A retired businessman in Cape Coral, Florida is involved in a unique highest-bid-takes-it-auction for a 12,000 sq. feet, mansion with a waterfront view. James Postema worked his way up, starting as a truck driver and then went into UPS management. He decided to opt for an absolute property auction wherein the offer that is the highest, irrespective of how low it may be, will win the house. Usually, people rely on a real estate agent or property websites to market and ultimately sell their property. However, this being a sale of a very high end property, it is being marketed in a very different way through a property auction.
The advantage of such absolute property auctions, in addition to the advertising and marketing involved in such sales, is that it will attract the right kind of buyers who have enough funds to bid on such exclusive and prime properties. This seven bedroom house located on Bayshore Drive is among the most prized in the city. It has been appraised at $3.1 million by the county appraiser. If the same property was being sold in Naples, said the auctioneers, it would be sold at a fair market value of $25 million.
The Posteman’s have been trying to sell this house in order to move into a smaller home. Their primary reason for the sale has been that the wife, Judy is disabled and needs a more convenient living space that is smaller and easier to look after. Originally, it was listed at $ 5.9 million but did not attract buyers and the couple are looking to simply retire on some good savings for their old age. The realty firm was clear to also emphasize that it is not any kind of distress sale for the couple.
The home is still listed for a whopping $ 4,495,000 which is amongst the highest prices for a single family home in Cape Coral. If a sale offer comes prior to the property auction date, the couple can still choose to settle at the best price they receive should they choose to do so. Since the demand in local markets for a house this size and of such a high price is not high, the Posteman’s have opted to go for an absolute property auction to get the sale over with. The nature of advertising and marketing associated with this property is also expected to attract international buyers. Previous famous property auctions include the beach mansion of Gianni Versace located in Miami which was sold at $41.5 million.