Idyllic coastal bungalow sells for over 200% above reserve price at IAM Sold Auction

Posted on 12th July 2017 by Jordan Holmes

A three-bedroom detached bungalow in Alnwick, Northumberland, has sold for £181,000 – more than three times its £55,000 reserve price, at a Durham auction hosted by outsourced auction provider, IAM Sold.

Situated in Embleton Links, the pre-war chalet has far reaching views across the stunning coastline of Embleton Bay. The historic ruin of Dunstanburgh Castle dominates the horizon to the right and the rugged Emblestones, accessible only at low tide, are directly in front. Steps down to the beach are just feet from the front door. Originally built as a retreat for members at Dunstanburgh Golf Club which still shares the dunes, it has been owned for the past 50 years by a family of five children and is in need of some internal refurbishment.

Jamie Cooke, Managing Director of IAM Sold, comments: “It’s not surprising that this property sold above reserve price – it’s an ideal family holiday home situated amongst stunning unspoilt coast. The family were reluctant to sell but needed to for practical reasons. Prior to the auction, it attracted over 20 viewings and there was a real buzz about it in the auction room. It’s rare for properties like this to come up so it attracted a lot of attention and shows that auction can really find the true value of a property when it is as unique as this. It is highly unlikely that it would have reached this price if it was offered for sale by private treaty. Ultimately, a number of people really wanted the property and were willing to compete for it.”

The property was sold by the Modern Method of Auction where buyers are granted 28 days to achieve exchange of contracts from the date the buyer’s solicitor is in receipt of the draft contracts and a further 28 days thereafter to complete. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance.

jordanholmes

Jordan Holmes

Marketing Executive

My name is Jordan Holmes and I am the Marketing Executive at Intelligent Services Group. I have a BA (Hons) in Marketing and Advertising Management which I obtained from Leeds Metropolitan University. I have a keen interest in rugby union, golf, football, weight training and scuba diving. I also have a passion for music and travel. Read more posts from Jordan
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IAM Sold Ltd is rated 4.63 stars by Reviews.co.uk based on 328 merchant reviews

4.63 / 5 Rating
328 Reviews
I sold my property through the modern method of auction and, in hindsight, I'm not sure it was the right method of sale for me. Listing a property at a value significantly below what you believe it is worth seems somewhat counter intuitive and I'm not sure I fully embraced the process. While I remain unconvinced by the modern method of auction, this should not be seen as a reflection on Iamsold - the person assigned to sell the property on my behalf worked extremely hard to extract the maximum revenue from the sale and I couldn't have asked for more.
They sold my house within a month
Friendly, informative, did what they said they would do, kept in regular contact and mist importantly, sold the house.