Centre Rd, Vermont, homeowner makes $20,000 gamble on auction
A VERMONT home seller has taken a $20,000 gamble on the market with the unusual step of knocking down her home, and subdividing it into two neighbouring blocks of land before selling.
The blocks at 13 and 15 Centre Rd, Vermont, were auctioned on November 5.
And the unusual approach worked with No. 13 sold for $790,000 and No. 15 for $793,000. Both were well above a $670,000 reserve price, according to MJ Docking director Adam Docking.
“They were at least $150,000 over what they were originally thinking,” Mr Docking said.
He added while the idea had come from sales agent Lee Di Giovine, it had been a nervous wait ahead of the auction. Land sales were some of the hardest to get feedback on, with the agent often meeting a buyer for the first time on auction day, he noted.
Mr Docking said the approach wouldn’t be for everyone, and with the demolition and subdivision costs of a home would work out to a $20,000 gamble.
“I can’t remember the last time we had something like that,” he said. “Sometimes you get two neighbours, but never have we had a house levelled.”
Both blocks sold to separate buyers looking to build a family home, with the buyer of the first also the underbidder on the second block.
The blocks were located in the Vermont Secondary College Zone and attracted family buyers, according to Mr Docking.
SUBURB PROFILE: VERMONT