Home Once Host to Prince Charles, Margaret Thatcher and Ronald Reagan
As seen in the Kansas City Star and The Independent
to be Sold at Auction
Magnificent 9,000sf penthouse residence in “The Walnuts” will sell to the highest bidder over $1.5M! (Seller investment exceeds $6,000,000)
As you step out of the elevator into the home’s foyer, and the room illuminates to greet you, it’s unequivocally clear that this is a very, very special place. The elegantly paneled walls, the deep crown moldings and the striking floor of Calcutta Gold and Black Marquina polished marble are just a hint of all that lies beyond. A few more steps into the entry hall and you’re treated to hand-painted wallpaper and jaw-dropping views through silk-dressed, leaded glass windows. Socialites, dignitaries, and even royalty have had this same moment. Yes, you’ve arrived.
As Coco Chanel succinctly put it many years ago, “Fashion passes; style remains.” In recent years, Kansas City has become home to many fashionable new condominium projects. However, in 1929 a development called “The Walnuts” was built just south of the Plaza adjacent to Loose Park. Timeless Jacobean architecture blended brick and stone into parapet walls, corbeled oriel windows, terraces and balconies. Tudor and Elizabethan influences found their way into the stone masonry, diamond-patterned brick work, heavy mullioned windows and handsome arched entrances. Still today, the three stately buildings preside over a private 10-acre estate comprised of a lush treed park to the south and a perfectly manicured English garden on the north. Style, does indeed, remain.
Topping the signature center building is a 2-story, 9,000 square foot penthouse mansion of leaded glass windows, grand rooms, and open terraces. The opulently-appointed home was formerly owned by Kansas City diplomat and businessman, Charles Price. In dubbing Price “Ambassador to the World,” The Kansas City Star reported that “Ronald Reagan, Margaret Thatcher and England’s Prince Charles were among the overnight guests” at the residence. The Star also noted that “During the Republican National Convention in 1976, the couple hosted media superstars and political dignitaries in the Walnuts condominium penthouse near the Country Club Plaza. Time magazine called it the social highlight of the convention.”
The home’s current owner has invested more than $6 million in the acquisition and complete renovation of the stunning property which now boasts state-of-the-art amenities, silk fabric-covered walls, and gold-plated hardware throughout. Under his ownership the home has continued to play host to significant events while serving as backdrop for a stunning collection of antiques and fine art.
After moving out of state he listed the property for sale. With no immediate buyer, and in consultation with his advisors, he contemplated a professional auction as a more expedient method of sale for the unique property. His Realtor, Doug Wasson of RE/MAX State Line recommended Cates Real Estate Auction Company and his attorney approved. “I know Cates has successfully sold homes in this price point and I felt like this was the best way to get the word out and find the type of buyer a property like this needs,” said Wasson.
Wasson was right, according to Cates vice president, Greg Duncan. “We’ve sold ultra-luxury homes as well as upscale condominiums at auction,” he said. “This home is basically a beautifully built and stunningly appointed mansion with all the luxury lifestyle amenities of a world-class condominium community… plus the privacy and jaw-dropping 360 degree views afforded by its penthouse location.” The result, says Duncan, is a residence unparalleled in Kansas City or the entire region. (The star-studded pedigree is an added bonus!)
Beyond the entry hall noted above, Duncan describes a magnificent home lifted from the pages of Architectural Digest. “Not a single detail, in any room or down any hallway, was left to the ordinary,” he says. As examples he cites gorgeous black lacquered doors throughout the residence, each with tastefully ornate gold-plated knobs and hinges by Sherle Wagner. The bathrooms in the home are also fitted with coordinating gold-plated Sherle Wagner finishings.
Fabrics, too, play an amazing role in the character of the residence, he says, from sumptuous brocade “upholstered” walls and ceilings to exquisite silk window treatments with lavish trim. Floors throughout the home are a mixture of old world materials including dark parquet wood, terrazzo with brass and copper inlays, plush wool carpeting, stone, marble and granite.
Elaborate moldings and architectural elements feature prominently. Of note is the repeated use of the classic “Reed and Ribbon” motif which is found in crown moldings, gold hardware, and even the ribbings of the corbeled dome ceiling of the grand center stair.
Timeless leaded glass windows throughout the home are opulently dressed with fine silk draperies and frame astounding views in every direction. From small balconies to expansive patios, private open-air living options (with irrigated landscaping) also maximize the views. Capping the east wing, a large conservatory is prelude to an expansive 1,000 square foot rooftop terrace. An artful combination of brick and stone parapet walls dressed with decorative iron define the space which offers unending views to the north, east and south.
