A unique Salt Spring Island property will be sold in a unique way next month as New York-based Concierge Auctions puts the waterfront home under the hammer.
The Japanese-style house, known as Brightwoods, was listed for sale at $5.885 million and has been on the market for years. It will be sold to the highest bidder through an online auction Aug. 15. There is no reserve price.
Chris Oneill, Concierge’s Ontario-based project sales manager, would not say why the owners opted to sell by auction, but said typically it’s about re-energizing a tired listing.
“The most common scenario is they have listed their property on the market and typically after 60 days the data tells us in the luxury market the property is prone to sit on the market for an extended period of time,” he said.
Oneill said the longer it sits idle, the more toxic the listing becomes and buyers start waiting for reductions.
“Throughout that process the asset loses its momentum and appeal,” he said. “But by setting a definitive sales date and communicating that to the market, a seller takes control back. They get liquidity and it forces a sense of urgency from buyers to act and act now.”
Because there is no reserve price set, it will be sold to the highest bidder.
“In theory it could sell for any price,” said Oneill. But Concierge’s business is about finding a market for unique properties, he said.
“We curate demand in a couple of different ways. We have a database of more than 400,000 high net worth clientele and top agents and we market opportunities to segments of that database, and we create customized marketing campaigns, both print and digital, and we partner with the real estate community.”
Oneill said they typically get between five and 10 qualified bidders for each property. Bidders must be registered with Concierge before the auction, though anyone can download the company’s mobile app and watch the auction take place.
He would not say how many have registered for the auction, but expects the house will generate serious interest.
It’s difficult to tell who it will appeal to, he said. In such situations, buyers are often from out-of-province, “though of course the local community is something that we also target,” he said.
Oneill said the uniqueness of the Salt Spring property — it has been designed and furnished as a Japanese home — could present a challenge in finding a market.
“A lot of the properties we take on are one-of-a-kind and that makes them very difficult to value,” he said.
“The market will speak on Aug. 15 and we will find out what a property like this is worth.”
The seven-acre oceanfront property features seven bedrooms and three bathrooms in 5,870 square feet, a private beach, open living spaces, minimalist interior styling and Asian-style furnishings including tatami mats, shoji screens and chabudai tables.
There is also a veranda, pond, secluded gazebo and walking trails.
The property is available to be viewed until auction day and is listed with Sea to Sky Premier Properties on Salt Spring Island.
