We write about a lot of auctions here on Daltxrealestate.com, and we have a library of storied auction knowledge in our files — you can always search our site anytime, just click in that little search bar top right.
But because the Grady Vaughn house auction at 5350 South Dentwood Dr. is coming up on Feb. 20, to be exact, we grabbed United Real Estate auction experts Mark Woodling and Mike Jones to ask a couple hard-hitting questions. Have any questions for Mike or Mark? The comment lines are wide open…
CD: What is meant by the RESERVE. And what exactly is a reserve?
MW: This is the minimum amount the seller is willing to accept. It is undisclosed, but the sellers have priced the reserve to sell and move on.
CD: But this house originally was marketed for $6.9 million. It’s 9,500 square feet on almost two acres! This seems like an incredible deal!
MW: A midcentury modern home at Dallas pricing, not California pricing! It is a deal! It’s an incredible opportunity for someone looking for waterfront property or a midcentury modern gem in the heart of Preston Hollow. And this property is full of rich history. Again, most people would have to travel to Palm Springs to buy a midcentury modern this fantastic, so it is an incredibly rare opportunity to own this gem in one of the most prestigious areas of Dallas.
CD: What if the reserve is not met?
MW: If the reserve is not met, we will discuss the high bid amount with the seller. They may choose to accept the offer even if it doesn’t meet the reserve. The auction team has spent close to $50,000 in marketing costs, spanning Palm Springs to NYC, so we know the high bid from the auction is the market value. On these one-of-a-kind properties, there are very few properties to compare and justify an exact value, so the true market value isn’t what a seller thinks it’s worth, but the value is what a buyer is willing to pay for it!
CD: Makes total sense! Tell us the very best aspects of this property.
MW: The living room just off the entry is superb, as this home is designed for entertaining. If Sinatra visited Dallas in the 50s, this is where he would be sipping martinis after playing the Statler Hilton. From the Roman brick walls, to the floor-to-ceiling sliding glass doors that see out to the pond, you can just envision the Rat Pack kicking back in front of the classic midcentury modern fireplace.
CD: Should investors pay close attention? I mean, the lot has a creek, a pond, and you are in the honeypot of Preston Hollow.
MW: Absolutely. We are marketing to preservationists, architects, developers, and more in hope that someone preserves the property … BUT what the winning bidder plans to do with the property is something we cannot control. It IS an amazing lot. The adjacent waterfront lot has a uniquely designed home currently being built, so there is real change in the area.
CD: Doesn’t former Mayor Laura Miller live across the street?
MW: She does live directly across the street! Many other notable neighbors live within a stone’s throw. The neighbors are VERY curious regarding who their newest VIP neighbor will be. Maybe a transplant from California, New York, or maybe one of our own from Dallas … we are all excited to see!
CD: How many people have signed up for the auction thus far?
MW: This is a private auction, so we will maintain the confidentiality of our bidders. Sorry, we can’t kiss and tell, but stay tuned to Daltxrealestate.com for more details!
Don’t forget to RSVP to our pre-auction Staff Party on Feb. 20! Click on the link to RSVP below!