Cates listing agent, Chad Bender, points out that the auction marks a change in selling strategy for the property. “Our sellers have invested more than $6 million in the home. However, they are ready to sell and have set their auction reserve at only $1.5 million.” He adds, “This means an unprecedented opportunity for the right buyer!”
Detailed descriptions, documents and photographs are at www.CatesAuction.com/TheWalnuts, but Cates also encourages qualified buyers to call 816-781-1134 to schedule a private tour. (Prospective buyers must demonstrate proper qualifications to make a tour reservation.) Bring your decorators and advisors. Experience the stately character, examine the amazing details, take in the sensational views and visualize the exclusive lifestyle.
The property will be sold at auction on January 30, 2015. Admittance to the auction requires advance registration, proof of funds, and pre-approval to bid. Online bidding is available with the same qualifications required.
True Custom Design and Luxury Features On The BlockAs seen in the Kansas City Star
Words like “custom” and “luxury” have lost meaning in today’s real estate market according to Greg Duncan, vice president of Cates Real Estate Auction Company. “Even upscale developments often seem to offer variations on a few standard floor plans and anyone with granite counters or stainless steel appliances feels comfortable throwing around the word ‘luxury’ these days” says Duncan. He adds, “If the same feature is found in homes up and down the street, it’s a bit of a stretch to call it ‘custom’!”
Contrast that with a home Duncan’s company will be selling at auction on Friday, December 12th that he says truly meets the definition of both custom and luxury. When the owners began design of the home, they wanted a plan that was truly unique and could meet the sometimes competing demands of comfortable living and grand entertaining. They also wanted to create a home to showcase their growing collection of artwork.
A perfect example is the striking atrium of the home which anchors the entry hall, living and dining rooms. The octagonal space is defined by tall columned arches that rise to support a 19 foot ceiling topped with a lighted dome. The centerpiece of the dramatic space is an octagonal pool with a 14 foot copper leaf motif fountain named “Whispering Cascade.” Renowned sculptor Charles White was commissioned by the owners to design the fountain during the construction of the home. The one-of-a-kind piece took more than a year to complete and features water gently falling from leaf to leaf down all sides of the sculpture.
Many other elements of the interior take their cues from the design of the front rooms. All throughout the home there are high ceilings, arches, expansive windows, customizable lighting and special architectural touches that set the home apart. A number of the spacious rooms and wide hallways on both levels of the approximately 7,000 square foot home offer hand-embellished walls, lighted niches and display spaces for artwork and collectibles.
The home was laid out to allow for complete one-level living with the master suite, the large primary kitchen, multiple living and dining spaces, and laundry all on the main floor. In addition, the main floor features a garden room with triple arched windows that leads out to the upper deck, two fireplaces, an opulent power room, two additional bedrooms and a handsome study with warm cherry paneling.
Despite all that is offered on the main floor, Duncan says that the huge lower level, which was fully renovated in 2009, is truly indicative of the levels of custom design and luxury finishes the new homeowners will enjoy. Accessed by either a circular stair or elevator, the lower level continues the arch design them and integrates stone and wood to add definition to the open spaces. Multiple areas for gathering, entertaining, gaming and conversation flow easily.
A living/media room with remote blinds features a 72’ built-in TV on this level. The full bar has an integrated aquarium and the dining room features a wall of built-ins with a hand painted mural. A variety of outdoor living options were expanded during the renovation. The lower level also houses a guest suite complete with a large sitting room along with a few surprises like the wine room with custom iron doors and even a “secret” room accessed via remote controlled wall!
Executive Homes – Buyers Have Choices At December AuctionsAs seen in the Kansas City Star
As daylight ends earlier and holidays grab attention, real estate buyers are sometimes justified in thinking their buying choices during the winter seem to drop with the temperatures. Agents often see a drop in their inventory of homes during the winter as sellers focus on other priorities. However, Jeff Cates, president of Cates Auction & Realty has a different perspective with multiple fine homes on his company’s auction calendar over the next few months.
“Our sellers choose the auction method for a variety of reasons, but in every case, a motivation to sell quickly and easily trumps any seasonal second-guessing,” he said. Like most any month, the Cates December calendar of auctions contains a mix of real estate including several types of executive homes in different parts of the metro area.
For the northlanders who want an upscale community and access to private golf, fitness, dining, pools and other amenities the company is selling an elegant four bedroom home in “The National” in Parkville, Missouri, on December 5th. Located at 6520 N. National Drive, the traditionally styled brick-front residence was built in 2001 and is filled with upgraded features and finishes typical of homes in The National. In addition to new carpet and paint throughout, one thing that truly sets this home apart is the 1,188 square foot basement which was remodeled in 2007. The project was awarded “Best Remodel – $100,000” by NARI. Cates listing agent Chad Bender says, “The combination of unique spaces in the lower level, along with highly customizable lighting and sound configurations makes a fantastic asset to an already incredible home.” Cates Auction sold the home next door in June.
