No-Minimum-Bid Auctions Set for Charleston Oceanside Estate and Golf Retreat on Georgia Lakeside
March 25, 2010
Grand Estates Auction Co. Specializes in Selling Exclusive Homes Quickly, at a Profit
CHARLESTON, SC – March 25, 2010 – Grand Estates Auction Co., which specializes in auctioning premier, one-of-a-kind residential real estate, is auctioning two distinctive waterfront properties in Charleston, S.C., and Lake Oconee, Ga. The absolute auctions, where there are no minimum bids and no reserves, will be held at the residences at 2 p.m. on Tuesday, April 13, and Tuesday, April 20.
In today’s real estate market, Grand Estates’ absolute auctions have proven highly successful in selling multi-million-dollar properties – which often have languished on the market – quickly and at a profit. For example, an estate in the exclusive Shimo section of Nantucket didn’t sell using traditional methods for more than a year until July 2009. Within minutes, Grand Estates sold the home at absolute auction for $5.2 million, well over the original selling price. The estate, featured on the front page of The New York Times, drew hundreds of inquiries and 23 registered bidders from across the country. In December 2009, La Maison Des Fontaines in Arlington, Texas, was sold at absolute auction after more than 200 families previewed the property. The price: $2.23 million, the highest price per square foot for any home sold in the region.
The benefit of an absolute auction is that bidders determine the true market value, which is the ideal way to sell and buy high-end residential real estate in today’s market conditions, said Stacy Kirk, president of Grand Estates, with offices in Atlanta, Charlotte, Naples, Fla., and Vail, Colo. Founded in 1999, Grand Estates Auction Co. has successfully auctioned hundreds of luxury homes, in the $1.5 million to $10 million range.
Bidders know the seller is committed to sell and have an opportunity to thoroughly examine the property prior to auction. Sellers avoid the hassles of unscheduled showings and cut onerous carrying costs. We complete the leg work for the sellers by aggressively marketing the properties to highly qualified bidders and then quickly close the sale.
The April 13 auction on Sullivan’s Island off of Charleston features a fully furnished five-bedroom, three-and-a-half bath estate with 270-degree water views of the heart of South Carolina’s Low Country. Just feet from the white sand beach, the property is the perfect setting for a beach party, complete with a luxurious pool and large pool deck with a separate grilling and dining area. The property also has a four-car, drive-under garage, heart pine floors, 10-foot ceilings and a large screen porch that extends to the sides and rear of the residence.
The home being auctioned April 20 on Lake Oconee is a golfer’s dream in the heart of the prestigious Reynold’s Plantation community. Halfway between Atlanta and Augusta, Lake Oconee boasts eight championship golf courses. The 10,000-plus-square-foot lakefront home includes seven bedroom suites, six full and two half-baths situated on 1.3 acres of professionally landscaped, manicured grounds with an irrigation system. The home is perfectly suited for entertaining, with a guest suite, home theater, gym, infinity-edge pool with spa and large dock with a boat lift and hoist that holds three personal watercrafts.
These auctions are open only to registered bidders, who are required to submit a refundable cashier’s or certified check prior to the auction. ($35,000 for Charleston auction, $50,000 for Lake Oconee auction) Prospective bidders should contact Grand Estates Auction Co. at 800 552-8120 or 704 529-0026 for bid registration requirements and to inquire about the showing schedule before the auctions. For more information, see www.GrandEstatesAuction.com
