PRE- AUCTION SALES & MULTIPLE OFFERS
The City Apartment Market continues to surprise us.
While we’re supposed to be in the middle of a “Once – In – A – Lifetime” (we hope) recession the Apartment Market is defying gravity.
At City Sales we are regularly breaking our mantra of not entertaining “Pre-auction offers”, as it rather defeats the purpose of an auction but the market has been pressing us with offers that we feel a Vendor must consider and invariably accepts.
The other phenomenon we are experiencing is a surge in multiple offers on a new listing.
City Sales has systems in place where once an agent gets an offer he or she must call or text the Sales Director and if two or three agents advise they are also getting or have an offer the Sales Director, rather than individual agents, will present all offers at the same time. This is obviously to maintain fairness and balance.
Both of these events are new to the Apartment Market and indicate a very real increase in interest.
Long may it last.
And on the overall economy I had the honour of taking a past Minister of Finance to lunch last week (yes, it was Soul, where else could you take him?!) and he confirmed that the sky was not going to fall in and we have much – now – to be thankful for.
One of my sons Scottie is marketing manager for a chain of expensive Argentinian meat restaurants in London and he reported on the weekend that their turnover and “spend” has returned to normal.
And brother-in-law Edmund is down from San Francisco saying they have a long way to go up there but a sense of optimism is returning.
Hey, we’re going to trade our way out of this!
Martin Dunn AREINZ
MANAGING DIRECTOR
