Private sale 9x more expensive

Real Estates easy, think again

An Auckland man who tried to Auction his million-dollar home himself to save real estate agent fees is left shocked.

Owner Leon Laugalis a 70-year-old retired investment broker made a fatal error in not seeing the value of having a professional market and sell his home in Henderson.

An estimated $50,000 in  real estate agent fees would of been a drop in the pool compared to the $450,000 it actually ended up costing him to undersell his home.

Located at 5 Swanson Rd, the massive 397sq m concrete home has a CV of $1.225 million and sits on a 1200sq m site. With three bathrooms, three living areas, a private courtyard and its own 55,000-litre pool it is a lot of house.

Offers of $1,800,000 and $1,900,000 had been turned down by the private seller prior to the Auction. The home was auctioned with no reserve & sold far below expectations at the onsite auction with just 24 people turning up. The home almost sold for just $700,000 with a lucky last minute contender bidding to soften the blow by paying $1,450,000 still far below previous offers.

The new owner, a property developer got an absolute steal and knows he has bought it well below what it is worth!

I’m not happy!

Mr Laugalis said “I’m not happy! It sold well below its value. I thought it was likely to get between $1.8 million and $2.4 million,” he said. “This is a very, very valuable place and I would think there would be 100 people here trying to buy it. Especially with the so-called shortage of houses, this is a fabulous big home it’s a crime to sell it for what I sold it for.”

Reality check

This should serve as a gentle warning to anyone thinking of selling their home privately in the Mahurangi East, Snells Beach and Algies Bay area’s.

“It’s not as easy as it seems or everyone would sell Real Estate”!

(Article information sourced from NZ herald)