The Lakewood development in Lee’s Summit, Missouri, is another part of the Kansas City metro area that offers an address of distinction along with unique amenities. On December 11th, Cates will be selling a four bedroom ranch home that offers main-level living along with bonus rooms, built-ins and extra elements of architectural interest. Located at 4507 NE De La Mar Place, the house is situated close to two public docks to allow the new owners to take full advantage of the lake community.
For those who prefer a lifestyle with the benefits of private acreage, the company is selling custom-built four bedroom home on 10 acres in Edgerton, Kansas, at “absolute” auction on December 12th. The 7,300 square foot home overlooks a picturesque stone-bordered pond at the front of the property with multiple decks on the back of the home to take advantage of the views to the west. Cates listing agent, Rick Bradford, is quick to point out that, “One of the best features of this unique property is the nearly 5,500 square foot detached garage with heat, air conditioning, a full kitchen, bath and two loft rooms in addition to a woodworking shop and 10 spaces for cars and toys.” There is no seller’s reserve on this property at 19320 Edgerton Road, so it will sell to the highest bidder. Bradford explains, “Our sellers have already moved and wanted to send a clear message to the market that they intend to sell!”
Each of these properties will be open for public viewings this month and in December. Dates and times of the open house events, along with property details, photo galleries and related documents can be found at www.CatesAuction.com.
Cates summarizes, “These are just three of the wonderful properties coming up for auction this winter to demonstrate the variety of types and locations of homes that will be sold. As is always the case, buyers can rest assured that we only work with sellers who are intending to sell and are committed to the auction process.”
Just completing its 72nd year, Cates Auction and Realty Co., Inc. reports that 2014 will be another sales record as real estate owners around Missouri and Kansas continue to embrace the auction method buying and selling. More information on real estate auctions can be found at www.CatesAuction.com or by calling 816-781-1134.
Upcoming Land Auctions Keep Company True To HeritageAs seen in the Kansas City Star
Much has changed in the world and in the real estate industry since Cates Auction & Realty was founded in 1942. One thing that remains the same, however, is the appeal of a land auction.
From its earliest days, the company’s founder, Dean Cates, specialized in farm and land auctions. A quick perusal of the company’s archives of original sale bills reveals the details of those early auctions. Though many of those sales were before his time, current company president and Dean’s grandson, Jeff Cates, says his earliest memories of auctions often revolved around the sale of land.
Fast-forward 72 years and a look at the company’s current auction calendar confirms that land auctions remain an important part of the business model. In the first nine months of this year alone the company has sold more than 1,300 acres for eight clients. According to Cates, land auctions remain popular today for the same reasons that they were years ago. “Every piece of land is unique and holds different value to different people so auction is the best way to offer it fairly and get the best price,” said Cates.
Cates Auction & Realty has 2 significant land auctions scheduled for November. On November 7th, 380 +/- acres on NE State Highway HH in Cameron, Missouri, will be sold at public auction. The acreage includes rolling hills, valleys, creeks, ponds and hardwood timber. It is terraced, fenced and cross fenced, and has asphalt highway road frontage. It is perfect for livestock, crops, hunting, home sites or investment.
The property is comprised of two tracts which can be purchased separately or together. Tract one is approximately 160 acres is primarily used for grazing cattle and includes 11 acres of bottom ground. Cates notes that it could easily be divided into multiple smaller tracts. Tract two is approximately 220 acres, and is currently in pasture including 9 acres in beans. According to Cates, the farm has been in the same family for many years and the current heirs decided to sell. “They chose auction as to facilitate a simple, straightforward sale,” he said. This auction will be held at the Elks Lodge in Cameron located at 9018 U.S. Highway 69. Registration opens at noon.
The second major land auction is a 237+/- acre parcel located on Missouri Highway 150 in Lake Lotawana, Missouri, scheduled for absolute (no reserve) auction on November 21st. The property has asphalt road frontage and is fenced and cross fenced. According to Cates agent, Rick Bradford, “This versatile land is perfect for livestock, crops, hunting, home sites or investment.” It is also divided into two tracts. Tract one is approximately 79 acres primarily used for soy beans and corn. Tract two is approximately 158 acres primarily used for grazing cattle and hunting, including 40 acres of crops. It features rolling hills, valleys, a creek and hardwood timber. Bradford adds, “The sellers chose absolute auction to provide complete transparency to buyers. The property will sell to the highest bidder at auction, regardless of price!” This auction will be held at the Lone Jack Civic Center at 509 S. Bynum Road. Registration opens at 9:00 A.M.
