Recent newspaper articles and advertisements have emphasized large auctions of hundreds of homes that have been foreclosed on by lenders. In the Atlanta Journal Constitution, for example, a large national auction company is currently advertising a huge auction of more than 500 foreclosed homes. If you did not know better, you would think that only distressed properties sell at auction. Well, that might be the case until you saw ads for the upcoming auction on January 9, 2008, of 5387 Golf Club Drive in Chateau Elan, a residential resort community near Atlanta.
5387 Golf Club Drive is a 12,000 square foot Mediterranean style luxury home that sits directly in front of the 5th hole at the Chateau Course at Chateau Elan. From its 7 bedrooms to its 6 full baths and 4 half baths, to its exercise room with sauna to its Italian marble entryway and walnut floors in the upstairs, this home is definitely not a distressed property. An appraisal less than a year ago valued the home at $2.65 million before it was even finished and that was before its current owner, Carl Robertson, spent an additional $350,000 on the landscaping. The landscaping caught the eye of the producers of HGTV's Ground Breakers television show in such a way that the home is currently being filmed for the series and will be seen later in 2008.
When asked why he chose the auction method of marketing his home, Carl put it this way: "I purchased the home as an investment and finished the home. I know that it is worth what the appraisal values it at plus the landscaping. But I am also a businessman. The auction allows me to sell the home quickly without the potential holding costs that I would have in selling it with a conventional Realtor. It could take many months, or even a year or longer to sell with a realtor. By selling it at auction I accelerate the sales process. I sell the home quickly at a price well below the appraised value but with vastly reduced holding costs, and the high bidder potentially buys the home at a lower price than he or she might buy it normally."
"The seller and the buyer both win in the auction," says Terry Hand, Principal Auctioneer and Director of the Coldwell Banker Upchurch Realty Auction Group of Athens, Georgia, who has been commissioned by Mr. Robertson to sell the home. "It is truly a win-win transaction," adds Mr. Hand. "On January 9, 2008 at 1 p.m. we will be conducting a sealed bid auction of this home. A public preview has been scheduled for Saturday, January 5, 2008, from 2-5 p.m., with private viewings available as well."
Mr. Robertson is so motivated to see this home sold on January 9 that he is offering an incentive that is unique even to auctions. If the high bid meets or exceeds the reserve price that has been set, then Mr. Robertson has agreed to either purchase a membership to the exclusive Legends Club at Chateau Elan or give the high bidder a new 2008 Mercedes. "This is simply too good an opportunity for someone to pass up," says Carl.
Full details of the auction and the incentives discussed can be seen on the Auction Group's website, as well as a detailed 8-minute video tour of the home. Coldwell Banker Upchurch Realty Auction Group can be contacted directly at 706-354-7870 or 1-888-542-4002, or you may go to their website at www.UpchurchRealtyAuctions.com.
Coldwell Banker Upchurch Realty, a full service residential and commercial real estate brokerage firm, has been helping people buy and sell real estate in Athens, GA, for almost 50 years. With the company's roots going back to 1958, and its alignment with the Coldwell Banker name since 1982, Upchurch Realty has become one of the top 100 Coldwell Banker affiliates in the U.S.