Auctions aren’t just for Michael Jackson or foreclosures anymore. In fact, single family-luxury homes are increasingly being put on the market now in San Diego County, the San Diego Union-Tribune reported.
Just take a look at this house owned by Jack and Pati Dunning. Their beautiful 4, 150 square-foot “English-inspired manor” boasts a 360-degree view and four bedrooms and three and a half baths. Two and a half years ago, this house was for sale for $2.3 to $2.5 million. In this economy, it’s a whole different story.
The couple will be putting their home up for auction, for less than half of the price then. The original asking price is set at $1.12 million, and the couple settled with that as they are desperate to move closer to their daughter’s family in Oregon. It has just taken too long for the house to sell, but Jack Dunning told the paper he is confident his house will sell.
“We want to move on,” Jack Dunning told the paper. “To move on, we need to sell this home. The alternative is to sit and wait and do nothing.”
On top of the asking price, an eight percent auction premium is tacked on for agent fees along with auction and marketing costs.