In both auctions bidders will be able to bid on a single tract as well as on the combination of tracts. According to Cates, “We frequently use this method for selling land because it ensures that buyers can bid on exactly what they want to buy.”
Details of both auctions, along with documents, terms, photo galleries and more can be found at www.CatesAuction.com. Information for prospective sellers of land can also be found on the website or by contacting the company at 816-781-1134 or email@example.com.
So who buys land at auction? According to Cates, just about every type of buyer has shown up to his land auctions over the years. High bidders are often adjoining property owners, farmers looking to expand, individuals wanting recreational and/or income-producing ground, developers and of course, investors. The most important thing he says, is that every interested buyer participate. “When it’s an auction, it’s always worth your time!”
Luxury Changes Hands At AuctionAs seen in the Kansas City Star
In the world of luxury homes, sometimes it’s hard to stand out, even in Kansas City. At the time of this writing there are 217 homes in the metro area for sale in Heartland Multiple Listing Service priced at $1,000,000 or more. A brief read through of the descriptions reveals a lot of similarities. After all, there are only so many ways to describe a dream home.
With only about half that many homes selling above $1,000,000 in a given year in the Kansas City area (also according to MLS), buyers of upper-end homes certainly have plenty to choose from. And they also have plenty of time. MLS reveals that the homes selling in this price range over the last three years were on the market for an average of nine months with many sitting for years before selling.
Against this backdrop one spectacular home does manage to stand out, for a variety of reasons that come together to form a truly unique opportunity for qualified buyers, according to Chad Bender, business development specialist with Cates Auction & Realty Company. “Like some of Kansas City’s finest homes, it sits on a golf course. But in this case it’s a beautiful Tom Watson signature course and the home is perched high at the end of private cul-de-sac overlooking uninterrupted views of manicured fairways and greens, forests and even a lake,” says Bender. The home’s architect, Scott Bickford, designed curved walls of windows, multiple porches, patios and outdoor living spaces to take full advantage of the unique setting.
Like other of the area’s grand residences, this home has custom finishings and unique touches throughout. However, Bender believes that in this case, it’s more accurate to think of the home as a gallery of integrated fine art. The full remodel, completed in 2010, reimagined the interior to incorporate original hand-blown glass works and lighting by Dierk Van Keppell, forged metals by Zahner Fabrication, custom leaded glass by Stew Langer, and signature lighting by Louis Poulsen.
Cates vice president, Greg Duncan notes that the owners made the wise decision (and substantial investment) to ensure the same top-notch level of treatment is found throughout the entire home, not just in the primary rooms. As examples he points to the jaw-dropping kitchen by Klewano which is equally equipped and matched in style by the full butler’s kitchen, also by Klewano. Duncan notes parenthetically, “The full outdoor kitchen by ‘Alfresco Open-Air Culinary Systems’ is a culinary adventure in its own right!” According to Duncan, bathrooms, bedrooms, hallways, even the garage entrance are all visual treats of the finest materials and tasteful fine art embellishments.
Unwilling to settle for the easily attainable, the owners sought out rare “Dali’s Dream” Brazilian granite for the master bath counters, a folding glass door system by NanaWall that makes an entire wall of the sunroom disappear, and a stone Palazzo bathtub originated in Italy and imported from South Africa. They eschewed the typical home theater for a full professional theater experience including a dedicated kitchen and bathroom. Bender summarizes, “The result is a truly remarkable home that delights, and even surprises, at every turn.”
One more significant fact unequivocally sets this signature residence apart from all others in the region. It is to be sold to the highest acceptable bidder at public auction on Thursday, October 30th at 10:00am. Having enjoyed the home but finding themselves spending increasingly more time at their country ranch, the owners decided to expedite the sale by contracting with North Kansas City based Cates Auction & Realty Co., Inc. Prior to conducting the auction, Cates is orchestrating an extensive customized accelerated auction marketing campaign to introduce buyers to this unique ownership opportunity.
The home is located at 6541 Ridge Road, Parkville, Missouri, in “The National,” an upscale resort-style community with two 18-hole golf courses, three pools, fitness/wellness center, tennis, trails, a beautiful sailing/fishing lake, fine & casual dining, plus the signature club house. Cates Auction is hosting open house events at the home on Sunday afternoons, October 19th and 26th from 2-4pm. Photo galleries, auction information and other resources are available at www.CatesAuction.com/RidgeRoad or by calling 816-781-1134.
