SOURCE: ProStar Auctions, LLC

October 14, 2009 12:48 ET

ProStar Auctions Changing the Face of Lake Area Real Estate Sales

LAKE OZARK, MO--(Marketwire - October 14, 2009) - The Lake of the Ozark Premier Home Auction events that took place recently could be described as the "sales of the year."

Potential buyers vying for the opportunity to be declared the fortunate bidder, as well as interested onlookers who came to see what all the excitement was about, filled the rooms and, in some cases, spilled out on to the decks and patios and enjoyed refreshments at each of the luxury properties presented by ProStar Auctions.

However, the experience wasn't limited to those who were able to make it to the Lake that weekend. Each auction was also broadcast live in streaming video on the Internet, potentially allowing everyone from around the world to take part.

The first sale of the day was set for 10:03 a.m. at 273 Spring Green Circle in the Village of Four Seasons. All eyes were fixed on the officials and the auctioneer as they began by making pre-auction announcements, summarizing the terms of sale and explaining the methods of bidding. As Spanky and Amy Assiter, the world-renowned auctioneer, spoke, excitement began to build. Anxious bidders nervously tapped their numbered cards, waiting for the sale to start. Then, the fast-paced, lively bidding process was set in motion.

Like a well-rehearsed dance, back and forth across the room and from points elsewhere in the Internet world, bids were placed, then raised, and then raised again. In each case, a quick counter was required because while participants seemed to be sealed off from the world, frozen in the index of time, the entire process was over in a matter of minutes. Then, as the winning bid was proclaimed, sighs, joyous exclamations, laughter and applause could be heard ricocheting around the home. This same scene was repeated approximately an hour and a half apart at all four auction properties in the greater Lake Area.

Mike Grein, one of the happy home sellers, said even though the auction itself was a little nerve wracking, he was totally pleased with the process. "They were very prompt; they were very efficient; they were very professional. Everything went like clockwork and actually exceeded my expectations," he said. "I had been trying to sell my house for more a year. It was sold in less than 7 minutes at the auction and I got market value. In today's economy, that's pretty phenomenal," concluded Grein.

Home sellers Sean and Gina Tebbe expressed their appreciation to ProStar for an excellent job of representing and marketing their home in Porto Cima. "You and your staff were a pleasure to work with. Thank you for your professionalism and organization, which your team displayed throughout the process. If the need ever arises in the future, we will definitely contact you for assistance in purchasing a property or for any other auctions needs," said Gina Tebbe.

ProStar Auctions Partner William C. Shively, who is in charge of Business and Asset Management, said he and his partners were very pleased and very satisfied. "And the feedback from the selling, buying and realty communities was very positive as well. We have more luxury home auctions coming up and are making the same commitment of professionalism and marketing that took place with this first event," he said.

Robert A. Shively, another partner in the ProStar Auctions and head of Auction Management said the benefit of the sense of urgency brought on by the auction format was two-fold. "No longer can home shoppers 'dawdle' on their decision because once the property is put up for auction, it will sell and the opportunity for a buyer to make an offer -- and to get a deal -- is over," he said.

Tonia Grein, another partner in ProStar Auctions and head of Acquisitions and Sales, said, "In fact, a 4,300-square-foot home in Porto Cima, which had been on the market for many months, sold within days of the owner signing the auction contract -- it didn't even make it to the auction sale date -- and it sold for an amount very close to the listing price."

In addition, because bidders must show proof of the mandatory earnest money deposit when registering and because the sale is not contingent upon the buyer obtaining financing, appraisals or inspections, once the gavel is pounded and the winning bid is accepted, the property is legally sold and that sale is binding.

While sellers have much to celebrate about ProStar Auctions' establishment at the Lake, buyers can also rejoice because the auction process affords them the opportunity to acquire a property at the price they are willing to pay.

When properties are registered with ProStar Auctions, sellers and auction management establish a realistic value for the property to ensure it will in fact sell. "Sellers must be realistic in their expectations or ProStar Auctions will simply not take the property. The final selling price will be determined on Auction Day with the seller confirmation," said Robert A. Shively.

The next premier home auction event is scheduled to take place on Saturday, October 24. Details can be found on www.ProStarAuctions.com.

ProStar Auctions offices are located at Bus. Hwy. 54 and Crossing West Drive in Lake Ozark, Missouri 65049 and can be reached at 573-365-7272 or on their web site at www.ProStarAuctions.com

Contact Information

  • For additional information contact:
    William C. Shively
    ProStar Auctions
    573-365-7272