PHOTO: Garth Barfoot. FILE
Real Estate Patriarch Garth Barfoot Sells Family Home for $1.32 Million
Real estate veteran Garth Barfoot sold his family home for $1.32 million after an intense 45-minute auction.
A First for the Experienced Professional
Despite his extensive career, Barfoot had never sold his own home before. He shared with OneRoof last month his anticipation for this unique experience. The auction this morning included three lengthy negotiations, creating suspense about the outcome.
The Auction Battle
At 11:20 am, 35 minutes after the auction began, Barfoot’s four-bedroom waterfront house and the adjoining section were announced on the market at $1.26 million. This sparked a flurry of bids, with three buyers fiercely competing. Ultimately, 37 bids were made, and Barfoot celebrated a successful sale.
Family Legacy and Pressure
The family’s reputation was at stake when Barfoot decided to auction his property on Island Bay Road, in Auckland’s Beach Haven. His father, Val, founded Barfoot & Thompson over a century ago. With the company’s legacy of selling numerous homes in the city, any outcome short of a sale would have been disappointing.
Inside Barfoot’s home. He had an architect create an open-plan living space with a striking pitched roof of rimu. Photo / Supplied
Support and Strategy
Barfoot, surrounded by his wife and family, humorously remarked that he felt sorry for the other buyers. He admitted to feeling uncertain as the bidding fluctuated. He typically advocated for putting properties on the market to encourage bidding, and this strategy proved successful.
A New Chapter for the Property
Barfoot expressed pleasure in learning that the new owners were avid gardeners, offering them his expertise in tomato growing. He also highlighted the magnificent sea views that the property offers, which he believes surpass any city-side views.
Son’s Perspective
Henry Barfoot, branch manager of Barfoot & Thompson Milford, noted that the auction lasted longer than anticipated. He expressed relief that the sale concluded successfully and acknowledged the dual pressures of being both a family member and a professional.
Auction Dynamics
The auction’s slow start eventually gave way to high demand for the Island Bay Road property. Barfoot’s faith in the auction process was evident, as he listed the home with a reserve price significantly below its CV.
Buyer Insights and Future Plans
Goodgame, a representative involved in the sale, shared that the buyers were new to Beach Haven and planned a comprehensive renovation of the 1970s house. The property’s appeal drew 50 to 60 groups, many intrigued by news stories.
Historical Significance
Barfoot and his wife Judy purchased the property in the early 1970s for about $12,000. The land was part of a new subdivision carved from a former strawberry farm. They commissioned architect Ron Paterson to design their family home, resulting in a unique open-plan living space with distinctive features.
A New Chapter for Barfoot
Having moved into a nearby retirement home 18 months ago, Barfoot was ready to sell the property and embrace this new phase of life.
Barfoot’s journey from purchasing an empty section to selling a cherished family home marks a significant milestone in his storied career.
SOURCE: ONEROOF