SOURCE: Albert Burney Auction Company

Albert Burney Auction Company

October 13, 2009 12:22 ET

California Sellers Embrace Real Estate Auctions

CARMEL, CA--(Marketwire - October 13, 2009) - Even as traditional methods of selling high-end real estate have stalled in the last couple of years, sellers in the Monterey County and Carmel Valley areas have found another way to get their property sold. They've turned to the auction method.

And buyers have responded, according to Warren Ward, president of Albert Burney Auction Company, of Gadsden, Alabama, which has had a string of successful sales in the area, including the sale of three home sites in the ultra-exclusive Santa Lucia Preserve.

One site -- sold for Dean Witter III -- went for $1.2 million in 2007. More recently, Albert Burney sold two more, including one purchased by Stanford and NFL star running back Tommy Vardell.

"In all, we've sold three home sites in Santa Lucia for a combined $2.25 million," said Ward.

But that's not all. In July, Albert Burney sold the 2,100-acre Soledad Mountain Ranch for $1.32 million. And on Sept. 19, the Alabama-based auction company sold the 104-acre Sage Ridge Ranch in Carmel Valley for $1.4 million, exceeding the seller's reserve by 40 percent.

"We keep hearing that you can't sell high-end real estate in this market, but we're finding that if you draw attention to the right kind of property, people in the area and beyond will respond. And as other property owners have seen our results, they've approached us about selling their properties as well," said Ward.

Ward said the specific time period is a major factor, especially in a market that is otherwise sluggish.

"When you have an open-ended listing, buyers tend to take their time. They know there's little risk of someone buying the property if they delay. But when there's an auction date, they know that if they want the property, they need to act by that time. It puts the buyers on the seller's timetable, rather than the reverse," said Ward.

Albert Burney Auction Company, Gadsden, Ala., sells high-end property such as ranches, luxury homes, home sites, land and farms throughout the United States. Individuals interested in additional information may visit the company's web site at www.albertburney.com or call 800-434-1654.

Contact Information

  • For More Information:
    Carl Carter
    205 823-3273