Concierge Auctions is a leading global luxury real estate auction marketplace that recently was acquired by Sotheby’s, the world leader in fine art, real estate, and luxury goods, and Anywhere Real Estate Inc. Now rebranded to Sotheby’s Concierge Auctions, the firm continues to operate independently while partnering with agents of all brands to host online auctions for clients. In the article below, Concierge Auctions discusses the benefits of buying a luxury home by auction.
When luxury homeowners choose to sell their properties, they often want a speedy sale free from the hassle of negotiations. To take control and define their own date of sale, many sellers opt to embrace a luxury home auction, which can put them in direct line with hundreds of qualified potential buyers. Yet, from the buyer’s perspective what are the rewards of purchasing a property this way?
How Luxury Home Auctions Work
Concierge Auctions explains that luxury home auctions are different from foreclosure or tax lien auctions in that the seller and property are not in distress. Rather, the seller is savvy, choosing to auction their property in order achieve market value by capitalizing on a defined date of sale.
The auction is also not held on the courthouse steps like many other types of home auctions. Instead, luxury home auctions are often held online, giving potential buyers the chance to place their bids from anywhere in the world.
Concierge Auctions explains that their process typically markets the property for four to six weeks on their customized marketing and sales platform. The firm also holds daily open house tours prior to the auction so that potential buyers can view the property. Concierge Auctions also utilizes 3D tour technology and produces award-winning films to showcase their properties digitally to those who cannot tour in person.
When the auction begins, the auctioneer will start the bidding and bidders will have the opportunity to increase the bid in increments. The auction will continue until there are no more bids or the auctioneer decides to end the auction.
The Rewards
One of the biggest rewards is that the buyer has full confidence that a luxury property being sold at Concierge Auctions will be acquired at true fair market value, achieved through the urgency of having a pre-set date of sale, combined with a savvy marketplace of buyers.
When bidding and buying with Concierge Auctions, a property that is listed online is the exact representation of the property itself. Availability to view the home via daily open houses or digital online tours offer piece of mind and constitute another key benefit to the prospective purchaser.
Another beneficial feature is that there are no distressed properties with Concierge Auctions. Concierge Auctions only represents high-end, one-of-a-kind, turnkey properties, ensuring that buyers are getting premium luxury properties in excellent condition. Of course, many new homeowners may want to spend money on updating or personalizing their new home to their liking.
Finally, Concierge Auctions, now Sotheby’s Concierge Auctions, partners with GiveBack Homes on their ‘Key for Key’ program. When a luxury home is purchased, a new home for a family in need is built in locations like El Salvador and Nicaragua. This program helps businesses and affluent homeowners give back to those in need, and these generous donations are made by agents, sellers, and prospective buyers. At Concierge Auctions, being able to provide stability and empowerment to those in need is the most rewarding of all.
Final Thoughts
Auctions can be a great way to buy a luxury home. If buyers take the time to do their homework, they could name their price for a beautiful luxury home.
