Was it overpriced? Well, no. It’s market-priced – it’s got to be. Was it at the upper end of expectations? Of course it was.
What did you think it would go for? The guide was $7 million to $7.5 million. By the end of the campaign we were confident we were going to see it into the 8[million]s.
What was the reserve? You can say $8.4 million.
The house was the family home of John Holdsworth, agent Greg Hocking's long-term business partner.
What was surprising about it?
The owner was John Holdsworth. He was my business partner for over 30 years until he passed away last year. This is a guy we holidayed with, we had social functions with. He was a co-worker, a colleague, a staunch business partner and a lovely fellow to boot.
Not everyone is the complete package – I can tell you not in this business – but John was the complete package. We called him the Mayor of Albert Park because of his standing in the community. He was a much loved, much-respected individual.
There's a degree of sensitivity with any estate sale. But this one, clearly, it’s in a different category altogether.
There was enormous expectation from the community for us to do a good job for our former business partner. Flip it the other way; if the thing fizzed, we’d be in all sorts of strife.
How often do you sell a home for deceased colleagues?
Fortunately, that’s it. It’s not something I want to make a habit of.
The whole market’s going to settle down in the next three to six months or so. This is one more for the next 10 to 20 years.
The emphasis was on keeping people on track in the last couple of weeks, given what’s going on, to allay any concerns about the long-term prospects of a house like this.
How are buyers in the current market?
They’ve got the jitters. The auction was in the street. We carefully checked numbers to make sure we didn’t have over 500. We had about 300. But in general around here, if there are 50 to 60 people that’s a decent crowd.
But with this cohort of bidders, the rationale was "This is the house we want. We live in the area."
They’ve seen the market go up and down. They’ve been through when the GFC’s gone through and god knows what else happened and some of them have even been through the recession we had to have, with Paul Keating.
Whatever’s happened, they’ve known the market has regrouped and powered on.
All estate sales are sensitive, but the pressure to on the selling agents get a good result was greater than usual with this property.
We had a good strong start at $7 million, the low end of the quote, then a series of bids at $50,000 bids all the way through to a pause at $7.4 million, when it was stated that the highest bidder will have the first opportunity [to negotiate if passed in]. From $7.4 million it pretty well took off.
We could see we were testing everybody's upper limit of what they had predetermined. Sometimes where a buyer advocate is bidding and they know they've got a strong budget and go bang, bang, bang each time with a counter bid – there was none of that.
It played out as quite often these auctions will. You can see they've reached their upper limit. Somebody would bid, drop out and then come back in again. FOMO kicked in at this stage.
The last bid was $10,000 extra when up to that point many were $50,000 or $25,000 increments.
What would it have meant if you hadn’t got a decent result?
The message to vendors would have been "If they can’t get the house sold with a decent price for John and Kerry Holdsworth, how the hell can they get it for us?" But we turned that on its head. Every one of our competitors turned up – put that in your pipe and smoke it.
But the cohort of buyers chasing the home was willing to look beyond the next six months of market turmoil and pay a high price for the property.
Do you reckon we’ll see another result like this: a) next week b) next year c) next cycle d) never?
We don’t want another of those. It’s certainly not in my hands – a higher authority is at work on that. But I'd like to think next week there’s another top-end sale.
"colleague" - Google News
March 23, 2020 at 06:34AM
https://ift.tt/3bgj2ez
Real estate agent sells dead colleague's house $600K over reserve - The Australian Financial Review
"colleague" - Google News
https://ift.tt/2Uvr5Ps
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
No comments:
Post a Comment