Just doing our home work in terms of keeping our eyes on our local market and went to an Auction yesterday in Beechworth Rd , Pymble .
Packed house , Chat to agent before and they said they had had several bids before the day up to 1.7 . We thought for the vendor that was a pretty good price. Certainly much more than we thought it was worth. It had a certain amount of quaint charm , but functionally it had major problems ( eg one pokey bathroom , small ensuite size on the upper level for three bedrooms , one of which you had to walk through to get to the main bedroom ).
So the auctioneer gave his spiel , mentioned that there were people who wanted to negotiate different terms ( why hadn't they sorted that out prior to the auction .... )
Said he had the right to exercise on Vendor bid , which he did straight away at 1.75 Mill . After probably less than 30 secs he stopped the auction , no attempt to engage the audience . Then said we will now enter negotiations with interested parties and said than you for you attendance.
We missed out of our afternoons entertainment ...
I struggle to see the logic of what they did . Not even giving the auction process a chance to work it's magic in a hot market.
Cliff
Packed house , Chat to agent before and they said they had had several bids before the day up to 1.7 . We thought for the vendor that was a pretty good price. Certainly much more than we thought it was worth. It had a certain amount of quaint charm , but functionally it had major problems ( eg one pokey bathroom , small ensuite size on the upper level for three bedrooms , one of which you had to walk through to get to the main bedroom ).
So the auctioneer gave his spiel , mentioned that there were people who wanted to negotiate different terms ( why hadn't they sorted that out prior to the auction .... )
Said he had the right to exercise on Vendor bid , which he did straight away at 1.75 Mill . After probably less than 30 secs he stopped the auction , no attempt to engage the audience . Then said we will now enter negotiations with interested parties and said than you for you attendance.
We missed out of our afternoons entertainment ...
I struggle to see the logic of what they did . Not even giving the auction process a chance to work it's magic in a hot market.
Cliff