Executive Home Owner Chooses Absolute Auction to Sell Personal ResidenceAs seen in the Kansas City Star
For those who don’t understand the power of a mainstream, professional real estate auction, it might have been a bit of a surprise to see the “Auction” sign go up in front of Jim and Bette Love’s home in The National, an upscale subdivision in the Northland. That’s just what Jim was hoping for. In fact, to add to the impact, he and Bette opted for an “absolute” auction without a seller’s reserve.
“Looking at the variety of other houses for sale around us right now, I wanted to do something different to stand out” said Love. “It’s such a wonderful home, it seems logical to me to bring buyers together and let them compete for it. We are prepared to accept what they are willing to pay, so why put a minimum requirement on it?”
The Loves custom built the home in 2002 and spared no expense. Love was an early partner in The National and believes the signature Tom Watson golf course located within walking distance of the home is among the best courses in Kansas City. Earlier this year they downsized to a penthouse in the new McCrite Plaza near Briarcliff. With that move behind them and the house spruced up for sale (new carpet, paint, etc.), they were talking about next steps. Jim’s son, Phil, recommended he call a long-time friend, Greg Duncan, to look into an auction strategy.
An adept businessman with a pension for trying new things, Love was intrigued. “We’ve moved on. I didn’t want to risk over pricing the house and working through multiple price reductions for months on end or under pricing it and leaving money on the table.” Coincidentally, about the same time a Realtor friend, who knew their desire for a good price with minimal hassle or delay, suggested they talk with Chad Bender, an auction specialist and agent with Cates Auction & Realty.
“When Jim walked us through the home and explained his goals, it was clear that a professional real estate auction was the perfect strategy for them,” said Bender. He added, “The National is a huge draw not only because of the prestige it carries, but because of the signature golf course, gorgeous club house, dining, pools, and all the other amenities.”
The home has 4 large bedrooms, each with a private bath, plus an upstairs “studio” with built-ins and a fireplace. The master suite is on the main level along with an office, great room, formal dining, hearth room, breakfast room, kitchen and 4-car garage. One of Bender’s favorite features is the Italian trattoria in the walk-out basement. He explains, “It has custom bistro-style window treatments, glazed walls, arches, and even upholstered booths with individual chandeliers!” The lower level also has approximately 2,000 additional square feet of unfinished space to expand living areas or add bedrooms.
Cates Vice President, Greg Duncan, is also enamored with the home. “Knowing the Love family, it’s no surprise that this home is thoughtfully designed and built with attention to the details that make it special.” As examples he cites the custom architectural millwork, gallery-style lighting for artwork and the large, well-appointed kitchen. “The combination of high ceilings and walls of windows take full advantage of the setting. The large lot backs to woods and the landscaping is a real visual treat” he added.
Jeff Cates, president of Cates Auction & Realty is looking forward to the auction. In the past few years his company has sold luxury homes in Leawood, Mission Hills, Tiffany Springs, and even The Lake of the Ozarks. He believes that the demand for upper-end homes is beginning to catch up with other sectors of the residential resale market. “Seeing how long some fantastic homes are sitting on the market though, it’s obvious that it is still tough to price beautiful homes like this accurately. That’s why an absolute auction is such a perfect way to bring buyers and sellers together.”
Love agrees. “I know what this house cost to build and I know all the things that make it wonderful, but I also know that the ‘market value’ is determined by the buyers, not by me. We want to sell it to the person who wants it the most and I’m looking forward to shaking hands with that person at the conclusion of the auction!”
The home will be sold to the highest bidder on June 13th. Cates invites prospective bidders to come to an open house this Thursday, May 29th from 4:00 to 6:00 or Sundays, June 1st or 8th from 2:00 to 4:00. Details about the residence, photos, video, documents and auction terms can be found at www.CatesAuction.com/Love. Bidders or home owners curious about real estate auctions can also call the company at 816-781-1134.
Development Land Auction Event – Is Opportunity KnockingAs seen in the Kansas City Star
It’s age-old advice: Don’t be out in the backyard looking for four-leaf clovers when opportunity is knocking at your front door. Cates Auction & Realty Company is encouraging Kansas City area investors, developers and builders to come in from the backyard. The company’s May 29th “Development Land Auction Event” is an opportunity they don’t want anyone to miss!
The event features a variety of commercial, retail and residential development tracts on both sides of the state line in the Kansas City metro area, all to be offered at public auction. Some of the parcels have low seller’s reserves and others are being sold absolute, without reserve.
The National Association of REALTORS® (NAR) reported a positive fourth quarter in commercial transactions, with an 11% increase in sales year over year and a 4% increase in prices. Responding REALTORS® expressed less concern about financing hurdles with more concern over a growing pricing gap between buyers and sellers along with decreasing inventory.
