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19 Mar, 2016

Riverfront Estate Auction has Happy Ending for All

19 Mar, 2016 - Tranzon Fox


Tranzon Fox

March 19, 2016

Linda Terry 804-837-1705

Riverfront Estate Auction has Happy Ending for All


Aggressive marketing, local Realtors, and good PR attracted over 130 people to preview the property over 4 hours the week before the auction.

Auction day dawned a perfect, unpredictable mid-March blue sky with sunshine in the upper 70’s. Bidders and their agents began to appear early-- over 2 hours before show time, even as the house cleaners shuttled vacuums out of the house and into their car. The sellers’ 8 year old had been spirited away to Disney by her Dad during the previews, but today she played “security” in her dark shades and red lipstick, making rounds on her bicycle. House and grounds were immaculate, it’s auction day!

One family of bidders was in a car accident on Rt. 5, but they sent half their party on to the auction site, determined not to miss out. Their Realtor’s grandbaby attended her first auction. Another hopeful buyer, house hunting for almost 3 years and recently losing out on a house in the area, arrived early before her agent and made phone calls in her car.

With six parcels to offer, the Multi-par system of selling at auction was in play today. It normally involves offering each of the lots individually on the auction block for round 1, and then opening the floor to the bidders to request combinations of lots in groupings for round 2. This selling method brings the highest possible price for the sellers, while also allowing bidders to buy multiple lots of their choosing.

But today, there was no interest in each lot on a standalone basis. Everyone who was interested in buying the house also wanted the adjacent parcel with an additional 200 feet of frontage on the James River, to protect their privacy. One bidder thought a swimming pool and outdoor living area on that lot would be fabulous. So, the strategy had to be changed to suit the buyers and not waste time.

The James River was shimmering in the sunlight and a couple of powerboats enhanced the scene as the auction team set up bid boards and sound system with the river as a backdrop. This expansive view is what was being sold, after all. The sellers texted me from their command center at a neighbor’s house—the good news that the undeveloped land directly across the river was recently bought by Chesterfield County for a couple of million, for future use as a park with trails – it will stay natural and in conservation. Turns out we were too busy to even make that announcement!

Bidders clutched their number cards and their agents, neighbors and other spectators settled onto the screened porch and deck. The first offering was parcels 1,2 and 3 – the house, adjacent river front lot, and an access lot behind the house. Seven combinations later (lot 2 alone, then 1 & 2, followed by #1 alone, then 2 & 3, back to 1,2 & 3 and finally 4,5 & 6 together as the final combination) we had a final, confirmed sale with 2 buyers each winning 3 parcels—at a total price tag of just under $1 million. Each buyer had a Realtor representing them who will share in the commission at closing.

The winning home buyer over the moon excited about owning this unique home! She is the one who has been looking in the area for years. She currently resides in Church Hill and is a small business owner near the Diamond. The land buyer lives nearby and invests in residential land. With just 45 days til closing, the sellers have already identified the neighborhood in Chesterfield where they want to move, and are excitedly working with their Realtor today to secure their next home. A happy ending for all, truly, the only way to sell all six parcels at one time for maximum prices, and it took only 30 minutes!

Just this week, Tranzon Fox got the final approval for their highest ON LINE auction to date– over $2.7 million. The winner of that property, a hotel, marina and pub on Ocracoke Island in North Carolina, was on his laptop in South Korea to win. Cutting edge, creative ways to bring buyers interesting and distressed properties is Tranzon’s trademark.

What’s next ? New listings include an oceanfront villa in the Dominican Republic, a waterfront home on the Potomac, 21 acres in West Point and watch for another waterfront multi-par auction in Yorktown coming soon!

To see our complete portfolio across the nation and in the Caribbean, go to 

Photos available upon request


About Tranzon: Tranzon is one of the largest real estate auction companies in the country, with 30 offices coast-to-coast. Tranzon’s accomplished auction professionals are widely recognized as leaders in the auction industry, and have conducted auctions in 48 states and the District of Columbia, selling billions of dollars in total asset value. All Tranzon companies are independently owned and operated.

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