Unique Luxury Home

The owner of this custom built home had decorated and furnished it in a style not likely to be widely appealing to most buyers in the area of the home

11315 77th St
Burr Ridge, IL
Luxury Single Family Home
Privately Owned Real Estate
Sale Price: $1,470,000

Business Challenge

The owner of this custom built home had decorated and furnished it in a style not likely to be widely appealing to most buyers in the area of the home. As a result, despite its extraordinarily fine level of finish and the money the owner had spent, it was hard to determine the home’s true market value through the traditional sale method. The owner had been “chasing the market” for several years, during which time he continually lowered the price and still did not achieve the desired sale. Ready to retire and “move on” with his life, he listed the property with AW with an unpublished reserve price of $1,350,000.

Solution

The AW team set a suggested opening bid of $1,250,000 for the online auction; extensively marketed the home to local brokers; advertised the home through a wide range of electronic and print advertising; and promoted the home to local media through a press release and other PR efforts.

Results

The home sold in a pre-auction bidding war for $1,470,000—an amount that well exceeded the seller’s unpublished reserve price of $1,350,000– and closed in less than 30 days.
- CLIENT TESTIMONIAL

After listing my multimillion dollar Burr Ridge, IL home for over three years with four different realtors and getting few showings and no bids, I turned my decades of marketing and ERISA retirement plans due diligence experience on non-distressed luxury home auctioneers. After one year of due diligence, I teamed with AW, structured the agreements and worked closely with their staff to customize my own accelerated marketing campaign. In a pre-auction bidding war that resulted in a cash offer, the house sold during the first month for more than my unpublished reserve with backup offers exceeding my expectations. Marketing, not listing, is the key to successful home sales. To reduce the cost of carry beyond the time certain outcome and the direct marketing expenses, our broad campaign included heavy emphasis on pre-auction bids, non-traditional advertising, media placement and aggressive PR. Because most of the serious inquiries came from foreigners, invaluable proprietary databases were used to target select control groups, local brokers, homeowners, foreign investors and underserved multicultural groups.

Phil ChiricottiNon-Distressed Luxury Home Seller