According to Greg Duncan, Cates vice president, those are the very issues the upcoming land auction is designed to address. “Our sellers in this event have chosen auction not only to bring quality development ground to the market in a new way, but to eliminate the price discrepancies through competitive bidding.”
The first of those sellers is a former Kansas City resident who is selling a 76 acre tract of land at the corner of Missouri State Highway 7 and Missouri State Highway 150, just 1.9 miles south of US Highway 50 in the city of Lake Lotawana, Missouri. According to Duncan, the location at the corner of two highways, just off another major highway represents tremendous potential for future development. It is zoned “Highway Commercial” but is currently being farmed and the lease will transfer to the new owner. This property will be sold onsite and online at 10:00 AM on May 29th.
The second property is actually a collection of three parcels of residential development land in The Creekwood Subdivision off Interstate 71 in Grandview, Missouri, all to be sold “absolute.” They will be offered individually and in combinations. Phase one of the development is complete with the exception of 8 lots which will be sold as a package. Phase two (12.5 acres/50 undeveloped lots) and phase three (40 acres/120 undeveloped lots) will also be sold at the auction. All of the Creekwood land is being sold without reserve for an out-of-state developer who is no longer building in the Kansas City market. Bidding will take place at the Holiday Inn Express in Grandview and online at 12:00 PM on May 29th.
The third offering on May 29th is a 24 acre tract of prime commercial development land at the northeast corner of I-35 and Gardner Road in Gardner, Kansas. Zoned “General Business District” it has 1,447 feet of interstate frontage and 871 feet of frontage along Gardner Road. It is bounded on the north by the future 188th street which will add 946 feet of road frontage. “Our seller has a wonderful retail concept plan for this site which is available on our website,” says Duncan. He adds, “Not only does this site have outstanding visibility and easy accessibility, it sits at the prime interchange leading to the new BNSF Intermodal Facility.” KDOT projects that as the Intermodal and ancillary projects build out, traffic load along this section of I-35 will double, necessitating growth in housing, retail, service and other commercial applications. Bidding for this property will take place onsite and online at 2:30 PM.
Jeff Cates, president of the 72-year old auction company, says this is an unusual opportunity in the Kansas City market. “It’s no secret that development land is available around our area, but having this variety of prime land all at auction, some without reserve, is quite remarkable. All of these owners are intent to sell!” With NAR chief economist Lawrence Yun projecting that the commercial real estate recovery is expected to continue throughout 2014, Cates believes now is the time to buy prime land and auction is the way to do it.
Details, photos, surveys and other information about all the properties selling on May 29th can be found at www.CatesAuction.com. The company’s other upcoming auctions of residential, land and commercial properties are also listed on the website. Owners of quality real estate curious about the accelerated auction method of sale are encouraged to contact Cates at 816-781-1134 for consultation and a property analysis. Do you hear that knocking sound? Answer the door!
Bid at Auction and Spend the Holidays in Your New Home!As seen in the Kansas City Star
When an award-winning builder sets out to design and build his own personal residence, he does it right. Such a home serves not only to meet individual lifestyle requirements, but also to showcase top-of-the-line features and finishes. As such, the finished product is a high quality home that’s built to last and loaded with all the extras.
On Friday, October 25th at 12:30 p.m., Cates Auction & Realty Co., Inc. will be selling just such a home at 6111 NW Tiffany Springs Parkway in Kansas City, Missouri. The builder is downsizing and wants the home sold now. “After a change in family circumstances I no longer need a home of this size so I chose to schedule an auction to get it sold before the end of the year,” he says. He adds, “Because my reserve was so low, relative to the value of the house, Cates encouraged me to make it public.” And he did.
The most recent appraisal was done in 2009 at a value of $1,000,000. The minimum bid at the auction is only $465,000. Cates vice president Greg Duncan explains, “What this means is that this incredible property will be sold to the highest bidder over $465,000. Obviously our seller knows the home is worth far more than that amount and hopes it brings a higher price, but he is committed to selling. What better way to prove it than to publish his low reserve?”
The six bedroom home with five garages is located in the prestigious Thornhill subdivision near the Tiffany Greens Golf Course. Homes along the Parkway have stricter building standards than those on secondary residential streets. According to Duncan, the result is impressive curb appeal including a concrete tile roof and striking circle drive entrance with center fountain. The tall octagonal master bath and turreted tower housing a circular staircase give the elevation a distinctive look. The large lot setting is enhanced by wooded common area along the western edge of the property.
