Real estate auctions sales on Oahu are somewhat rare. We've had a few over the years. Concierge Auctions has done a few on the North Shore. There's another mainland company named Heritage Auctions that will be auctioning off the Penthouse of the Pinnacle in Downtown Honolulu.
View from the Penthouse of The Pinnacle Honolulu (MLS # 201618755)
Currently listed for $17,500,000 this is a 3 story unit owned by the developer of the building. It's been on and off the market for 7 years with a handful of different Realtors in town. Currently listed with Hawaii 5-0 Properties, Inc. the Seller is now thinking outside the box with an auction process to generate some more interest.
Similar to Concierge Auctions, Heritage Auctions has a similar business model in which the Buyer must pay a "Buyer's Premium" at closing of 10% (on top of the purchase price). This is important to factor in when bidding.
Sellers that have tested the market and not getting their price realize this may be a way to get to true market value. Also, Buyers enjoy the transparency in knowing what they can pay to get a place instead of coming up with an arbitrary offer amount - which in this case is the circumstance as this is such a unique property and there's nothing really like it to comp/compare with.
Buyers need to be qualified and have a $100,000 check available for bidding and be prepared to bring in additional funds of 10% if they are the winning bidder. They also need to be able to close within 60 Days.
Although there is a reserve, I've been told the Seller is highly motivated and someone could get a great buy here! Here's some more photos and features:
Pinnacle Penthouse Entry, Billiards Room and Aquarium
Enjoy the Sunset from the office or relax in the luxurious bedrooms and bathrooms
To learn more about this Penthouse offering to be auctioned this coming Tuesday, October 18th feel free to contact me for more information. Someone should get a great buy in Downtown Honolulu.