Two high-end Long Island homes are scheduled for auction, with opening prices that are a fraction of the market price.
The first, a six-bedroom, 5.5-bathroom French manor-style home on two acres in Lloyd Harbor, previously sold for $1.995 million. It has a suggested opening bid of $899,000. The seller had relocated out of state three years ago and had been renting the house, but decided to go the auction route, says Misha Haghani, managing principal of Paramount Realty, which is conducting the auction.
“He’s chosen to auction it because he wants the property to sell, he wants buyers to know he’s serious, and he doesn’t want the home to sit for a long time,” Haghani says. “At $899,000, it’s the lowest price on the market in Lloyd Harbor right now.”
The property is being auctioned subject to a reserve price that is not disclosed, Haghani says. “If the bid doesn’t hit the reserve price, the seller doesn’t have to sell. If the bid hits the reserve price, the seller is obligated to us to sell.”
The auction will take place at 1 p.m. Sept. 18 at The Inn at Fox Hollow, 7755 Jericho Tpke., Woodbury. There are open houses scheduled from 11 a.m. to 1 p.m. Sept. 11 and from 5 to 7 p.m. Sept. 14 at the home at 3 Beech Hill Rd. For more information, call Paramount Realty USA at 516-280-8280.
The second auction is at 10 Water Mill Heights in Water Mill, with a mortgage lien of $2.6 million, which is half the price of what similar homes in the area are asking. It will be auctioned Oct. 11. The auction will take place at 10 a.m. at Southampton Town Hall, 116 Hampton Rd.
The 6,600-square-foot, five-bedroom home was built in 2002. It has two kitchens and sits on more than four acres with a pool. Nearby homes of a similar size are currently on the market for between $5 million and $6 million, according to real estate website Property Shark.
For information about how the auction will work, call Shapiro, Dicaro & Barak, LLC, the attorneys representing the bank, at 877-759-1835.