As I read yesterday Napa Register, an article by Jennifer Huffman , Mondavi estate up for auction: Minimum bid is $13.9 million, immediately caught my. The property known as Wapoo Hill was first listed for sale June 1, 2010 for $25,000,000 and this property has remained unsold for 477 days as of today. Even with a $5,100,000 price reduction last March 15th and the renown name associated with this property, no buyer has appeared. Sealed bids may be submitted to Sheldon Good & Company of New York, NY until November 16.
That made me think of three other auctions of Napa Valley properties I know about which have occurred in the last year. All three had been previously listed for a much higher asking price and all three had reserve bids above the published opening bid. The opening bids were all listed in the local MLS, marketed very heavily by a professional auction company and not one received a single bid. One which was listed by another agent in my office, 4625 Lake County Highway, was originally in 2009 listed for sale at $3,900,000, didn’t sale on the open market for $1,495,000 after over 300 days and didn’t receive one bid at the auction with the opening bid of $1,100,000. It is currently listed at $1,000,000 and is sale pending. I will let you know what it sales for.
There is one other property, 2650 Greenwood Avenue, in the Napa Valley scheduled for an up coming auction. The interesting thing with this property is it is on-line only and the auction starts November 18 and runs for usually a few days. Its starting bid is $329,000 even though the property in listed in my MLS at $669,000.
Tune back in the near future for I will write another post on what happens to these two. It will be interesting to see if the Mondavi name will be the key to selling a property at auction. One other consideration in buying at auctions, there is an auction premium of 5% normally. In my opinion, auctions do not work. It is still price, price, price today besides location, location, location.
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Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.
Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.
My website & blog: www.NapaValleyAddress.com
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