Nov. 20, 2012
Platinum Luxury Auctions
needed only 7 days to find a buyer for a
's prestigious Glen Kernan Golf and Country Club. Although the auction date was scheduled for
, a buyer placed the property under contract within the first week of Platinum's marketing campaign. Prior to the auction program, the residence had been listed for sale for 5 consecutive years.
Platinum then produced a second pre-auction offer that was secured as a back-up to the first purchaser, making the actual auction event a moot point. The initial buyer's offer prevailed and he closed on the property in mid-November. The sale price of approximately
was equal to 91% of the property's latest list price and more than 98% of its appraised value at the time of sale.
worked in close cooperation with the property's listing agents, top-producers
Chris and Denette Triplett
of the RE/Max Specialists' "Triplett Team" in
. The Triplett Team also represented the buyer in the transaction.
"This is an excellent demonstration of 'luxury auction as tipping point,' using the auction process to capitalize on pre-existing interest. The Tripletts did a fantastic job working with our team to make the sale a success," said Trayor Lesnock, Platinum's president. Lesnock explained that in many cases – such as this one – the existing, prospective purchasers for a property just can't be forced to put forth an offer. By using the auction to set a deadline for the date of sale and force buyers to compete to own the property, those existing buyers often experience a strong "fear of loss" that pressures them to finally make a deal.