In the past few weeks, we have discussed current market conditions and the broader inconsistencies across the marketplace. In the current climate we are increasingly seeing vendors reassessing and adjusting their expectations to attract more interest.
Last week, I discussed an ongoing negotiation in which the vendors showed a willingness to meet the market by adjusting their expectations, resulting in multiple interested parties. On Wednesday afternoon I facilitated a private Zoom auction that gave the parties the opportunity to compete for the property. After 58 bids, the result was a landmark sale—the highest transaction for the financial year in Lorne and the surrounding areas.