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Courtesy photo

High-end home set to go on auction block

Profile image for By Karina Ramirez / Staff Writer
By Karina Ramirez / Staff Writer
A property at 306 Highland Lake Dr., Highland Village will be sold in an auction on May 16. The buyer will receive a one percent discount for closing on auction day.Courtesy photo
A property at 306 Highland Lake Dr., Highland Village will be sold in an auction on May 16. The buyer will receive a one percent discount for closing on auction day.
Courtesy photo

Lakeside property part of trend, company says

A house on the south shore of Lewisville Lake will be sold this month at auction — a method the auction company says is growing in popularity, especially in the Southwest.

The five-bedroom, five-bath house in Highland Village is scheduled to be auctioned at 3 p.m. May 16.

When people hear the word auction, they usually think of a distressed property, according to John Marshall of the public relations firm Marshall & Associates, which is helping with the sale.

“That’s not always the case, even in today’s tenuous economy,” Marshal said in an e-mail. “Quite often, people are choosing this method thanks to the speed of sale and to the capacity of the auction process to determine true market value.”

Bryan Scribner, director of publications and trade shows for the National Auctioneers Association, said his association has seen an increase in residential auctions. The association represents thousands of auctioneers in the U.S., Canada and abroad.

“People are starting to realize the traditional ways of selling real estate are not the best ways anymore,” Scribner said.

When asked if residential auctions were more prominent than before, Scribner said there is just more awareness now.

“Auctioneers can sell any type of property, and clients are seeing the benefits and the return of them,” he said.

The auction will be conducted by the National Auction Group Inc., a Gadsden, Ala.-based company that markets high-end properties.

Jonathan Bone, a representative of the auction company, said the practice has had highs and lows in the past couple years, but he has seen a big increase in auction sales in the past few months, especially in Southwest.

The three-story, 5,100-square-foot home at 306 Highland Lake Drive in Highland Village was built in 1995.

“It is an absolute auction, which means it will sell regardless of the price,” Bone said.

The property, owned by Wright Brewer, was appraised in 2012 at $782,234, according to Denton Central Appraisal District records.

“The owner wanted to accelerate the whole process,” Bone said. “He wanted to sell it in a different fashion. He does not have to worry about waiting, and he knows the property will be sold on that day.”

The National Auction Group’s listing calls the home “the essence of gracious waterfront living.” It has a private boat dock that can accommodate five boats or a yacht.

“The deck overlooking the lake is surrounded by shade trees and is the perfect venue for large family gatherings,” the listing says.

Bone said his company has been doing this kind of work for about 30 years. The National Auction Group sells estates, ranches, farms, commercial properties, land and recreational facilities. In 1997, the company sold former Sen. Lloyd Bentsen’s 10,000-acre Arrowhead Ranch.

Bret Chance, a real estate agent with offices in Denton, said he is starting to see a trend in more homes being sold by auctions — not just by homeowners but also by banks.

He said homeowners are doing auctions to avoid short sales or foreclosures.

“The banks are doing that to be more streamlined — to increase their efficiencies and to sell their properties,” he said.

Chance said the Denton County real estate market now has 3.7 months of inventory, which is better than in 2006, before the economy shifted. With low interest rates, he said, it is a seller’s market.

“Buyers are having a hard time finding homes,” he said.

The Highland Village property will be shown by appointment by calling 1-800-648-6435.

KARINA RAMÍREZ can be reached at 940-566-6878 and via Twitter at @KarinaFRamirez.