The head of a local auction house is putting his own home up for grabs to help launch, and promote, his company’s new high-end real estate division.
Mark Motley, president of Motley’s Asset Disposition Group, is offering his 7,000-square-foot house in western Henrico as the first listing for the division, called Masterpiece by Motleys.
The lakefront, French Tudor-style house at 11801 Oak Point Court, on a cul-de-sac in the Barrington West neighborhood, is being offered through an accelerated sale with an asking price of $1.1 million. Offers on the home, at $10,000 increments, will be accepted for one week starting Thursday.
An empty nester, Motley said he was planning to sell the home and thought the listing would help illustrate the company’s accelerated sale process, in which interested buyers are given a set amount of time to submit offers based on home appraisals and inspections that are completed before the property is listed.
Motley said the approach, which his company has offered prior to Masterpiece, removes stress and guesswork from the home-buying process by ensuring that offers are qualified. He said it also benefits sellers by attracting multiple offers and providing enough time to review and consider an offer.
“It gives the seller the opportunity to look at the contract and accept or reject,” he said. “There’s no requirement that the offers are accepted, like any deal.
“It’s not that auction environment where they’re bidding against each other. It’s slowed down. Our accelerated listing process has the control of a brokerage without the stress associated with an auction.”
While Motley’s brokerage arm already offers accelerated sales and traditional broker listings for a variety of properties, the Masterpiece brand will focus on high-end sites, Motley said.
Motley said agents are paid a 3 percent commission for bringing in a buyer who closes on a property. He said outside agents also place listings on Motley’s platform, co-branded with the company.
Motley’s real estate arm consists of five in-house brokers, including vice president Tim Dudley, who is leading the Masterpiece division. Properties are marketed to buyers through traditional advertising, open houses, online tours and website listings.
Motley said he has listed and sold three properties he has owned the same way, including a river cottage and his previous residence.
The Barrington West house was built and purchased in 2004 for $1.27 million, according to county records. A recent county assessment valued the 0.8-acre property at $1.17 million.
Totaling six bedrooms, five bathrooms and two half-baths, the three-story house includes a first-floor master suite with vaulted exposed-beam ceiling, a great room with 12-foot coffered ceiling and Gothic-style mantle, a wet bar and a 1,000-bottle temperature-controlled wine cellar.
The lakeside property also includes a garage with unfinished space upstairs, a walkout basement with a stone patio and fire pit, a deck with a fireplace and hot tub, a screen porch with a fireplace, and a sound system throughout the house.
Motley said he has received interest and held a few showings for the property, which was listed July 18 through the Central Virginia Regional Multiple Listing Service. The accelerated sale begins Thursday at noon and ends Aug. 10 at 7 p.m.