Fall 2007 Luxury Auction a Success
SKY Sotheby's International Realty and Dan Decaro Auctions conducted an auction Friday, November 16th. It was held in a large tent at The Longboat Key Club.
There were 79 properties on the auction block. One newspaper article reports 30 successful sales but I will verify that number this week. We also have plenty of after auction action. I am working with a buyer on one of the properties that did not sell. There are also several other properties in negotiations.
The largest Sarasota county residential real estate transaction was established at the auction. The Casey Key estate known as Sugar Bay fetched $14 million.
The waterfront Georgian mansion below sold for $6.1 million.
Another notable sale was 204 Bird Key drive. The highest bid was $4 million.
"We are ecstatic about the outcome of today's auction and are moving forward with another auction of luxury properties on March 16," Sky Sotheby's Chad Roffers said. "We already have 23 sellers committed. Other sellers who are interested in participating should contact us immediately since space is limited."
Contact me or call 941-308-6491 if you would like to sell your property or buy in our March 2008 auction.
Labels: Just sold, Luxury Sarasota real estate, Sarasota real estate news, SKY Sotheby's International Realty
posted by Marc Rasmussen at
5:59 AM
19 Comments:
Marc,
Word on the street is that it was a great event for buyers.
With a few exceptions, it seems that sellers didn't fare so well. I heard 50-60% of asking price in most cases.
I think the above examples were a true representation of market value as well as many other properties that sold on Friday. Some properties did not fetch as much as the sellers had hoped.
What did you think of the way 1522 Casey Key was auctioned? First, the property was delayed for a phantom person. Second, auction was almost complete and then last minute phone call bought the property. No integrity in that transaction.
I think 1522 Casey Key was auctioned off fine. There were phantom buyers. Also, there were multiple bidders for the property.
I'm a different anonymous:
Asking price: $20,035,000.
Sold price: $14 million
Combined with the other recent sales mentioned in recent posts here it seems that buyers can pick up properties at far less than their asking price, at least 20% discount, maybe more.
On average, in this market the sales price to asking price is 93%. If the asking price is unrealistic, in most cases, a property simply won't sell. Sellers have to get their asking price down closer to market value. When that happens sellers can hope for 93% of their asking price, on average. Of course, finding the magical asking price can be difficult, especially is the market is moving quickly one way or the other.
I think the $14 million represented true market value. I heard through the grapevine that the sellers were very pleased.
Marc said:
"Of course, finding the magical asking price can be difficult ..."
Indeed, it's not easy to hit a moving target. When Michael Saunders starts auctioning properties, that MAY signal the bottom is near.
Marc,
A bit off topic here but; are you going to post October and November inventory levels ?
Will do when I get a chance.
Marc,
I just took a look at the Sarasota MLS site.
My impression was that things were decent. Single family home inventory was up a bit while condo inventory went down.
I wonder if it wouldn't have been a lot better if the credit markets weren't having these problems.
Are people having a hard time getting mortgages?
What's your read on things? Interesting to note the average sale price on condos . I imagine that means the high end of the condo market is retaining some strength.
Dave
I have talked to a few mortgage people and things have definitely improved from 60 days ago. Lender guidelines have definitely changed and are tighter than the once were. Tightening credit affects the buyer pool so it does affect the market.
FYI - we did sell a Ritz unit in the auction.
Marc,
Can you say how much the Ritz unit sold for?
thanks,
Dave
Yes, I can because it was an open outcry auction. The highest bid was $1 million. The final sales price will be $1.1 million because of the 10% buyer premium.
Marc,
Was the Ritz unit auction an absolute auction or was there a reserve price?
There was a reserve.
This is interesting because that unit has just appeared in the MLS.
They probably want a record of the sale on MLS.
I don't believe the reserve was met on that unit was it?
I'm not sure. I'll check into it when I get a chance.
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