Inside the sophisticated home the builder incorporated unusual ceiling treatments, hand-finished details and extra architectural flourishes like arches, bull-nosed edging and custom iron work. In preparation for sale the home was given all new interior paint and carpet. While he likes the striking curved two-story wall of windows in the great room, Duncan says the grand staircase is his favorite feature. “It’s quite a dramatic effect! The round staircase has ornate custom-designed iron balusters topped with a graceful maple handrail. It soars past arched windows and wall sconces to a jaw-dropping round ceiling with contrasting paint details, a textured dome and a large Florentine lighting fixture.”
A full photo gallery, video tour, floor plans and other documents can be found at www.CatesAuction.com. Interested buyers can tour the home at an open house event this Sunday or next from 2:00 to 4:00. The auction sale will take place at the property at 12:30 on Friday, October 25th.
For those who need lots of square footage but prefer some acreage to go with it, one week later Cates will be selling a five acre estate with an all-brick home that offers five bedrooms, nine bathrooms, six fireplaces, two full kitchens and a large indoor pool. Originally built by a prominent Northland landowner, the home’s current owners have decided to downsize. According to Cates agent Chad Bender, the seller has already purchased a smaller home. “They are ready to move just as soon as this property sells so that’s why they chose auction marketing to speed the sale.” This home is located at 24605 Highway 92, just east of Kearney, Missouri. There is a photo gallery on the company’s website and the property will be available for viewing October 20th and 27th from 2:00 to 4:00. It will be sold at auction Friday, November 1st at 1:00 p.m.
Company president Jeff Cates is excited about both auctions. “These are two excellent homes and our company is pleased to be conducting the sales. In both cases we have owners who know they have wonderful properties and are also committed to selling quickly. The result is two tremendous buying opportunities!” He also points out that the successful high bidders on both properties will be enjoying the holidays in their new homes.
Information on these and other Cates Auction & Realty properties scheduled for auction sale can be found at www.CatesAuction.com or by calling 816-781-1134. Sellers who want or need to have their properties sold prior to the end of the year are encouraged to call the company quickly for a property analysis and free consultation.
Unusual Lakefront Estate Up for AuctionAs seen in the Kansas City Star
On a typical summer weekend it’s not uncommon for many Kansas Citians to head south to one of the area’s lakes. For some, a trip to the lake means outlet mall shopping, bar hopping and general partying. For others it means relaxing, boating, fishing, swimming or just a general respite from the daily rigor. Particularly for those in the second group, Cates Auction & Realty is pleased to announce a just-listed auction property at Table Rock Lake.
Cates vice president, Greg Duncan, recently returned from viewing the property. His first observation is that “Table Rock Lake is a far cry from other overbuilt and condo-laden lakes in Missouri. This peaceful and private 3+ acre point setting makes the most of the beautiful shoreline and sparkling water.” In fact, Table Rock boasts nearly 800 miles of pristine shoreline and roughly 52,300 surface area acres of water. And it is managed differently from other area lakes.
Table Rock Lake was formed in 1958 when the U.S. Army Corps of Engineers dammed the White River. The Corps continues to manage the lake, keeping a tight rein on development, particularly as it affects the shoreline, which it owns. Stringent standards have placed a high priority on preserving all aspects the scenic beauty. The result is a wonderful playground for boaters, skiers, parasailers and even divers who appreciate the clear water.
Because the Corps did not clear the trees beneath the water when building the lake, the result is a angler’s dream. Table Rock is generally known as a favorite bass fishing destination with large numbers of Kentucky spotted, largemouth, smallmouth and white bass, along with a wide variety of other types of fish.
Duncan believes the property his company will be selling on July 12th is ideal for those who appreciate the beauty and serenity of Table Rock Lake. “The property combines the best attributes of lake living. It has a large grassy yard that slopes gently to the water and gives great views of both the channel and cove. At the same time, it’s surrounded by woods, giving complete privacy. It’s truly a place to escape.”
The property is actually comprised of 4 lots and includes a main house, cottage and 2-car detached garage. The main house began as a modular home and with a subsequent addition and single roof became a spacious four bedroom, two bath home. The highlights are a large family room and peaceful 15×22 screened porch with direct lake views. The quaint 2 bedroom cottage, which needs some work, was intended as the prototype for the original (but unrealized) development in the 1950’s. It has a large fireplace and hardwood floors. The property also has its own well.
Included in the offering is a vacant wooded lot which could be developed or left natural. One of the extra things that makes this even more appealing according to Duncan is that a portion of the 650 foot shoreline is “red zoned” for a dock. “This gives owners a potential opportunity that is highly coveted at Table Rock,” he said. Anyone with questions about dock requirements should contact the Army Corps of Engineers directly.
