Edwards, CO - Lake Creek
Sold Prior to Auction for $6,000,000
THE CHALLENGE —
The owner of this equestrian, mountain home located in the Vail Valley of Colorado had decided it was time to downsize to a smaller, more manageable property due to his increasing age. Having lived at this custom-built property for a great number of years, the owner had no idea what price it would bring through a general listing. He knew that his property had significant value but was unsure as to its exact number, and being such a unique property there were no comparables to measure. Rather than risk waiting several years to sell or undervaluing his list price, the owner sought a more proactive approach to selling his home. Familiar with auctions from his earlier professional career, he contacted Grand Estates Auction Company® with a dilemma that we frequently come across — How do you receive fair market value on a never before listed property with unrealized value?
THE SOLUTION —
Grand Estates Auction Company® evaluated the home and saw the enormous potential that this property could have at auction. The property located directly on Lake Creek, was a 5 acre equestrian estate with deeded water rights for irrigation as well as ownership of both banks of the river. The property also had a paddock along with a pasture, a two stall barn, and a 7,725 sq. ft. home. After identifying our core buyers, Grand Estates Auction Company® created a dynamic marketing plan that would highlight the features of the property to reach our target market. Our goal was to bring forth all potential buyers to bid on the property to realize its fair market value.
THE RESULT —
Shortly after we began actively marketing the property, a licensed real estate broker brought forth a client who placed a written opening bid prior to auction. Choosing to forgo the auction, the seller accepted the written opening bid and closed 30 days later, making the total time from initial marketing to closing in just under 45 days. The realized value of the property was $6,000,000.
The owner of this equestrian, mountain home located in the Vail Valley of Colorado had decided it was time to downsize to a smaller, more manageable property due to his increasing age. Having lived at this custom-built property for a great number of years, the owner had no idea what price it would bring through a general listing. He knew that his property had significant value but was unsure as to its exact number, and being such a unique property there were no comparables to measure. Rather than risk waiting several years to sell or undervaluing his list price, the owner sought a more proactive approach to selling his home. Familiar with auctions from his earlier professional career, he contacted Grand Estates Auction Company® with a dilemma that we frequently come across — How do you receive fair market value on a never before listed property with unrealized value?
THE SOLUTION —
Grand Estates Auction Company® evaluated the home and saw the enormous potential that this property could have at auction. The property located directly on Lake Creek, was a 5 acre equestrian estate with deeded water rights for irrigation as well as ownership of both banks of the river. The property also had a paddock along with a pasture, a two stall barn, and a 7,725 sq. ft. home. After identifying our core buyers, Grand Estates Auction Company® created a dynamic marketing plan that would highlight the features of the property to reach our target market. Our goal was to bring forth all potential buyers to bid on the property to realize its fair market value.
THE RESULT —
Shortly after we began actively marketing the property, a licensed real estate broker brought forth a client who placed a written opening bid prior to auction. Choosing to forgo the auction, the seller accepted the written opening bid and closed 30 days later, making the total time from initial marketing to closing in just under 45 days. The realized value of the property was $6,000,000.
