The property at 407 Round Hill Road in Greenwich is on the block. Bidding has already started at $1.65 million on the 6,222 square foot, six-bedroom backcountry home situated on 7.34 acres. The house had been listed at $4.9 million with Greenwich Fine Property for about three months when the seller, Coastal Fund II LLC, represented by Joe Aiello, suggested an auction.
“I’d had some personal experience with the process in Fairfield County,” said Aiello. “I was very impressed with the outcome. Given where the market is — people sitting on the fence not making quick decisions — I thought an auction would help provide motivation.”
Aiello was directed to Concierge Auctions, a New York City-based online luxury property auction site that works with agents to list high-end properties. “We don’t deal in distress sales,” said Laura Brady, Concierge’s vice president of marketing. “The people who come to us generally want to sell their home in a certain timeframe. They also want the increased visibility we provide.”
Concierge recently sold a property in the tony Tokeneke section of Darien for nearly $8 million, currently the highest in a Darien MLS this year. The home was listed online and eventually went to a live auction with eight bidders. Unlike traditional commission fees charged by brokers, Concierge is paid through a buyer premium.
Potential buyers for the Round Hill property can make an appointment to see the home and are encouraged to bring builders, inspectors and family members. There will also be open houses on Sundays between 2 and 4 p.m. until the July 23 sell date.
“The process is similar to traditional house buying,” said listing agent Joe Williams, of Greenwich Fine Properties. “We want people to get familiar with the property before they make a bid. The home has a total of 19,000 square feet of potential for expansion or new construction. The lot is nearly twice the size of many of the neighboring ones in this area which has 4-acre zoning.”
Many of the houses Concierge lists are originally offered through traditional sales channels before they go through the auction process, though some are auction-only.
“When Cher was selling her house in Kona, Hawaii, recently, she used us right off the bat,” said Brady. “She wanted to sell but wanted to cut down on market time and foot traffic. We were able to satisfy our seller on all counts.”