Unsold luxury homes in Metro Vancouver offered new path through auction

Aug 6 2020, 6:41 pm

It is no secret that Metro Vancouver’s luxury housing market is not in a great shape, and this was the case long before the COVID-19 pandemic, due to government interventions on the local housing market that targeted foreign buyers.

But a new local residential real estate auction series by Lambert Premier Auctions is aiming to assist homeowners of upscale properties by providing them with a path forward to dispose of their property.

“We’re excited to bring the Vancouver Luxury Real Estate Auction to market during these uncertain times in an effort to invigorate sales with a solution that could become part of our ‘new normal’ way of doing business,” said Alec Lambert, CEO Lambert Premier Auctions, in a statement.

“With our world-class digital platform, we’re positioned to maximize the exposure and value of a property and encourage buyers to take action from the comfort and safety of their home.”

Up to 10 unique, luxury properties — worth between $3 million and $40 million — from across the region will be auctioned sometime in late summer or early fall, with the process beginning with a five-day online period and ending with a live-streamed auction.

The auction team is currently in the process of working with property owners and real estate brokers to virtually preview select properties that will be auctioned off.

Unlike traditional multiple offer scenarios, this auctioning process will be transparent by allowing all bidders to see how much other participants are bidding in real-time, which is intended to “create excitement” and demand as the bids go up.

Sellers will be in control of the sale by choosing either a reserved or unreserved auction model, while also having the option to refuse the sale if the reserve is not achieved.

Auction organizers are also promising sellers their properties will be uniquely branded and marketed internationally and locally.

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