Pat Kirby

About Us:

At Grand Estates Auction Company® all of our executives have faced the same decisions that you will have to make about selling your high-end luxury properties. Our CEO, Val DeVine, founded Grand Estates Auction Company® after having experienced the frustrations of trying to sell a multi-million dollar corporate retreat.

At first she tried the traditional listing approach. Having had the experience of poorly qualified lookers, a contract that fell through due to an unqualified buyer, the constant interruption of unscheduled showings, Val decided there had to be a better way. The alternatives of "For Sale by Owner" and / or liquidation were not feasible due to the fact that she already ran a thriving mortgage banking business, time was too precious, and giving away such a valuable asset seemed ridiculous.

Val had overseen the closings of hundreds of millions of dollars of real estate, and had built companies that had been nominated to the Inc. 500, and she wanted to find a company that would produce results. She then contacted a few companies that specialized in "Trophy Properties", went to a couple of their auctions, and left one of them horrified and dismayed when the property not only didn't sell, but the property was covered in the media for several days about questionable selling techniques used by the auction company. The Auction Company was off to their next auction the next day, leaving the poor seller to deal with a very bad situation. Val learned that the way these companies were handling auctions, only a small percentage of the properties they auctioned were ever sold by them, either before, during or after the auction. On their absolute auctions, some sellers were shocked when their properties were unexpectedly sold at less than liquidation value.

With the growth of the Internet, auctions were becoming an acceptable form of marketing everything from A to Z. Could luxury properties be marketed successfully via the auction method, if done correctly?

Val reached out to some of the top people she had worked with over the last 25 years, people who had helped her build industry-leading companies before. People in marketing, advertising, finance, operations, real estate law, tax shelters, accounting, auctioning, the best real estate brokers, web developers and designers, computer technicians and programmers, people who could contribute to building the best luxury home auction company in the business.

Grand Estates Auction Company® was born. The team was in place. She believed so strongly in the team that she was willing to make a multi-million dollar bet on their success. The Corporate Retreat was to go first. And go it did! Two offers came in prior to the auction; the bid on auction day was refused. The day after the auction one more offer came in. Two weeks later an offer for more than they had listed the property for was accepted!

"We learned that if you want to play it safe and not end up in a liquidation situation with an Absolute Auction, then the auction process needs to be an intense 90 day selling cycle, and the cycle doesn't end necessarily on auction day. Other companies are done when the auction is over, but we treat the auction itself as only one day in the cycle, and we keep going until the sale is made. Our marketing staff is still on the job, focused wholly on completing the job, and the job isn't done until we all leave the closing table", states Val.

Our goal is to bring the same success to your property as Val and her other clients have experienced. If you would like to hear how Grand Estates Auction Company® can help you achieve a successful sale for your luxury property contact us today!

Benefits of Selling Luxury Real Estate At Auction

Benefits to the Seller

• Buyers come prepared to buy luxury real estate
  
• Quick disposal reduces long-term carrying costs, including taxes & maintenance
• Assurance that property will be sold at true market value
• Exposes the property to a large number of pre-qualified prospects
• Accelerates the sale
• Creates competition among buyers-auction price can exceed the price of a negotiated sale
• Requires potential buyers to pre-qualify for financing
• The seller knows exactly when the property will sell
• Eliminates numerous and unscheduled showings
• Takes the seller out of the negotiation process
• Ensures an aggressive marketing program that increases interest and visibility
  

Benefits to the Buyer

• Smart investments are made as properties are usually purchased at fair market value through competitive bidding
• The buyer knows the seller is committed to sell
• In multi-property auctions the buyer sees many offerings in the same place at the same time
• Buyers determine the purchase price
• Auctions eliminate long negotiation periods
• Auctions reduce time to purchase property
• Purchasing and closing dates are known
• Buyers know they are competing fairly and on the same terms as all other buyers
• Buyers receive comprehensive information on property via due diligence packet

Testimonials

Sports lover buys Arlington luxury house near Cowboys Stadium for $2.23 million - Star-Telegram - December 17, 2009

Some sports lovers buy a luxury suite to be on the 50-yard line.

Then there are guys who'll pay $2.23 million for a luxury house that's five minutes from Cowboys Stadium.

That's what an anonymous Houston buyer paid at auction Tuesday for a 9,370-square-foot French modern house in northeast Arlington. The property, dubbed La Maison Des Fontaines (House of Fountains), was on Tarrant County tax rolls for $2.6 million.

Owners Michael and Marty Reiswig decided to sell the property via an "absolute," auction, meaning there was no minimum reserve price. It could have been risky, but not to worry.

"On auction day we ended up with 11 registered bidders," said Pat Kirby, who handled the sale for Grand Estates Auction Co. He said he received 222 inquiries from as far away as British Columbia and 123 groups toured the 3.35-acre spread, at 2712 Mark Twain Court.

