Thursday, July 22, 2010

Mercer Island Mansion Auctioned for a Mere $12 Million?

Going once, going twice, sold for $12 million. This winning (and minimum) bid was accepted for the purchase of a 23,000 square foot Mercer Island mansion which sold in late June. The home, originally listed 6 years ago at $40 million, was placed in the hands of a New York auction firm in February to be sold. The home’s winning bid was 30 percent of its original list price. Although there are perks to home auctions, such as a quicker closing and typically serious buyers, there are also some downfalls. Buying a home in an auction usually leaves no room for negotiation, one of the perks of a traditional home sale. Auctions may also be more costly to the seller than the conventional route. Finally, because auctions are usually characterized by the urgency to sell, sellers may not always receive full market value for their property.

Ewing & Clark currently holds the record for the most expensive Mercer Island home sold. Sold by agent Betsy Terry in 2009, the selling price exceeds that of the recently auctioned mansion by over 29 percent.


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