- An Auckland mansion sold for $3.5m, bypassing its $1 reserve auction.
- The owner accepted an early offer from a local family, avoiding a potentially higher auction bid.
- Ray White agent Jay Singh said the $1 reserve strategy attracted over 70 interested groups.
As gambles go, this was a biggie: setting the auction reserve for a multimillion-dollar mansion at $1.
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But the owner of the impressive colonial-style home on Potts Road, in Auckland’s Whitford, wasn’t mucking around and his gamble paid off. He found a local family willing to fork out $3.5 million for his home ahead of the auction.
Ray White listing agent Jay Singh said the buyers had previously shown interest in the house, but the vendor’s $1 reserve gambit was the impetus they needed.
Some parts of the four-bedroom brick mansion are stylishly presented while others need work. Photo / Supplied
The property sits on nearly two hectares in one of Auckland’s wealthiest lifestyle suburbs. Photo / Supplied
Interest in the house was strong, with the agent telling OneRoof there was another buyer waiting in the wings. “We had over 70 groups through the property, a staggering amount. We tried to have a bit of structure, so that we didn’t have people at the home every single day,” he said.
The agent told OneRoof the vendor had grown “very fond” of the buyers, and after some negotiating, accepted their offer, which came with the stipulation that the house didn’t go to auction.
The deal was done just 16 days after the house hit the market and while the sale price was below the property’s $4.95m RV, it was a number that allowed the vendor to move on.
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“He said, ‘They’re the next custodians. They’re the people I want to have looking after the home’,” Singh told OneRoof.
“We try to avoid interactions between vendors and purchasers, but he ran into them in December. They got on like a house on fire when we were showing them around the house. It was quite funny, I couldn’t get either of them to leave, it was the longest inspection I’ve ever done.”
The agent said the family had just sold their old home last month so the timing was perfect. “In auction conditions I have no doubt we would have gotten more for the property, but the owner reserved his right to accept an offer.
The property, which has an RV of $4.95m, last changed hands in 2019 for $3.56m. Photo / Supplied
“We know each other quite well. I was saying, ‘Man, I’m gonna get you more’, but he said, ‘No, just bloody do it’. We were laughing. It’s a short settlement time, he’s very , very happy transitioning to another property.”
Singh said the house was partially renovated, but the stress of finishing the planned upgrades had taken a toll on his client.
“He’s relieved that the property is sold and he can get his sleep back. He had started a renovation and it had stalled. He felt frustrated with tradespeople, and he just decided to sell the property as is.”
Singh added: “The downstairs bathroom had been ripped out, the carpet had been taken out of the majority of the property. It obviously had beautiful views and a great location, but trying to find a buyer who was prepared to do the work was difficult.
“Typically in Whitford, people are more happy to pay a premium for a renovated home.”
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