RESIDENTIAL CASE STUDIES

UNIQUE LUXURY HOME



11315 77th St
Burr Ridge, IL
Luxury Single Family Home
Privately Owned Real Estate

Sale Price: $1,470,000

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 Ready to retire and “move on” with his life, he listed the property with AW with an unpublished reserve price of $1,350,000.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The home sold in a pre-auction bidding war for $1,470,000—an amount that well exceeded the seller’s unpublished reserve price of $1,350,000-- and closed in less than 30 days.

SELLER 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 In a pre-auction bidding war that resulted in a cash offer, the house sold during the first month for more than my unpublished reserve with backup offers exceeding my expectations.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 Chiricotti, Non-Distressed Luxury Home Seller

SINGLE FAMILY HOME IN A HIGHLY DESIRABLE LOCATION



1727 N Dayton St
Chicago, IL
Luxury Single Family Home
Privately Owned Real Estate

Sale Price: $1,467,750

CHALLENGE

The owner of this single family home in Chicago’s highly desirable Lincoln Park neighborhood purchased it for $1,350,000 one year prior to listing it with AW. In the process of selling a different home, the owner had experienced going under contract numerous times without selling, due to buyers' financing contingencies. Rather than repeat this frustrating experience when he decided to sell his Lincoln Park home, he listed it with AW for auction, thereby ensuring: competitive bidding; only bids from qualified buyers; an executed agreement with no contingencies; and non-refundable earnest money.

The home owner's goal was to get what he paid for the home the year before. He had not made any improvements to the home; he had a tenant occupying it who was in the process of moving out, making it difficult to photograph and show; and he had a smaller than standard sized Chicago lot, which meant developers would not be likely buyers.

SOLUTION

The AW team: set a suggested opening bid of $1,250,000 for the online auction and extensively marketed the home to local brokers; coordinated with the tenant to photograph the home; and scheduled an open house during one of the few days in which the home would still be furnished and not yet in disarray due to the tenant's impending move out.

RESULTS

Even with only one open house opportunity to show the property (due to the tenant situation), the AW team was able to attract a sufficient number of qualified, cash buyers to inspire a successful pre-auction bidding war. Through this pre-auction bidding war, the AW team achieved a sale price of $1,467,750—which far exceeded the seller’s unpublished reserve price of $1,350,000.

SELLER TESTIMONIAL

"At the time I decided to list my property with AW, I was frustrated by trying to sell my primary home through a traditional sales method and realtor. We kept going under contract on that home, but not closing because the buyers making offers did not have adequate funds. I had a second home to sell during the same time period and decided to try the auction method of sale for that home. My goal was to reduce the hassle and negotiations involved; only deal with qualified buyers; reduce the commissions I would have to pay at closing; and sell the home quickly for at least the same amount I had paid for it the year before. The AW platform and team far exceeded my expectations. By igniting a pre-auction bidding war, they achieved a quick, cash sale that netted me over $100,000 more than my unpublished reserve price (the amount I had paid for the property the prior year)."

-Alfred Stepan, Non-Distressed Luxury Home Seller

LAKE FRONT SINGLE FAMILY HOME



12300 Nixon Lane
Apple River, IL
Privately Owned Real Estate

Sale Price: $610,000

CHALLENGE

This lake front, single family home located in a private association community on Apple Canyon Lake was arguably the nicest home on the lake, in a community where most homes sell for under $400,000. The owner previously had the property listed with a local broker for over a year, during which time the home had very few showings and no offers. Ready to buy a vacation home on a larger lake, but preferring to sell this home first, the owner approached AW. While an AW team member had successfully sold several commercial properties at auction for this owner in the past (including two golf courses and an asphalt plant), this was his first residential auction.

SOLUTION

The AW team set a suggested opening bid of $450,000 for the online auction and extensively marketed the home to local brokers and brokers in surrounding areas. Since the home was located in an area that attracted vacation homeowners from three states, the AW team implemented an electronic marketing campaign to target market the home to potential buyers who lived within a certain radius and people who visited the community’s website. Since the lake is visited most during July 4th weekend, the AW team set the online auction date for mid July and advertised a July 3rd open house. In advance, the AW team placed auction signage in both the home's front yard and in the backyard where it would attract the attention of boating enthusiasts.

RESULTS

The July 3rd open house attracted 20 families who toured the home and resulted in a pre-auction bidding war that included three qualified buyers. The AW team sold the home to a cash buyer who was able to close in less than two weeks. Through the competitive, pre-auction bidding process, the AW team achieved a sale price of $610,000 (well over the seller's unpublished reserve price of $500,000).

SELLER TESTIMONIAL

"Diana Peterson and her company AW have been one of my favorite business partners over the past 5 years. I oversee 9 companies and have the opportunity to do business with hundreds of partner businesses and I can say with confidence Diana and AW is one of the top 3. Our first property that Diana sold for us was one of the toughest I could ever imagine, an old Asphalt Plant and a small industrial park in a bad location. She did a phenomenal job from start to finish and she then was given a losing golf course in a small farm town and another old Asphalt Plant in a small industrial park. She somehow sold those two properties at good prices and in each case had a couple buyers wanting the properties prior to an auction. I recently challenged Diana with our family lake home that was devalued because of runaway association fees and taxes. We had the home for sale on two different occasions with little to no interest over 4-6 month intervals at a heavily discounted price from the value 5-6 years prior. After hiring Diana we never looked back, we had a few interested buyers with two offers prior to going to auction and accepted a very good offer that closed within a couple weeks. I have recommended Diana to good friends of mine who ended up having similar success. If anyone wants to move a property fast without the normal hassles of the conventional real estate sales process, I can't imagine a better person or company than Diana Peterson and AW."

-Gary Rabine CEO, The Rabine Group of companies

ESTATE SALE



3871 Sunset Lane
Northbrook, IL
Privately Owned Real Estate

Sale Price: $525,000

CHALLENGE

This single family home located in a North Shore Chicago suburb was built by its only owner in 1972. Set on a nearly one acre lot, it is surrounded by much larger, newer construction homes. After the owner passed away, his three adult children (two of whom lived in other states) wanted to sell the home quickly and minimize the hassle for the one sibling who lived nearby. They also wanted to determine the highest price the market would bear for an older home they believed most buyers would deem in need of extensive renovation.

SOLUTION

The AW team recommended an online auction of the property with a suggested opening bid of $295,000 (a little less than the estimated land value of the home's lot). The client concurred and the AW team extensively marketed the home to local brokers and developers.

RESULTS

In a pre-auction bidding war that included 9 buyers, the AW team ultimately sold the home to a cash buyer who intended to renovate the home and flip it. Through this competitive bidding process, the AW team was able to sell the home in less than 30 days, minimize the hassle for the sibling who lived nearby, and achieve a sale price of $525,000 ($25,000 over the unpublished reserve price).