Real estate patriarch Garth Barfoot sold his family home for $1.32 million today after a 45-minute-long auction battle.
The sale was a first for a real estate professional who’s probably seen and done it all. Barfoot told OneRoof last month that he had never sold his own home before.
So when the auction this morning paused for three lengthy negotiations, it seemed he might not get that pleasure.
But at 11.20am, 35 minutes after the auction started, Barfoot’s four-bedroom waterfront house and the adjoining section were announced as on the market at $1.26m.
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Then the bids came in fast and furious, as three buyers went hell for leather to beat the competition. All up, 37 bids were made and Barfoot’s score was one for one.
The family’s reputation was on the line when Barfoot put his property on Island Bay Road, in Auckland’s Beach Haven, up for auction. His father Val founded Barfoot & Thompson more than 100 years ago, and the company has sold just about every home in the city, so anything less than a sale might have been embarrassing.
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Barfoot joked that he felt a bit sorry for the buyers in the room, as he was there surrounded by his wife and family. “I had all these people supporting me,” he told OneRoof.
He admitted that he hadn’t decided which way he was going to jump as the bidding rose in fits and starts. “I always say let’s put it on the market, but others were saying, ‘If you do that, you might not get higher bids.' I’ve been to lots of auctions where you don’t reach reserve, but once people know it’s on the market, the bidding starts again – and that’s what it did.”
Barfoot said that he was pleased to learn that the new owners were keen gardeners, telling them he had 50 years of tomato-growing experience on the site that he could share with them. He told OneRoof that the magnificent sea views of the property would beat anything the buyers might have seen on the city side.
Barfoot's son, Henry, branch manager of Barfoot & Thompson Milford, told OneRoof that the auction took much longer than he had expected.
“At the end of the day, Dad is pleased to let it go. So we’re happy that they’re happy,” he said.
“Like most vendors, we went in thinking one thing, but what we see is that the market sees differently. Right now I’m relieved it is over. I’ve sold a couple of my own homes, but it’s definitely more stressful selling your parents’ home. And I was wearing two hats, as branch manager and family.
“You always want your client to get a good result,” he said, adding that with four bidders, the agency was pleased with the good interest. But the prices were not there.”
Garth Barfoot is as famous for his love of running as his family's real estate company. Last year he set the record as the oldest competitor in the New York Marathon. Photo / Jason Oxenham
Barfoot believed passionately in the auction process. He even sold the home with a declared reserve that was more than $1m below the CV.
He told OneRoof last month that this was the first time he had sold his own home. “We’re a one-house family. My father only sold one house too. In the old days, people only had one house,” he said.
Goodgame said the strategy of declaring the house on the market paid off for the Barfoots.
“You get to that point where you see people are maxing out on budget but we can tell they still had a little bit of firepower in them. We’re better off putting the property on the market and that way everyone will show their cards. That’s exactly what happened," he told OneRoof.
“Garth’s motivation to sell the property was well-publicised, he wanted to sell unconditionally at auction and move on. That’s the beauty of auctions, once it’s declared on the market everyone shows their cards.”
Goodgame said the buyers were from the city side of Auckland. “This was actually the first time they had ever been to Beach Haven. I was able to talk them about the coastal side, help them understand the area. Obviously, once you’re actually at the house, the location speaks for itself, but I had to educate them a bit on the area.”
Goodgame said he understood the new owners plan to do a full-scale renovation of the 1970s house, adding double glazing and making the most of the sea views.
Inside Barfoot's home. He had an architect create an open-plan living space with a striking pitched roof of rimu. Photo / Supplied
He said 50 to 60 groups viewed the house, many drawn by the news stories – and many coming across the bridge from as far away as South Auckland.
Barfoot and his wife Judy bought the property in the early 1970s for around $12,000. Back then it was an empty 1606sqm section, one of several up for grabs in a new subdivision. The land had been carved off a former strawberry farm. The couple also picked up the adjoining 1295sqm section at the same.
“We were on the coast. It was a new area coming up as coastal Beach Haven, as opposed to central Beach Haven. In the time the children were going there, the college changed its name from Birkdale College to Birkenhead,” he told OneRoof last month.
The couple commissioned architect friend Ron Paterson to design their new family home. Their only stipulation was that they wanted four bedrooms, not three, which was the norm at the time.
The deceptively simple design resulted in two identical square blocks – a single-level open-plan living room, dining and kitchen joined to a two-storey bedroom and garage wing by a flat-roofed entry hall.
Paterson designed the roof eaves with extra overhang for shade on the north and west, and less on the south to allow more sun, an unusual move for the time, Barfoot said.
Barfoot said that he and Judy had moved into the nearby retirement home 18 months ago. “I’m a lot keener to sell than I was. I’m quite prepared to say goodbye. And I’m quite happy to sell by auction,” he said last month.
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