Victorian Estate on the Bay – Ocean City, NJ
In Spring of 2012, the Premiere Estates Auction Company office in Manhattan Beach, CA received a call from a concerned estate owner named Ed. His 7,000 square foot bay front estate in Ocean City, NJ had been languishing on the market for 2 years. Having already bought a new property in Pennsylvania to be closer to his children and grandchildren, Ed and his wife needed a new strategy in order to finally move on with their plans.
We at Premiere Estates partnered with Ed and local real estate agent Dorothy Phillips to market and auction his unique property within a 6-week period. As a team, we were confident that we could create the urgency, mass exposure, and sense of value required by an extremely high-end luxury property with few comparables. Originally listed at almost $6.5 Million, we collectively decided that we could gain the most exposure by marketing and selling the property via our Absolute Auction platform, with a suggested starting bid of $2 Million. This aggressive pricing combined with our Worldbid Auction Platform was sure to draw the largest pool of buyers from around the globe.
The result: SOLD at Auction for $3,877,500 to a second-home buyer family from Rumson, NJ. After six weeks of widespread interest and showings, we had 60+ Auction Day participants, which led to a frenzied bidding war. In addition, we attracted over 2,000 Open House attendees, 513,128 page views on Trulia, and mass exposure from media outlets, including NBC, CBS, FOX, and the front page of the Philadelphia Inquirer. The seller was extremely happy with the result, which was just 15% lower than the previous list price and 95% above the starting bid. Prospective bidders came from the Tri-State area, border states, and as far away as Illinois.