Member Article

Idyllic coastal bungalow sells for over 200% above reserve price at IAM Sold Auction

A three-bedroom detached bungalow in Alnwick, Northumberland, has sold for £181,000 – more than three times its £55,000 reserve price, at a Durham auction hosted by outsourced auction provider, IAM Sold.

Situated in Embleton Links, the pre-war chalet has far reaching views across the stunning coastline of Embleton Bay. The historic ruin of Dunstanburgh Castle dominates the horizon to the right and the rugged Emblestones, accessible only at low tide, are directly in front. Steps down to the beach are just feet from the front door. Originally built as a retreat for members at Dunstanburgh Golf Club which still shares the dunes, it has been owned for the past 50 years by a family of five children and is in need of some internal refurbishment.

Jamie Cooke, Managing Director of IAM Sold, comments: “It’s not surprising that this property sold above reserve price – it’s an ideal family holiday home situated amongst stunning unspoilt coast. The family were reluctant to sell but needed to for practical reasons. Prior to the auction, it attracted over 20 viewings and there was a real buzz about it in the auction room. It’s rare for properties like this to come up so it attracted a lot of attention and shows that auction can really find the true value of a property when it is as unique as this. It is highly unlikely that it would have reached this price if it was offered for sale by private treaty. Ultimately, a number of people really wanted the property and were willing to compete for it.”

The property was sold by the Modern Method of Auction where buyers are granted 28 days to achieve exchange of contracts from the date the buyer’s solicitor is in receipt of the draft contracts and a further 28 days thereafter to complete. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance.

This was posted in Bdaily's Members' News section by IAM Sold .