PROPERTY

The property was a 20,000-square-foot single-family home custom-built and included an indoor pool, bowling alley, and full-size basketball court.

SITUATION

The property was vastly over improved for the neighborhood and there were no comparable sales. It had been on and off the market for five years, with multiple price reductions with multiple brokers and no viable offers. The location of the property, below a radio tower, also limited its desirability to buyers.

STRATEGY

We ran a national marketing campaign for a sealed-bid auction. Our efforts resulted in the property being featured in a Wall Street Journal article about highly customized homes and an LA Times article promoting the sale, because the property was used as a set for an HBO movie featuring Kate Hudson and Larry David.

RESULTS

Our sealed-bid strategy yielded one bidder (a Chinese investment group with a local broker), but since the bid was received in private, we were able to negotiate with the bidder to a number the seller was willing to accept. The home sold for over $2.2 million, which was one of the highest dollar sales of the year for the town of Andover.