Cleveland Heights neighbors and investors were a buzz Sunday with the auction of 2900 Fairmount Blvd. The old mansion was listed in the MLS for $1 (MLS # 2488204). It has created lots of attention because of the size and history behind this old house.
(picture Courtesy of NORMLS)
The house is a 10 bedroom 9,000 sq. feet mansion that was once glamorous. The third floor speak easy was something to be seen. It is equipped with booths, bar and stage. Finding it was like stepping back in time to an era made familiar by mobster movies.
The Auction was held by Thomas Michael Auctions, located right here at Keller Williams Realty Greater Cleveland. And contrary to what a lot of people think, this auction was not a foreclosed property or a sheriff sale.
Sellers sometimes use the option of an auction when they would like a quick sale with a binding contract. In this case the the house needed a lot of work, but the auction made it possible to get someone inside to see the possibilities and buy it at a price the seller is comfortable with.
Although the house was advertised at $1 there is a lot more to an auction. If one wanted to participate they needed to come to the house on Sunday equipped with a cashier's check for $5,000. Also, the auction was a reserve auction which means bidders needed to reach that a secret amount to get the house sold. In the case of Fairmont Blvd, the reserve was not met, however the highest bidder was able to negotiate with the sellers and come up with a price and the mansion did sell. We won't know what the amount is until the house closes.
If you think your Greater Cleveland Home might be a candidate for auction pleases contact Erin Snyder Oakley at 216-410-8221 and she can help you get in touch with Thomas Michael Auctions. Or if you are interested in buying or selling your Greater Cleveland home contact Erin Snyder Oakley at 216-410-8221 or by email at Erin@NoPlaceLikeCleveland.com
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