(EMAILWIRE.COM, August 30, 2006 ) Pleasant Valley, N.Y. -- The owners of The Spring House Commons in Barryville, N.Y., were pleased to see their hard work pay off as their historically significant country residential/commercial property fetched $990,000 at an absolute auction on August 12.

An absolute auction is one in which assets sell to the highest bidder regardless of price. Though it would appear that this arrangement would not be advantageous to the seller, in reality, it tends to draw a large crowd of interested buyers looking for a “steal,” but who inevitably wind up competing enthusiastically for the property. Such was the case with Spring House, and the absolute auction clearly worked in their favor.

Located on the upper Delaware River, The Spring House Commons enjoyed popularity as a boarding house during the early 20th Century, mainly hosting tourists and employees of the Erie Railroad. It reached the height of its fame at a time when western Sullivan County was all the rage for prominent New Yorkers seeking respite from the hustle and bustle of city life. Times changed, and as tourists, celebrities and the railroad moved on to other locales, the formerly trendy hot spot fell into disrepair. Considering the public’s renewed interest in Sullivan County’s many enticements, Spring House’s reincarnation as a welcoming riverfront retreat was decidedly well-timed.

Beginning in January 2002, The Spring House Group, LLC spent more than a year transforming the languishing boarding house into a serene country residential/commercial rental property featuring bright, spacious rooms, large river-view porches, and peaceful surroundings. When the doors opened on Memorial Day 2003, Spring House offered a fully renovated 8-unit property with a studio, a loft, and one-bedroom and two-bedroom spaces.

As part of a partnership dissolution, The Spring House Group agreed to put the property up for sale this year. They discussed their options and agreed to sell Spring House via auction, which would ensure fair market value for their asset as well as an efficient closing process. They selected Absolute Auctions & Realty of Pleasant Valley, N.Y., to conduct the auction. After a comprehensive marketing campaign, interest in the property was substantial; the resulting auction was an electrifying ten-minute flurry of bidding activity.

“The Spring House auction was an ideal win-win situation,” notes AAR Real Estate Coordinator Frank Pietrzak. “The sellers were motivated to complete the deal within a short timeframe, and the buyer was seeking a prompt closing as well. Utilizing the no-contingency auction method assured all parties would work together to quickly move the sale to completion.”

According to AAR broker Robert Doyle, the latter part of the year is especially favorable for real estate auctions. “We see a marked increase in activity as the summer winds down,” states Doyle. “And regardless of what the forecasters are saying about a ‘soft market,’ our experience has shown us that anyone with equity in their property will come out ahead in any market by using the auction method to achieve fair market value.”


Contact:

Absolute Auctions & Realty, Inc.
Frank Pietrzak
Phone (845) 635-3169
Email: info@absoluteauctionrealty.com
URL: http://www.absoluteauctionrealty.com


Published by ASMarketingCenter.com a division of http://www.auctionservices.com and the http://www.nationalauctionlist.com.

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