Although home auctions are generally associated with distressed properties, they are increasingly being held for stable, premium homes.
Los Angeles, CA (PRWEB) February 24, 2012
When the one-time, one-day auction of 6201 Rodgerton Drive closes with Premiere Estates Auction Company on March 24, the winning bidder will take ownership of a unique mid-century home in a historic Hollywood Hills location, just under the Hollywood sign. Once home to a castle-like estate, the property was victim to a catastrophic 1,000-acre fire that blazed through Beachwood Canyon, then known as "Hollywoodland". All that was left was a dramatic stone-walled promontory, which still stands on the property today.
Rebuilt in 1965, the home has never before been on the market. Included in the sale are three surrounding land parcels, to total an approximately 29,000-acre lot. The property will likely attract home buyers and developers alike, as it did when it was originally built. "Rodgerton [property] is an integral part of the history of Hollywoodland's [promotion and] development," reports a 1961 article in the Canyon Crier. "It was designed by architect John L. DeLario to show what could be done in the way of luxury building on steep hillside property."
The owners have committed to selling their home on March 24th via Absolute Auction; in other words, an Auction with no reserve and no minimum. They expect the bidding to start at approximately $550,000, which is an 88 percent reduction from its original list price of $3,500,000.
Privacy and views abound throughout this airy, window-filled home overlooking the surrounding hills of Beachwood Canyon and the lights of Hollywood. At approximately 3,800 square feet, with 4 bedrooms and 3.5 bathrooms, the house was designed for family life and grand entertaining. In addition, there is parking for three cars and elevator access from street to foyer.
Although home auctions are generally associated with distressed properties – the polite term for late payments, mortgage defaults and bankruptcy foreclosures – they are increasingly being held for stable, premium homes, says Tony Fitzgerald, a broker and partner with the Manhattan Beach, Calif.-based Premiere Estates Auction Company.
In fact, Fitzgerald has been in the business of quietly auctioning un-distressed high-quality homes and land for about 20 years. “What’s different today is that even upscale areas like the Hollywood Hills have an inventory of unsold homes, including bank-owned properties that are simply being kept off the market,” he explains. “Because potential buyers are also uncertain about prices, the market is slow. But when you have an absolute auction, the value along with the one-time-event of an auction can bring a sense of urgency to the sale.”
For a committed seller, the so-called “accelerated marketing” also generates interest and enthusiasm, not just locally, but around the world. Other advantages to the seller include sales that are unconditional, with commissions and closing costs that are paid by the buyer. Only qualified buyers with a substantial cashier’s check in hand are permitted to bid.
While the auction is scheduled to commence at Noon on March 24th, there is a possibility that the home could sell before the bidding. “Some buyers don’t like competition and could make an acceptable offer prior to the auction,” adds Fitzgerald.
Beachwood Canyon is an affluent, laidback community in the famed Hollywood Hills above the Hollywood and Los Feliz sections of Los Angeles. It has attracted the likes of an eclectic range of celebrities, including Jack Black, Amanda Seyfried, Adam Carolla, Lindsay Lohan, Bela Lugosi and Keanu Reeves.
About Premiere Estates Auction Company
With over $1 Billion in sales, and 75 years of combined experience in the marketing and auctioneering of major real estate assets,Premiere Estates Auction Company, based in Manhattan Beach, CA, is the national leader in auctions of unique and luxury real estate. PEAC offers a full range of traditional and web-based sales, marketing, and auction services. This includes massive global, all-media marketing and advertising campaigns, as well as promotion, management, execution of the tasteful and exhilarating event itself, culminating in auctioneering outcry services.