Several years ago, an Okanagan company launched a local concept of high-end auctions that would bring buyers and perspectives to the valley in hopes of selling high-priced desirable luxury items.
The auctions not only offered up luxury homes but also aircraft, expensive cars and custom bikes. The idea was to bring people together for a charity event under the brand name Garage Sale Luxury Auction.
However, as the company delved into the high-end real estate market more than any other luxury item, the name didn’t make much sense to the buyers.
Alec Lambert moved his company to Vancouver where he rebranded to Lambert and Co., which was well received by the real estate community.
In order for this type of home auction to work, ideal candidates and a luxury product that aligns with both Lambert and Co., as well as the owner of the property, are needed.
“We prepare the home and prepare the property,” said Lambert. “In terms of the auction itself, it is about gathering enough qualified bidders to create a fair auction for the seller. Provided that is the case, we put together the auction on the property, with a live auction event and a corresponding charity event that goes with that and then sell the home by a live auction to the highest bidder.”
For the auction to be fair, Lambert said there need to be at least four qualified bidders.
Rarely do high-priced luxury homes sell for the full list and most sellers will see a drop in price or negotiation during the conventional sale and an auction isn’t much different.
“In an auction, the price will adjust down until someone bids on the property or adjust up until the maximum bid sets the finally true value of the property,” explained Lambert. “Ultimately, all of our homes performed well in the live auction format.”
Now, Lambert and Co. are back in the Okanagan after making a name for themselves in Vancouver.
“We are being discovered more across Canada. Auctions overall, in North America and across the world, are gaining popularity because they do perform well in terms of the time frame,” Lambert said. “In our case, we really focus on the performance of price as well and keeping it a fair auction, so our reputation is really playing a role in bringing us back to the Okanagan.”
This July 18, Lambert and Co. is hostin a luxury home auction in Lake Country down in Whiskey Cove. Solaris, the luxury lakefront home, is located on a 1.1-acre parcel of land with a private beach.
The home is just under 9,000 square feet, with nine bedrooms and 10 bathrooms.
“It’s very interesting this is a home of this size, but it is also very comfortable and practical,” explained Lambert.
Since 2009, Lambert and Co.’s auctions have generated over $1,000,000 for local non-profit organizations.
Running alongside this auction are separate charity events benefiting the Mamas for Mamas foundation, an Okanagan charity that offers poverty relief and mental health services to mothers, caregivers and their children.