Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Your listing is more likely to have an effect on the auction than the other way around.  All attendees at the auction will know that there is an alternative to make an offer on next door and the final bid is unlikely to exceed your asking price.

And in the end the second place bidder will be calling you right after the auction.

The auction promotion will also bring much more buzz and traffic to the whole condo, likely elevating the value of all of the units.

On the other hand, if the neighboring condo is flawed and does not sell or sells for a bargain price, then you may need to do a lot of promotion to differentiate yours from theirs.

Aug 31, 2018 04:27 AM
Rainmaker
3,912,112
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Appraisers tend to look at what they refer to as "normalized" sales in a community. If the autioned condo unit is an anomoly, they will discount that sale. If more units in the condo are distressed sales than not, they will factor that auction unit into their appraisal.

Aug 31, 2018 04:11 AM
Rainmaker
832,378
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

It shouldn't have much effect. Look for other comps to justify sale price and true value. Many times the auction properties need a lot of work.

Aug 31, 2018 03:58 AM
Ambassador
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  I like the answer from Bob Crane , and the answer from Nina Hollander 

Aug 31, 2018 05:58 AM
Rainmaker
2,014,170
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Won't be in the MLS as a Comp

Aug 31, 2018 05:14 AM
Rainmaker
604,334
The Villages Realty
The Villages Realty - San Jose, CA
"Our Performance Will Move You!"

I would think it all depends on which one sells first, then the unknown final sales price may hamper things.  Appraisers I would assume would take into consideration when determining value that one was an auction, most likely cash sale, versusone on the open market with a traditional sale.

Aug 31, 2018 01:53 AM
Rainmaker
2,062,259
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

It might. 

Aug 31, 2018 06:18 AM
Rainmaker
4,025,142
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Maybe a benefit and maybe a burden. Is it an absolute auction? If the sales price does not reflect the value of other comps it won't be considered. As for the public, maybe yes and maybe no!

Aug 31, 2018 06:03 AM
Rainmaker
1,727,295
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Jeff Pearl  and Michael J. Perry have your answer. 

Aug 31, 2018 05:38 AM
Rainmaker
1,698,248
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Appraisers should ignore as they are not considered arms length in my area. In my area they do not sell quickly, too much of a hassle. 

Aug 31, 2018 04:53 AM
Rainmaker
1,178,351
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

In a non-distressed market, it's not a comp nor a factor.

Aug 31, 2018 04:44 AM
Rainmaker
3,298,016
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It depends if it is a foreclosure or if bank owned and they are looking to liquidate. First i look at condition. Then i look to see if there are any other REO homes. If bank owned is predominate, it will affect value greatly. If it is the only one, if it is in poor condition, then when it sells it may not even affect the value of your listing. 

Aug 31, 2018 04:43 AM
Rainmaker
3,878,275
Richard Weeks
Dallas, TX
REALTOR®, Broker

Depends on how they compare.

Aug 31, 2018 04:16 AM
Rainmaker
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Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

In terms of the final sale price, you'd find out as offers came in whether or not having an auction listing next door would have an impact. 

As for appraisal impact, I think it depends on two things. First is the sale timing. Will the auction even be completed/recorded before the other unit is being appraised?

I also think it would depend on the appraiser. I would assume appraisers look at the type of sale - auction and foreclosure properties are typically sold at a discount; I'm sure that would be part of the equation if used at all.

Aug 31, 2018 03:13 AM
Rainmaker
411,012
Brenda J. Andrew
ULTIMA REAL ESTATE - Corpus Christi, TX
Professional Realtor in Corpus Christi, TX

Bob Crane nailed this one!  I agree, I don't think it will have an impact since it is a distress property.  It will definitely bring more attention to your listing.  Good luck!

Aug 31, 2018 06:36 AM
Rainmaker
1,596,476
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Yes, a negative impact will be there...

Aug 31, 2018 06:29 AM
Rainmaker
5,372,568
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Praful,

Both Nina Hollander and Bob Crane gave you great answers. A

Aug 31, 2018 06:27 AM
Rainmaker
604,095
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

I would not leave anything to chance. I would get all the information about the other auctioned property along with other recent comps in condo. It may or may not impact my listing but I would be prepared with information for potential buyers and appraiser to differentiate my listing and prepare seller for possible negative impact.

