Who the hell sells a house with no reserve?

To avoid $50k of agency fees, he sold it for at least half a million dollars less than he could have.  

And this man is a retired investment advisor. Just as well – I wouldn’t want to take his advice.

A million-dollar Auckland home auctioned at no reserve by the owner to avoid up to $50,000 of agency fees sold far below expectation today.

The six-bedroom, three-bathroom house in Henderson sold for $1.45 million at a poolside auction – just $220,000 above its CV.

Owner Leon Laugalis said he was disappointed, with just 24 people turning up despite his TradeMe listing having over 39,000 views.

“I’m not happy. It sold well below its value. I was told it was likely to get between $1.8 million and $2.4 million,” he said.

“A property developer has bought it and he knows he is buying it well below what it could sell for.”   

Mr Laugalis, a 70-year-old retired investment broker, said the “French Riviera-style” house almost went for much less.

The highest bid was $700,000 before the winner’s offer, submitted by phone, was taken.

“When the auction has no reserve the vultures turn up, they were wanting to take it for peanuts.

“This is a very, very valuable place and I would think there would be 100 people here trying to buy it. Especially with the so-called shortage of houses, this is a fabulous big home it’s a crime to sell it for what I sold it for.”

Mr Laugalis said he had also received offers of $1.8 million and $1.9 million before the auction, but had turned them down.

 He couldn’t stand to pay $50k to have a professional job done, so his agents dumped him in it.

Now he’s down half a mil.


I can only repeat what Red Foreman would say.



– NZ Herald

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