As 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.