In a real estate market that’s been unkind to high-end home sellers, more and more owners are thinking outside the one-by-one showings, and instead sending their luxury homes to auction.
Malvern’s 221 Spring Road is a prime example.
“Every market has a threshold above which homes are difficult to monetize,” Concierge Auctions spokeswoman Krystal Aeby said in a Philadelphia Business Journal report by Natalie Kostelni. “The main benefit of an auction is on the seller’s end. They can name the timing and the terms of sale. Our clients are well capitalized and non-distressed, and look at this as a smart business decision.”
This 18,517-square-foot manor on 18.8 acres had been on the market for $10.5 million back in 2009, but its owners stayed put in the midst of the housing crisis.
Since then, they’ve only added to the estate’s appeal, particularly with a new pond.
Now “you can’t imagine the property without it,” Kurfiss Sotheby’s International Realty agent Melodie Kahr said.
The home was most recently listed at $6.2 million, and “it’s worth every penny,” she said.