"The seller was actually thrilled," Kirby said. The closing is set for Jan. 14.

Jamie Adams of MVP Agents in Arlington said that while the sales price amounts to a nifty $238 per square foot, that isn't a historic high for a previously owned residence in Arlington. He said he recalls one going for $254 per square foot in 2005.

But it's pretty strong, given the local economy, Adams said, who listed the house for a year and saw three deals blow up before the Reiswigs decided to auction it.

"He decided to roll the dice," Adams said the decision to auction the property. "He got very fortunate."

According to Monika Weymouth, a spokeswoman for Grand Estates Auction Co., the buyer is a hard-core sports fan. "Prior to owning this house, he flew in every weekend for professional or college games," Weymouth said. "He just said it'd be a perfect second home."

Five Charleston homes auctioned in June with no reserve, netting $5.85M

Staff Report
Published July 8, 2010

A Charlotte-based company that specializes in auctions of luxury homes announced that it sold five residential properties in the Charleston area during June for a combined $5.85 million.

Grand Estates Auction Co. sold the properties - an estate on the Bohicket River and four condos on Folly Beach - using its "absolute auction" method, in which there is no set starting bid or minimum reserve.

Auction companies have said that no-reserve auctions have become more popular since the economy and real estate markets toppled about 18 months ago. The instability has made it difficult for buyers and sellers to agree on a fair price.

One of the local properties auctioned during June was a 12-acre property called The Wadmalaw Estate. The winning bid was for $2.65 million.

Located on the Bohicket River, the site has 900 feet of deepwater frontage, five separate buildings, a 6,800-square-foot main residence, garage space for nine cars, a guest cottage, staff quarters, a climate-controlled greenhouse, a dock and a boardwalk.

According to the company's website, the buyer of the property, one of 15 registered bidders, was a resident of the Charleston area.

The other four local properties that the company auctioned during June were newly constructed condos on Folly Beach. The four-bedroom condos, with rooftop terraces, private courtyards and ocean views, sold separately for a combined total of $3.2 million, according to Grand Estates Auction Co.

Grand Estates Auction Co. said absolute auctions are a quick way to establish market value and assure a prompt sale.

Stacy Kirk, the company's president, said in a statement, "In today's weak real estate market with a surplus of luxury properties, multimillion-dollar homes can languish on the market for two years or longer."

Auction of luxury Sullivan's Island house aimed at fetching true value - The Post & Courier - April 10, 2010

Owners of a standout Sullivan's Island beach house listed at $3.6 million believe they will end up with the best deal by selling to the highest bidder.

Charlotte-based Grand Estates Auction Co. has scheduled an "absolute" auction Tuesday at 2 p.m. at the property, located at 3204 Marshall Blvd. next to Breach Inlet.

In an absolute auction, the highest bidder winds up with the property. There are no reserve prices or minimum offers, although bidders have to pay $35,000 upfront as a registration fee.

Rhonni and Harvey Malino have owned the beachfront property for 14 years, she says.

As described in the auction brochure, the five-bedroom, more than 3,000-square-foot house sits on more than half an acre "just steps from the beach and offers sweeping ocean views from every room."

Rhonni Malino says she and her husband are planning to move to the Naples, Fla., area. They tried to sell the house via two real estate companies without finding a buyer, she says.

The couple learned about the auction process while in Florida and selected 10-year-old Grand Estates Auction Co. "There are other auction companies but everybody else seemed like an amateur," Rhonni Malino says. Grand Estates, she says, "is really not in the business of giving homes away."

The bidding event, advertised in national and local magazines and newspapers, has attracted interest. "The property gets a great deal of exposure," says Scott Kirk, vice president of Grand Estates.

"A few days ago they had 250 inquiries," Rhonni Malino says.

Auctions, Kirk says, help set the "true value" of properties because of the extensive marketing and the ability of prospective buyers to bid up the price. In an absolute auction, there's a sense of urgency since the property will sell no matter what. The high bidder must close within 30 days, he says.

According to the auction company, the Sullivan's Island home is being sold fully furnished. Features include heart pine floors, 10-foot ceilings, arched windows, antique mantel and other paneling salvaged from an historic Charleston estate, wraparound screened-in porch, irrigation system and four-car drive-under garage.

The gourmet kitchen showcases floor-to-ceiling cherry cabinets and Sub-Zero refrigerator. The master bathroom has a jetted tub, marble countertop and dressing room with built-in storage. There's a swimming pool - screened by tropical landscaping - and a grilling area on the deck, Grand Estates points out in its brochure.

Noting that she and her husband want to take advantage of bargain prices in Florida's sagging real estate market, Rhonni Malino says she's pleased with the auction strategy. "I love the idea that on a specific date, it is going to sell," she says.

For more information on bidding, visit www.GrandEstatesAuction.com or call (877) 562-8203. The event is not open to the public.