On Saturday, November 26, 2011, just about three weeks from now, Hawaii Life’s first state-wide real estate auction will take place. The phone calls and emails are pouring in with questions! “What can you tell me about these oceanfront lots, I notice they are up for auction?” “My client wants to know if he can make an offer on that property before the auction date?”
The answer to the second question is absolutely yes! We’ve already had offers on several of the properties scheduled for auction. Here’s a Gallery of Auction Properties.
This new luxury ranch home on 25 acres sold before auction for $1,735,000!
In fact, one of the North Kohala property sellers to whom I recommended the auction closed escrow on the sale of their home this week, and I attribute that sale to the auction. That’s right! An offer came in just as the sellers were ready to sign the auction contract.
An ad was already placed in Hana Hou magazine including this Big Island ranch home on 25 ocean view acres (pictured above). The offer was contingent upon the sale of the buyer’s home, so the sellers turned it down as they did not want to tie up the home with the auction approaching. Two days later, a fresh offer came in from the buyer without the contingency…and they closed this week. That’s the whole point of an auction: to give sellers and buyers both a deadline!
If you are looking for a property with big ocean views and a larger acreage, there are still several options in the upcoming auction, including one here in North Kohala:
This ocean view home on 29 acres (MLS# 241049) is included in the auction. Don’t miss out!
Readers of this blog may recall I had a lot to say about the Hawai’i Island real estate auctions that took place last March at Kolea, and before that at Hualalai Resort and Kukio.
“Auction” is a confusing concept in the real estate world these days, as it does connote a method of foreclosure…or a method for the bank to dispose of its REO after disclosure. But auction is also an established method for sellers of luxury goods to reach their target market, hence the continued use of auctions for luxury real estate—and the Hawaii Life/PEAC auction has already been a success in my book.
A hui hou,
Beth Thoma Robinson, R(B)