate, the professionals at Grand Estates were committed to bringing all interested parties to the scheduled auction,” stated Ken George, the seller of the lakeside estate. “I had total confidence in my team and the absolute auction process.”
The new owner, a commercial real estate executive from South Florida, is excited to begin enjoying lakeside living at its fullest in charming Dawsonville, just outside Atlanta. With luxury residential real estate prices increasing slightly in key luxury markets and inventory showing signs of leveling over the last few months, he understood that now is the time to buy a luxury property. The absolute auction process ensured the property was sold at true market value at a time when economic indicators are still fluctuating and open to some interpretation.
“The Grand Estates team was extremely professional and expertly managed a successful auction sales and marketing campaign,” continued George. “The absolute auction process generated tremendous interest that far surpassed the activity level of a traditional listing and resulted in obtaining true market value for the property.”
This is the second successful sale for Grand Estates Auction Company in Georgia this year. This summer, Grand Estates successfully sold the Athens-area lake retreat of legendary country singer Kenny Rogers, resulting in the highest sales price in a two-county area in two years.
Grand Estates Auction Company is the leader in the niche market of auctioning luxury real estate, specializing in properties valued at $2 million and above throughout North America, the Caribbean, and in select international locations. Established in 1999, the family-owned company was the first of its kind. The company is based in Charlotte, N.C. with offices in Atlanta, Dallas, La Jolla, Ca., Naples, Fla. and Vail, Colo. For more information and auction details visit www.GrandEstatesAuction.com.