Community Corner
New Canaan Homes to be Auctioned Off
Auctions becoming an attractive alternative to wealthier homeowners seeking to offload their homes as quickly as possible.
Two multi-million dollar homes in New Canaan will soon be auctioned off to the highest bidder — part of a growing trend among wealthier homeowners seeking to offload their homes as quickly as possible in an almost completely stagnated market, even if it means taking a huge loss.
According to an article in the New York Times, Rodney and Beverly Hawes of New Canaan recently decided to have their Laurel Road property, previously listed at $12.5 million, auctioned off “absolute,” which means the highest bidder wins. Concierge Auctions, based in New York, will be handling the auction: According to the report, the firm has auctioned off three multimillion-dollar properties in the past year.
Concierge Auctions is also handling the auction of “an ornate 15,000-square-foot mansion built in 1929 on Oenoke Ridge,” according to the report. The six-day auction for that home reportedly opened Thursday. Unlike the Haweses home, it has a reserve price, or starting bid, of $3.5 million.
Find out what's happening in New Canaanfor free with the latest updates from Patch.
As the article points out, it is very much a buyer’s market right now, which means buyers needn’t be in a rush to make any decisions. Many houses in New Canaan have been sitting on the market for over a year — an auction is one way to speed up the process, because it requires buyers to act within the seller’s specified time frame.
Some homeowners are also considering the auction route when it becomes difficult to price a home due to its unusual features, the article states. For example, the Haweses home includes a three-level, 10,000 square foot barn that has been converted into an entertainment facility.
Find out what's happening in New Canaanfor free with the latest updates from Patch.
“In addition to his-and-hers bunkrooms, a full kitchen and a bar, the Haweses put in a basketball court with a scoreboard, a bowling lane and an electronic golf simulator,” the article states. “The movie theater has leather seating for 30. The stage is equipped with professional lighting and sound systems, operated from a balcony above.”
Although sellers can incur significant losses by going the auction route, some are willing to take that chance, simply so they can divest themselves of homes they no longer want and move on with their lives.
