Serious Buyers

Serious Sellers

 

New York Auction Center

New York and the Tri-State's only dedicated luxury property auction venue, consultancy and auction team

CO-BROKING AUCTIONS

If you have a valued relationship with a broker, but are looking for an alternative method of sale, we will happily work with your appointed broker to help achieve the best result for you. 

DIRECT LIST AUCTIONS

In this instance, from start to finish, we handle the entire auction and marketing process with a highly-personalized approach to the sale of your property. 
As experts brokers and auction practitioners for over 20 years, you are in very capable hands.

AUCTION CONSULTANCY

Auction consultancy is a fixed-rate consultancy we offer to the growing number of brokers and firms looking to manage and execute the auction process themselves. We have several options, so please contact us to discuss.
© Copyright New York Auction Center 2017

Creating the competition of common interest

As experts in the auction space, the New York Auction Center is the best and only place to sell your residential, commercial, retail, industrial and development properties in the Tri-State area. Through a combination of our expert, honest guidance and our bespoke marketing and sales packages, to our state-of-the-art auction facilities, we are literally a one-stop-shop that will make your auction experience a huge success and even a lot of fun.

New York & Tri-State Auction Center

ESTATE & BUSINESS CESSATION

BANKS & FINANCIAL INSTITUTIONS

SPONSOR SALES & DEVELOPER SOLUTIONS

An auction is the fairest and best way to obtain market value for estates and business, and helps to solve issues of disputes in a timely manner.
We offer tailored marketing and auction campaigns to banks and financial institutions looking to sell luxury real estate. In this case we suggest absolute or reserve-based auctions to ensure you maximize the return and reduce potential losses for the bank and client. We also offer pre-foreclosure solutions to homeowners in financial straits.
We offer tailored marketing and auction campaigns and absolute or reserve-based auction and sales solutions for property developers on sponsored units or hard-to-move stock. This allows them to be in complete control of the sales process. 
What auction method is right for me?
Australian-born and bred, Duncan Schieb has what they call a true "Australian Wanderlust". He was born in a small cattle town about seven hours drive northwest of Sydney, where as a 12-year old, he started calling live auctions for his father's cattle trading and real estate company. From that time, Duncan has traveled the world over and has lived in the UK, Hong Kong, across Australia and now in New York City. He is a fully-licensed real estate broker and has called over 8,000 auctions of all kinds from real estate to fine art, jewelry, autos, and antiques, as well as thousands of charity auctions. Duncan is New York's only dedicated and professionaly trained Luxury Real Estate Auction Agent.

Reserve

Absolute / No Reserve

Online Auctions

Reserve auctions are the most popular and the way that most auctions are successfully completed. 
 Executed correctly this method will always ensure market value is realized. 
Over the past five years, online auctions of real estate have continued to grow with great success. 

Sealed First Price Auction

Dutch Auction

Double or blind auction, also known as a first-price sealed-bid auction (FPSB).
Also known as an open descending price auction.

Complete Auction Solutions

Complete solutions for selling luxury residential, commercial, rural and industrial real estate

Fully-Equipped Auction Facilities

Live Auction Broadcast around the world in HD and 360 Video/Virtual Reality

Bidding online and in-room, desktop, mobile and tablet. 

Convenient locations in Manhattan, Westchester, Greenwich, New Jersey

Accelerated Marketing

It's not just marketing. It's a product launch

There is not a one-size-fits-all when it comes to marketing and where a property should be marketed. It is important to tailor a marketing package that suits you and your budget and gets in front of your target buyer.

Like any product launch, the correct marketing spend is going to get your property the most exposure, hence the most potential buyers.

  • Your commitment to auction your property sends a message to the market that you are a genuine seller prepared to invest in your sale to get the maximum return. 
  • We believe you never get a second chance to make a first impression. The first 21 days from when your property becomes available are the most crucial.
  • Exposure is key and the more people that know about your property can really drive up the price. One additional buyer could add $100,000 or much more to your sale price.
  • Do you want us to present you with a marketing plan to win your business, or one that will get you the best price in the shortest possible time? Just reach out and we'll get back to you within 24 hours. 

