Oct 27, 2008
IMHO, this again proves why one doesn't go to Auction - esp with a $1 reserve!!
Rest of the article here.
Colin Boot returned from a world trip on Saturday and saw the listing. He is now the new owner.
A new designer home in Browns Bay was sold for about two-thirds of its $1 million valuation after its owner put it up for auction with a $1 reserve.
The four-bedroom house at 7 Paterson Mews yesterday sold for $685,000. It had an independent valuation of $1.03 million.
One real estate agent said the downturn in the market was the worst he had seen.
A new designer home in Browns Bay was sold for about two-thirds of its $1 million valuation after its owner put it up for auction with a $1 reserve.
The four-bedroom house at 7 Paterson Mews yesterday sold for $685,000. It had an independent valuation of $1.03 million.
One real estate agent said the downturn in the market was the worst he had seen.
The winner, Colin Boot, later told the Herald he had been prepared to go to $700,000.
Mr Beer thought the $1 reserve was effective in getting publicity, but it was probably not the best way to market the house to the right buyer.
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