The property is located in Eagle Rock in Barry County, in Southeast Missouri. It is on what Duncan says is known as “the quiet side” of the lake (upper arm of the north side). It is 30 miles from Branson, 20 minutes from Eureka Springs, 15 minutes to the popular Holiday Island, and 7 minutes to Roaring River State Park. The Eagle Rock public marina is nearby.
The land and homes are available for the public to experience at open house events on June 22nd, June 29th and July 6th from 10:00 a.m. until noon. A full photo gallery, documents, and complete auction details can be found at www.CatesAuction.com. Bidding will take place live on site at 1:00 p.m. on Friday, July 12th with synchronous online bidding offered for those who cannot be at the property. Questions about this property or the auction marketing strategy can be directed to Sold@CatesAuction.com or 816-781-1134.
“We’ve sold a lot of spectacular lake properties at auction over the last few years,” says Duncan, “But I’m especially excited about this beautiful Table Rock setting. Whether someone chooses to enjoy the simple nostalgia of the original buildings or clear the property to build an all-new dream getaway, this is an incredible auction opportunity!”
Auctions Important in Improving MarketAs seen in the Kansas City Star
It has been said that the only exercise some people get is jumping to conclusions. By some widely publicized measures, the real estate market continues to improve, pointing sellers, buyers and agents to a variety of conclusions. According to the Kansas City Regional Association of REALTORS® “Market Report” for March, combined home sales in the nine county region were up 8% over March 2012 with the average sales price 5.7% higher. The supply of homes was down to 5.3 months (from 7.2), representing a “balanced” market.
Factoring in anecdotes of “competing offers” and boasts of speedy sales, it could be easy for home sellers and even their REALTORS® to conclude that selling and buying properties through auction will be on the decline. Jeff Cates, president of Cates Auction & Realty Co., Inc. says it’s not only wrong to jump to that conclusion, it’s dangerous. “In the last 71 years we’ve seen every conceivable market condition and our busiest times are always when the real estate market is at its strongest,” he said. He cautions that “valuing a property in an improving market is tough. Sellers who overlook the auction strategy risk inadvertently underpricing which may result in a fast sale but leave money on the table. Conversely, sellers (or their agents), eager to capitalize on the improving market risk overpricing and thwarting the sale.”
Chad Bender, a licensed agent with Cates who specializes in consulting with traditional REALTORS® hears it frequently as he works with brokerages throughout Kansas City. “In every sales meeting I attend around the city I hear agents talking about that property that sold quickly or had competing offers. In reality, that’s what an auction offers every time – but intentionally and not by chance.” He adds that regardless of market conditions, buyers are drawn to auctions because they know that auction sellers are realistic and ready to sell.
A glance through Cates upcoming auction calendar underscores the point with a variety of properties scheduled for sale. This week alone the company is selling an unusual log cabin commercial building on Highway 50, commercial development lots in Blue Springs and Lone Jack, a town home in Gladstone and a single family home in Overland Park.
The June auction calendar kicks off with what Cates describes as “a spectacular executive estate” which includes a 5,000 square foot custom home and a 2,900 square foot shop/barn on 68 acres. According to Cates, “The striking five-bedroom home takes full advantage of the private and picturesque setting with hilltop views, an inground pool, two ponds and lots of wildlife on the property.”
As with many auction sellers, the property owner is downsizing and will also be selling very nice personal property including fine furniture, antiques and collectibles. Auction was a perfect solution for this seller, according to Cates, because she wanted a simple and efficient process to sell her home, acreage and contents. To ensure the widest possible participation in the auction the company is offering simultaneous online bidding on the real estate and much of the personal property, allowing bidders the option of bidding live on site or live online.
The property, which is located at 1785 E. 700 Road, Lawrence, Kansas, will be open for public viewings this Sunday, May 26th from 2:00pm to 4:00pm. Details of the real estate and catalogs of the personal property are available at www.CatesAuction.com along with photo galleries, documents and more.
This is just one example of how Cates sees the real estate auction market heating up as the general market improves. Sellers interested in taking advantage of current market conditions are encouraged to call 816-781-1134 or email Sold@CatesAuction.com to request a free auction property analysis. Likewise, buyers wanting to move quickly as prices continue to rise are invited to join the Cates email list, Facebook page, Twitter feed or YouTube channel to stay current on the weekly addition of new auction properties.
According to the National Association of REALTORS®, 94% of REALTORS® participating in the March Confidence Index expect constant or growing prices in the next 12 months. In Cates’ opinion, sellers who overlook the auction strategy as the market continues to improve are not only jumping to the wrong conclusion, but they are getting another kind of exercise: pushing their luck!