Auction Advantages For Sellers

Auctions differ from private sales as there is no "cooling-off period":
Sellers set all the terms of the auction 
 
Cash-unconditional sale

Settlement in 30, 45 or 60 days

Remove barriers and issues in post-sale negotiations
If you are bidding at an auction, you must be ready to exchange contracts and complete the sale. Otherwise, you will lose your deposit and may be liable for any damages suffered by the vendor.

Serious Buyers

Serious Sellers

 

New York

Auction Center

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Auction By Candle

More for interest then any practical sense these days, but back in the day this method...
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Sell in as quickly as one day or maximum of six weeks.

Getting a deal done quickly and on your terms is the perfect result. We encourage buyers to make offers from day One that we can present to you. We gather buyer feedback every day so you can make the most informed decision. Sell Day 1, Auction Day or set a price after auction day if you feel market expectations are not met.

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Common Questions

How does an auction work?

To participate or bid at an auction, potential buyers must register with the vendor’s agent and be given a bidder’s number. The auctioneer oversees the bidding process. They take bids from potential buyers and keep track of the current bid price.

Before auctioning a property, the seller will nominate a reserve price, which is usually not advertised. If the bidding continues beyond the reserve price, the property is sold at the fall of the hammer. If you are the successful bidder, you must sign the contract of sale and pay the deposit on the spot (usually around 10 per cent of the purchase price). 

What is the difference between an auction & private sale?

Auctions differ from private sales as there is no cooling-off period after the seller and buyer exchange contracts

If you are bidding at an auction, you must be ready to exchange contracts and complete the sale. Otherwise, you will lose your deposit and may be liable for any damages suffered by the vendor.

What properties are suitable for auction?

We generally say that all properties are suited for auction, however, in New York City we run into some issues with Co-Ops. It is not to say we cannot auction co-ops, we just need to look at each building on its merits.    

Before we proceed we make sure we are able to confidently execute an auction program on your home or asset.

Premium results, every time.

The auction process is designed to get premium results every time. We can sell artwork, boats, cars and just about everything else via auction. If the process is followed correctly market value will be achieved and exceeded every time. 
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Auction Language

Understand the following auction terminology...
Reserve price – before the auction, the vendor (seller) will set a price with the auctioneer that is the minimum price they will accept. If the reserve price isn’t reached during bidding, the auctioneer will privately ask the vendor if they will sell at a lower price.
Passed in – if bids do not meet the vendor’s reserve price, the auctioneer will seek more bids. If bids still do not meet the reserve, the property may be 'passed in' or ‘withdrawn from auction’. The highest bidder then gets first right to negotiate with the seller.
Fall of the hammer – towards the end of the auction, the auctioneer will call for any final bids. Once there are no more bids, the auctioneer will count down the ‘fall of the hammer’, which will signal the end of the auction. No bids can be made after the fall of the hammer and the highest bidder is legally obliged to sign and exchange contracts.

What can I do to prepare for the auction?


Do I know the market?

Before you bid at an auction, consider the following...

Research, research, and more research. When you have decided on the type of property you want, and what areas you are looking in, inspect as many similar properties as you can. Look at recent sales of similar properties. Research will help you better anticipate a property’s likely sale price.

What kind of property am I buying?

Understand the differences between owning a house, and owning a condo or co-op. Each has different ongoing costs and obligations.

If you are the highest bidder, you have to sign the contract, and there is no cooling-off period. If you cannot complete the contract you will lose your deposit. Before you bid at an auction, ensure you have:

  •     your finance unconditionally approved (not just pre-approved). 
  •     enough money on hand to give a cheque for the deposit (this is usually 10%).
  •     thoroughly inspected the property and know the property’s condition.
  •     reviewed the contract with your solicitor/licensed conveyancer and are comfortable with its terms.
Am I ready to go ahead with the purchase?

Be sure that the property meets your requirements and is one you can afford. Consider whether it is close to the amenities you need, any repair work needed, noise levels, if there is enough space, and if you can afford the repayments.

Is this a property I really want and can buy?

...be prepared!

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We have partnered with the best industry provider of online, live auction software to ensure your properties get the maximum exposure and that potential buyer's can bid from anywhere around the globe.

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