From the Wires
A Real Orange County Desperate Housewife Launches "Auction By Homeowner®" Real Estate Website
- $6 Million Newport Beach Ocean View Luxury Property to be Auctioned Directly by Homeowner Starting at $ 2.5 Million on December 16th, 2012.
By: PR Newswire
Dec. 7, 2012 01:40 PM
NEWPORT BEACH, Calif., Dec. 7, 2012 /PRNewswire/ -- A real Orange County desperate housewife launches new real estate auction website, Auction By Homeowner®, (ABH), while putting her previously priced $6 million Newport Beach, luxury ocean view property at 2215 Pacific Dr., CDM, CA, 92625, live on the auction block, starting at $2.5M on Dec.16th, as its first client.
Christi Bettingen, Founder and President of ABH explains, "Through the Auction By Homeowner® website, sellers will soon have the option of directly listing their property for auction at substantially reduced rates; or simply contracting additional services as needed from an ala' carte menu ranging in discounted marketing services, advertising and promotional templates; to various back office services such as, property valuations, buyer relations, consulting, or a live/on-line auction, if desired.
National averages report that many properties scheduled to go to auction, are sold during the pre-auction period. Bettingen reveals, "Given those odds, many homeowners may not want to commit to the typical full range auction program initially and may be more attracted to the do-it-yourself or staggered approach that ABH can offer with savings up to 30% to 50%."
Bettingen explains, "Having interviewed numerous top level auction companies, I was astounded at the large fees involved. Most will charge non-refundable marketing fees that can cost 10's of thousands of dollars paid up front, regardless if the property sells or not, or is sold in the pre-auction phase. Additionally, auction companies also charge a buyer's premium or buyer's tax, which is paid by the buyer on top of the final sales price. Between all these fees, the auction house could receive 10%-11% of the sales price. To me on a $6M sale, a broker's commission of $600k seemed outrageous!"
Coleen Brennan of Prudential CA Realty said, "Auctioning a property can offer many advantages for some folks ready to get on with their lives. Every day we see property values drop as Days-on-Market accrue; opportunistic buyers wait and watch and frustrated property owners continue to lower prices. Thousands of sellers are hit with low ball offers, and sometimes unscrupulous buyers will change deal terms once in escrow."
Veteran auction consultant, Todd Good, of Accelerated Marketing Group claims, "Auctions can be a great alternative for encouraging a more rapid sale of a property. They can provide a larger pool of prequalified buyers, create competition in the market, and trigger an immediate sale, often by people who were already interested in the property," he explains. "Selling a home through auction, eliminates all contingencies and results in a successfully completed transaction in almost 95% of the cases once the winning bidder pays the non-refundable deposit which is 3% to 10% of the sale price, dependent on the state," Mr. Good added.
Statistics indicate that sales of residential real estate at auction grew by more than 47 percent from 2003 to 2008, according to the National Auctioneers Association, with a growing demand within the luxury markets.
Now a believer, Mrs. Bettingen said, "Auctions can also be a good way of eliminating the constant negotiating, not only in terms of the back and forth offers given by buyers, but the tension that often occurs amongst married couples who may disagree on selling price." Tired of the prolonged process of intrusive open houses and the market volatility, this desperate housewife is now ready to move on with the, "Auction by Homeowner"® program. Mrs. Bettingen reflects, "Sometimes out of a seemingly somewhat "darkest hour" experience, we are often led to new opportunities to create something even greater in our lives, beyond our wildest imaginations."
About the Luxury Property
The Bettingen's Newport Beach bluff-top estate is located adjacent to the famous Irvine family property once listed at $37 million, and features spectacular ocean views, harbor cityscape, bay, and Catalina Island, from all floors of this multi-million dollar award winning property. Nestled on a semi-private street in Corona del Mar's Village, the approx. 4,200 sq. ft., 4 bedrooms, 4.5 bathrooms residence was reconstructed in 2008 with high-end finishes, and unique European marble and granite countertops throughout its stylish open floor plan. This world class, coastal living vacation-like home includes approximately 1,642 sq. ft. of exterior decks, balconies, garden loggia, and outdoor kitchen, for the home entertainer. Affectionately known as Casa Pacifica, this elegant Mediterranean custom home built by Charles Hartwell and exquisitely designed by architect Bill Edwards and interior decorator, Deirdre Eagles, received the 'Best Master Bath' and 'Best Kitchen Design', awards from the American Society of Interior Designers (ASID) and Orange Coast Magazine.
About the Auction
This luxury Newport Beach dream home auctions on December 16th starting at 1:00 p.m. online at www.auctionbyhomeowner.com followed by the live auction at the estate, 2215 Pacific Dr., CA 92625, beginning at 3:00 pm. Formerly listed at $6 million +, the suggested opening bid is $2.5 million. Previews are Saturdays and Sundays from 1-4 p.m. Private showings available by request through Coleen Brennan, Prudential Realty at 949-275-2775. www.auctionbyhomeowner.com or www.amgre.com.
For Further Information:
This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.
SOURCE Auction By Homeowner
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