Sunday 16 June was the date of the inaugural Pattaya Property Auction, which took place at the Holiday Inn on Pattaya Beach Road. John Collingbourne, who has over thirty years' experience as an auctioneer and is wellknown in Pattaya as head of Collingbourne Auctioneers offered a total of 52 different lots at the event. These properties came from some of Pattaya's best known and most respected developers, including Matrix, the Nova Group, Powerhouse Development and the Global Top Group. In addition to lots from the major developers, there were several properties from private buyers which were also part of the auction. Together, the properties auctioned at the event offered something for everyone - from affordable studios right up to luxurious villas.
Although Pattaya Property Auctions was the first event in the city to offer such a wide variety of property from several different sources, the concept had already been tried and tested. At the end of last year, John Collingbourne arranged an auction on behalf of Raimon Land in order to sell the last remaining units at the developer's Northpoint project in Wongamat. This event was a great success, with 19 of the 22 available lots being sold on the day.
Pattaya Property Auctions were pleased with the results from their first general auction. "I was very impressed with the quality of the buyers that attended the event," commented John Collingbourne. "Each of the buyers attending the event was required to place a fully refundable bond of THB 50,000 in order to participate in the auction, ensuring that every one of them was.a serious potential buyer."
The highlight of the auction was a luxurious villa which went for THB 14 million. At the opposite end of the scale, one lucky buyer grabbed himself a bargain in the form of a studio priced at just THB 900,000.
Following the success of the initial Pattaya Property Auction, the event will now be running on a quarterly basis. So those buyers who were unable to attend the first one will have another chance of buying a dream home at a knockdown price at the next auction, which is scheduled for early September. The Holiday Inn will again be the venue for the next auction as all who attended were very impressed with the quality of the service that the hotel provided.
Having proven that the concept of a property auction is popular with both buyers and sellers alike, John is looking to expand the event to other parts of Thailand. The next location for property auctions should be Bangkok, where an event there is planned at some point during the autumn.
Pattaya Property Auctions is already starting to take submissions from sellers who wish to include their properties in the next auction. So, if you are interested in seeing your condo or villa going under the hammer at their next auction.