The Year of the Auction: Sellers Are Choosing the Auction Method for Selling Luxury Properties, According to J. P. King Auction Company
GADSDEN, AL--(Marketwired - Jan 30, 2014) - Will 2014 be the year of the luxury rebound? Those who have been holding on to their high-end real estate since the economic recession began seem to think so. Owners of multi-million properties are asking questions and preparing to sell, but the way they're choosing to sell their homes looks different than it did pre-2007, perhaps permanently.
"Over the last several months, we've spoken with numerous property owners that have pulled their properties off the traditional real estate market and are researching other methods of sale," said Scott King, Executive Vice President of Sales at J. P. King Auction Company. "We're consulting with these individuals trying to help them determine the best fit for selling their properties."
Enter the auction method.
A proactive, national or international marketing reach and a turnaround that works on the sellers' timeframe puts them in control and makes the auction method of marketing an increasingly popular one among luxury sellers. When J. P. King Auction Company pioneered using the auction method for luxury properties in the early '90s, the company began turning heads as those with upscale properties realized auctions weren't just for distressed homes. Now, J. P. King is clearly seeing a trend of sellers trying to determine if the market conditions are right to sell in a recovering economy.
"Not only that, but real estate agents are turning to us in an attempt to get their clients' properties sold, knowing that we can work together to broaden the buyer base. They recognize the importance of preserving their relationships with their clients, and often turning to the auction method meets everyone's needs."
Market research backs the market uptick sellers are noticing. Christie's Real Estate recently published their findings in "Luxury Defined: An Insight Into the Luxury Residential Property Market," which noted that several cities have more luxury buyers than available properties, with only 33,000 properties of $1 million or more available in the entire country. With a demand for real estate like this, sellers have realized one of the keys to moving their property is reaching their target market, wherever they may be, recognizing that the auction method finds that market and turns them into bidders.
For example, in the last two months of 2013, J. P. King sold six properties that spent a combined quarter century sitting on the market, waiting for the right buyer. When these sellers chose to work with J. P. King, each of the properties was listed and sold within 60 days.
"These are people that have put their lives on hold waiting for the economy and market demand to line up, and we all seem to agree that this is the highest demand any of us has seen since the early 2000s," King said. "We're looking forward to working with these owners and their real estate agents to show them that the auction method takes a step beyond bringing the property to the market and instead brings the market to the property."
About J. P. King: J. P. King Auction Company is a national real estate auction marketing firm, specializing in high-value resort and recreational properties. A fourth-generation company, J. P. King has marketed properties in all 50 states and six countries.
