SOLD at $101,200!
February 28, 2010 – 10:30 am
Auctioneer Gregg Napier revving up the crowd
Despite the cold weather yesterday over 70 people attended the real estate auction in Riverland Terrace. Although many were curious spectators, 21 buyers registered to bid for a chance to purchase the fixer-upper on Medway. For about an hour before the event, people began arriving to assess the work necessary to bring this home back into livable condition. Clipboards in hand, some crunched numbers that included a new roof, siding replacement, plumbing and electrical repairs while others considered the resale value of knocking it down completely and building anew.
While children scavenged for lost treasures among the knee high grass in the backyard, parents discussed remodeling the kitchen, restoring the original wood burning fireplace and converting the back porch into a play room.
Watching from behind my camera, it was interesting to see how each speculator had their own style. Like poker players, some were pros at keeping a straight face so as not to reveal their strategies while others openly discussed pricing and investments among their small groups.
As the clock ticked towards 11AM, neighbors arrived in eager anticipation to witness the show.
Preparing for the opening bid
Some who grew up playing on this street, told stories of the original owners, harkening back to simpler times when a family of five could lovingly share one bathroom and a whistle called you home for supper. Each longed to see it restored to its original condition conceding to some minor upgrades like a second bathroom or a larger master bedroom off the back.
And then there were the naysayers. Gathered at the very back of the crowd, they took bets on how low it would go.
Comments like ” it’ll never go for $50,000″ and ”it’s a tear down” riddled this group.
You could feel the excitement in the crowd
By the time the auctioneer started reading the opening disclaimers, the crowd swelled to 57 people. Realtors and clients huddled closer together to finalize their strategies as contractors stepped away from the crowds to prepare to flash their bidding cards.
Bidding started at $50,000, the highest price pregistered bidders agreed to pay for the home. As the first card went into the air, some shook their heads in disbelief. Gregg hammered on in his hurried cadence. “We have $50,000, 50,000, folks. Do I hear 55? 55, anyone? $55,000 what d’ya say, who’ll give me 55,000?”
"Just like poker, you gotta know when to walk away when you've reached your limit" said this investor
Another card went up. And then a third. Within minutes the bidding had climbed to 60, 65 and then $70,000. Smiles crossed the faces of the neighborhood spectators as contractors and poker-faced bidders scowled at the realization that it might go higher than expected. You could feel the tension across the lawn as the bidding paused while some adjusted the figures in their heads. More people arrived as some walked away defeated.
“I have a top number in mind and I won’t cross it” one woman whispered to her friends.
“I told you it wouldn’t go over $70,000,” said another at the back.
And then it did. Quietly perched alone by his truck, a contractor raised his card at $75,000, then 80.”
“82,000″ came across the lawn from a man on the phone with his buyer.
Even this biker stopped to watch as the crowd swelled to over 70 people
As bidding approached 90,000, some walked away in disgust as others got swept up in the excitement of the climb. Even the children caught the wave as one little girl waved her hands from her father’s shoulders. Gregg joked that we have a smart little future investor, sending a laugh through the group.
90,000 hung in the air for what seemed like a long time. Bidders nervously shifted from foot to foot as neighbors squeezed the arms next to them in glee. And still the naysayers continued their down talk.
Gregg once again pumped up the crowd with jokes about what a beauty the house was… “It’s practically move-in ready, just bring your furniture. Come on, people, who’ll give me 100,000?”
No one did. No matter how much Gregg probed the crowd, no one took the bait. Bidders still in the game threw sligh looks at each other or looked down at the ground to avoid revealing their top number. From 90,000 it ticked off at tiny increments, the finish line hanging in the air. Many held their breath in eager anticipation as Gregg brought it to a close…
“Going once, going twice, last call…SOLD!”
The final number was $92,000. Adding the 10% buyer’s premium to this winning bid, the house sold for $101,200.
Gregg goes over the contract with the winning bidder
As the winner entered the home to sign on the dotted line and hand over his $10,000 deposit, the crowd began to break. The naysayers continued to rehash the event like Monday morning quarterbacks while neighbors talked excitedly about the renovation possibilities.
The most common question, “what’s he planning to do with home?”
Although time will answer that question, one thing is certain. It will greatly improve the livability of the home as well as the resale value of the adjacent homes on the street.
For more information on auctions in your area, visit Gregg’s website at www.charlestonrealestateauctions.com For a list of upcoming auctions, contact me.
