In a tight economy - Homeowner tries for a high-speed home sale

SHARON — Although it was ultimately an unsuccessful effort, a company that specializes in high-speed sales of real estate has made its first foray into the Northwest Corner. The Essex Group of Essex, Conn., which is part of The Luxury Homes Group, held what it called a “house liquidation sale� at a 10-acre property in Sharon with an assessed value of more than $1.8 million.

The taxes were all paid up on the house, there were no liens, no threats of bankruptcy or foreclosure, according to documents at Town Hall and also according to the homeowner, who chose to remain anonymous for this article.

A former real estate agent, the owner was familiar with the liquidation model for selling houses. The house where she and her family live on West Woods Road No. 2 was built in 2005 and is her primary home. It has been listed with local agents since 2007 but there hadn’t been any movement.

When Mark Patterson, principal of the Essex Group contacted her, she decided to give the “liquidation� model a try.

The Luxury Homes Group specializes in situations where high-speed turnovers are desirable or even necessary, such as divorces or relocations. In this tight economy, with many people trying to sell off their second homes, the company has begun to use its high-speed tactics for non-emergency real estate sale situations.

The idea is that the tight time frame encourages anyone with an interest in a property to move quickly, sort of the real estate equivalent of “speed dating.�

“That way, the process doesn’t drag out,� the homeowner explained.

 In most cases, the company purchases the house at a “fair price,â€� Patterson said, and then resells it “at a fair price.â€�

In this case, the company did not purchase the house but instead made a contract with the homeowner for a limited period to sell it.

Postcards were sent out to possible buyers and an open-house was held on the mornings of May 16 and 17. Bidding on the house was supposed to begin at noon Sunday and end at 6 p.m. that day. The card promised that the “upscale private country home in Sharon� would sell for “$993,837 or best reasonable offer.�

Many people, including several real estate brokers with clients, came to see the house.

“The event was very successful,� Patterson said. “We had more people than we anticipated and a very positive response to the house.�

Millerton interior designer Leslie Hoss Flood brought additional antiques and decorations to the house and Millerton’s Green River Gallery brought in some artworks.  

“We like to work with local companies and give them a chance to show their work at our sales,� Patterson said.

Bids were collected throughout the afternoon but, in the end, Patterson said, an acceptable number was not put forth.

“We did not get a reasonable offer but we are considering some bids,� he said.

In the meantime, the homeowners will remain in the house and will begin anew with their efforts to sell.

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