21 Jun Nautica Vista Featured on Castanet
CASTANET – No reserve bid on luxury home.
It has never before been attempted at this scale in Canada.
The auction of a luxury home located in Kelowna on the waters of Okanagan Lake will take place June, 25; and it is getting attention from around the world.
“There are a number of individuals that are of substantial wealth, that have absolutely been interested and inquired about the property,” says Alex Lambert the Executive Director of The Garage Sale Luxury Auction House.
“I can’t confirm if there will be an attendance by a billionaire or not.”
Lambert created ‘The Garage Sale’ with the intent to address challenges in the luxury real estate market, but his first luxury asset auctions did not garner as much success as anticipated due to a reserve.
“Frankly some of the buyers that came to attend and took the time to be there were not happy that the opportunity wasn’t there for them to buy.”
Which is when Lamber decided to take on a new approach, purchasing and developing a property inside the Sheerwater development.
“The whole intent of building the house was to sell it by auction and to demonstrate that it is okay and it can be done.”
Previously, Lambert had tried to persuade home owners to consign their million dollar residences for a ‘no reserve’ auction, with no avail.
“There was defiantly a lot skepticism about auctioning off a property unreserved. There was an uncertainty of the value of the price they would generate by selling at auction.”
Lambert decided he would be the one to take the risk and is now offering up ‘The Garage Sale Luxury Auction House’ Nautica Vista with no reserve and no minimum.
The only auction similar to that of ‘The Garage Sale’ was held by the Ritchie Brothers on June 13 in Edmonton, when a luxury condominium was a offered up with no reserve and no minimum bids. The condo was sold during a two-day unreserved public auction which garnered $60 million, including $3.25 million for the luxury property.
According to the director of marketing Andrea Porrit, since the campaign of ‘The Garage Sale’ auction was launched they have received more inquires about the home than they ever could have dreamed of.
“The home really has taken into consideration every aspect of entertaining and being outdoors, being in the Okanagan it’s such a beautiful spot.”
Nautica Vista features a west coast contemporary design with over 6400 square feet of living space, five bedrooms, five and a half baths and two fire places. It is a yacht inspired theme
All furnishings in the home will come with the property, which also includes a yoga studio, luxury spa, 1,200 bottle wine cave and 5,000 sq. ft. of deck space.
To participate in the auction there is an eight per cent buyer’s premium, however tickets for the event are available by contacting the company’s website. Following the auction on the 25th, there will be a charity auction for the KGH foundation.
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by Jennifer Zielinski – Kelowna Correspondent – Story: 93932