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Thursday, July 29, 2010   73º

12/14/2008 05:52 PM

Frustrated with market, Watertown family auctions home

By: Brian Dwyer

Frustrated with market, Watertown family auctions home
WATERTOWN, N.Y. -- After 10 months without much of a sniff, the Boyle family decided to try something different to hopefully sell their home. They put it up for auction.

"It's been very frustrating,” home owner John Boyle said. "We thought that when we listed it, at a very reasonable price back in February that we'd be able to sell it quickly, but the market and country crashed."

The Boyles were originally asking $439,000 for their 5 bedroom 3 and a half bath home, and with a need to move to Syracuse ASAP for family reasons, they needed to sell ASAP.

Auctions are a more popular way of selling homes in other parts of the country, but it does involve some risk. The Boyles may get nothing close to what they want.

"Auctions are just like the stock market,” Bernie Brzostek of Brzostek's Auctions said. "Auctions reflect the current market trends. What are people willing to pay in that moment in time?"

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In the end, the home sold for $250,000. That's nearly 190-thousand less than asking price. But the Boyles say they're happy with the process, happy their home is sold and happy they can finally make the move.

"Relief. Grateful. Acceptable. An acceptable price in today's market,” Boyle said.

"The market is the market,” Brzostek added. "You get what you can get and you can't get anymore. Take the highest you can get and be done with it. Save the taxes, the caring costs, the upkeep and maintenance, the heat, the lights and all those other expenses of owning a house you don't need anymore."

While the house went nowhere near what the Boyles were originally asking for, they say it's okay because the house they're buying in Syracuse, well that seller is in the same boat. They're getting a great deal there and with what they're losing here they say it's almost a wash.

The house was bought by the Bates family, who'll be moving there to be closer to family.