Time for another article and I was wondering what to write about! Then somebody in the office said we should focus on perhaps four of the lots that we sold in the last sale, representing a cross-section of property throughout Norwich and Norfolk, so here goes!
We never know what is going to happen on the day of the sale but we do know that we do our best to enter the right lots, taking into account the client's objectives, the market, location, condition, etc. Our last sale saw some £2.25M worth of property sold, which was very gratifying, and we were able to handle lots of different types of property.
In Norwich, a terrace is Albany Road in the northern perimeter of the city sold for £131, 000, being well in excess of the guide and reserve and our clients were delighted. This was an ideal lot because it required complete renovation and was an ideal opportunity for the builder/investor or owner occupier alike. We have a number of other terraces already for inclusion in the next sale.
Some land and six garages in Thorpe sold well and far exceeded expectations. Garages are certainly at a premium but I think what is important here is that people are putting their money into bricks and mortar rather than the bank at the moment and this is an ideal opportunity for buyers and the demand was high on the day.
Further south in Norfolk, we were thrilled with the result of the sale of Corner Farm in Forncett Ct Peter near Long Stratton. We sold this farmhouse in some 5 acres for a figure in excess of £400,000, being well in excess of £100,000 over the guide. Where there is a shortage of supply, auction is often a very good method of disposal and in this case Executors were involved and the objectives were to sell as quickly as possible and there was a public footpath going through the property which ensured that this was the best approach. We sold it in three lots, with two adjoining bits of land being sold in excess of their guides making for a very satisfactory result. Brown & Co enjoys selling rural property and we hope to have further lots like this is future auctions.
Back in Norwich we were asked to sell two Grade 11 Listed properties in need of complete renovation in Costessey with no access! The low guide reflected this but the result confirmed that there are always buyers prepared to compete for something wherever it is.
We are busy putting together lots for our sale at the end of September and despite the fact that the sun is out and many people are on holiday, we are busy looking at land, houses and investment opportunities all over the region and we look forward to commencement of our advertising campaign towards the end of August.