Single Family Home

The owner of this single family home in Chicago’s highly desirable Lincoln Park neighborhood purchased it for $1,350,000 one year prior to listing it with AW

1727 N Dayton St, Chicago, IL
Luxury Single Family Home
Privately Owned Real Estate
Sale Price: $1,467,750

Business Challenge

The owner of this single family home in Chicago’s highly desirable Lincoln Park neighborhood purchased it for $1,350,000 one year prior to listing it with AW. In the process of selling a different home, the owner had experienced going under contract numerous times without selling, due to buyers’ financing contingencies. Rather than repeat this frustrating experience when he decided to sell his Lincoln Park home, he listed it with AW for auction, thereby ensuring: competitive bidding; only bids from qualified buyers; an executed agreement with no contingencies; and non-refundable earnest money.

The home owner’s goal was to get what he paid for the home the year before. He had not made any improvements to the home; he had a tenant occupying it who was in the process of moving out, making it difficult to photograph and show; and he had a smaller than standard sized Chicago lot, which meant developers would not be likely buyers.

Solution

The AW team: set a suggested opening bid of $1,250,000 for the online auction and extensively marketed the home to local brokers; coordinated with the tenant to photograph the home; and scheduled an open house during one of the few days in which the home would still be furnished and not yet in disarray due to the tenant’s impending move out.

Results

Even with only one open house opportunity to show the property (due to the tenant situation), the AW team was able to attract a sufficient number of qualified, cash buyers to inspire a successful pre-auction bidding war. Through this pre-auction bidding war, the AW team achieved a sale price of $1,467,750—which far exceeded the seller’s unpublished reserve price of $1,350,000.
- CLIENT TESTIMONIAL

At the time I decided to list my property with AW, I was frustrated by trying to sell my primary home through a traditional sales method and realtor. We kept going under contract on that home, but not closing because the buyers making offers did not have adequate funds. I had a second home to sell during the same time period and decided to try the auction method of sale for that home. My goal was to reduce the hassle and negotiations involved; only deal with qualified buyers; reduce the commissions I would have to pay at closing; and sell the home quickly for at least the same amount I had paid for it the year before. The AW platform and team far exceeded my expectations. By igniting a pre-auction bidding war, they achieved a quick, cash sale that netted me over $100,000 more than my unpublished reserve price (the amount I had paid for the property the prior year).

Alfred StepanNon-Distressed Luxury Home Seller