Aug 31, 2018 05:37 AM
Rainmaker
709,204
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

It depends... on the condition of the units for example. But the auction could actually bring a sale.

Aug 31, 2018 05:35 AM
Rainmaker
5,570,688
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

it should not...it's a distressed sale...

Aug 31, 2018 06:59 AM
Rainmaker
967,403
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

It all depends. If the two are both equal to each other then they may each have an influence on the other

Aug 31, 2018 06:22 AM
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

No! In my area, buyers hate auctions and aucion property is typically in terrible shape as well. 

Appraisers do not use these as comparables so, it should only help send buyers your way!

Aug 31, 2018 07:39 AM
Ambassador
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I don't think it will have an impact on the appraisal. Liking what Bob Crane and Nina Hollander say

Aug 31, 2018 07:29 AM
Rainmaker
6,375,632
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Foreclosures do create a negative impact.

Aug 31, 2018 07:17 AM
Rainmaker
2,611,670
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Its like having 4 shoe stores at an intersection corner. Anyone wanting shoes will visit one of the stores and purchase. 

Aug 31, 2018 06:28 AM
Rainmaker
4,799,356
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Odds are that it will negatively affect your listing.

Aug 31, 2018 07:42 AM
Rainmaker
1,839,120
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

That's totally up to the Sellers Praful Thakkar .

Aug 31, 2018 06:58 AM
Rainer
91,832
Jon K. Judd
Keller Williams Realty - Central Delaware - Dover, DE
GRI, e-PRO, SFR, Delaware Homes

I think that Nina Hollander and Bob Crane have hit your answer in a nutshell... good luck on the listing... :)

Aug 31, 2018 12:34 PM
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Stuff happens. 

Time will tell. 

Aug 31, 2018 08:48 AM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I agree with Gary Frimann on this.  Typically an appraiser will not use an auction sale for comps. The likely buyer for the auction will likely not be the target buyer for the non-auction home.  

Analysis of the data after both are closed my put some light on the impact. No way to definitively say one way or another. 

Aug 31, 2018 08:34 AM
Rainer
20,325
Romylio "Romeo" Cordoba - NSB Realtor
Adams Cameron and Co. Realtors - New Smyrna Beach, FL
Daytona Beach Real Estate Agent

It may affect the price, more likely that it won't since it is not in the MLS.

Aug 31, 2018 11:26 PM
Rainmaker
808,597
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Bob Crane has a good answer. -K

Aug 31, 2018 09:03 PM
Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

it's been my experience in observing auctions that people tend to overpay.  One recently happened down the street from my office for 1.1 million.  I think it's really worth about 800k

Aug 31, 2018 08:02 PM
Ambassador
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It depends on the market and the circumstances of the auction. You might be able to get it eliminated as a comp. 

Aug 31, 2018 04:20 PM
Rainmaker
527,985
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I believe this depends on the selling price for the condo. The auctioneer may use your listing as the base price they are willing to let the property sell. 

Aug 31, 2018 03:25 PM
Rainer
254,194
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

that depends on when the auction is and what the auction price is

Aug 31, 2018 03:10 PM
Rainmaker
907,123
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Doubtful - I sell a lot of condos every year and auctions have yet to impact the sale value of them

Aug 31, 2018 02:37 PM
Rainmaker
391,524
Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

The increased traffic the auction property brings should work in your favor as long as you're not overpriced. 

Aug 31, 2018 10:28 AM
Rainmaker
1,362,398
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I like Bob Crane's answer the best.

Aug 31, 2018 10:06 AM
Rainmaker
1,093,297
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Yes, it will certainly impact the sale of your listing. Only time can tell whether it will be positively or negatively.

Aug 31, 2018 10:05 AM
Rainmaker
4,433,483
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Depends.

Aug 31, 2018 09:50 AM
Rainmaker
806,837
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Appraisers will not ignore it; they cannot. Never know, might get bid up.

Sep 02, 2018 06:52 PM
Rainmaker
3,985,813
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

it could go either way and it may be your listing may dictate the price.

Sep 02, 2018 06:27 PM