The Historic Craighill Channel Lower Range Front Light House Auction
The Historic Craighill Channel Lower Range Front Light House Auction
The purpose of an auction is to find the true market value of a property. For many ordinary properties, this process is straightforward. However, the Craighill Channel Lighthouse was no ordinary property. A real estate auction was the only way this property could be effectively valued and sold for its maximum value.
The sale of the Craighill Channel Lower Range Front Light House, a historic maritime beacon in Chesapeake Bay, presented a unique opportunity in the real estate market. This lighthouse, established in 1873, is not just a navigational aid but a piece of history, perched alone in the water two miles offshore from North Point State Park.
Market Challenge:
The unique nature of selling a lighthouse, especially one located in the middle of the bay with no adjoining land, posed a distinct challenge. The property’s value wasn’t just in its physical attributes but also in its historical and symbolic significance.
Alex Cooper’s Strategy:
Understanding the unique appeal of the lighthouse, Alex Cooper tapped into its vast network, leveraging over 250,000 unique platform visitors and social media to attract a wide range of potential buyers. Alex Cooper emphasized the lighthouse’s potential for transformation into a novel living space or commercial venue.
Auction Success:
The auction drew eight registered bidders from the Mid-Atlantic, highlighting the lighthouse’s allure. The competitive bidding process culminated in a sale price that exceeded the seller’s expectations, demonstrating the property’s unique market value and the effectiveness of a well-executed auction strategy.