SKY Sotheby's Luxury Property Auction
SKY Sotheby's hosted another luxury portfolio auction yesterday at The Longboat Key Club. The auction team was much more selective this time. Last November there were over 80 properties for sale which was way too many. I was pleased with some of the results. The highlight of the auction was the sale of 4067 Shell Road.
This home on Shell Road has been on the market since November 2006. It was originally listed for $12,800,000. It was eventually lowered to the current asing price of $9,950,000. This is a good example of how an auction can be successful when the traditional method is not working.
This home at 1644 Dolphin Lane fetched in the 900,000's. I dont remember the exact number but with the 10% buyer premium the final sales price will be just over $1,000,000. This recently built home at 1654 Dolphin Lane in downtown Sarasota fetched $775k which puts the final sales price at $852,500. The above two homes were very nice.
The home above was located in The Sanderling Club on Siesta Key. I don't remember the exact amount it fetched but I believe it was just over $1,100,000. While this number was much lower than the asking price of $1,660,000 I think the final sales price was near market value. Auction haters may go on about how low this fetched compared to the asking price but that is going to happen when the asking price is too high.
These were great units near Bradenton beach. There were 3 of them in the auction and all fo them sold. They have partial views of the bay and the gulf! Every amenity including elevator, full use of the bayfront pool and dock, attached garage, beautiful finishes throughout and only 1 block to the white sand beaches.
This is Hudson Crossing on Orange Avenue west of the trail. These were finished in 2007. It is a small community of 12 units offering bayou views and sailboat water. They are very nice. This was put under contract shortly after the auction. There were other sales and I am sure a few more of them will come together over the next few days. Overall, I think it was a very successful day. Love them or hate them auctions can be successful for some people. They aren't for everyone. In fact, they probably aren't for 99% of the general selling public. There are situations where they can be useful. If you want to buy or sell in the next auction give me a call at 941-812-6272.
This home on Shell Road has been on the market since November 2006. It was originally listed for $12,800,000. It was eventually lowered to the current asing price of $9,950,000. This is a good example of how an auction can be successful when the traditional method is not working.
This home at 1644 Dolphin Lane fetched in the 900,000's. I dont remember the exact number but with the 10% buyer premium the final sales price will be just over $1,000,000. This recently built home at 1654 Dolphin Lane in downtown Sarasota fetched $775k which puts the final sales price at $852,500. The above two homes were very nice.
The home above was located in The Sanderling Club on Siesta Key. I don't remember the exact amount it fetched but I believe it was just over $1,100,000. While this number was much lower than the asking price of $1,660,000 I think the final sales price was near market value. Auction haters may go on about how low this fetched compared to the asking price but that is going to happen when the asking price is too high.These were great units near Bradenton beach. There were 3 of them in the auction and all fo them sold. They have partial views of the bay and the gulf! Every amenity including elevator, full use of the bayfront pool and dock, attached garage, beautiful finishes throughout and only 1 block to the white sand beaches.
This is Hudson Crossing on Orange Avenue west of the trail. These were finished in 2007. It is a small community of 12 units offering bayou views and sailboat water. They are very nice. This was put under contract shortly after the auction. There were other sales and I am sure a few more of them will come together over the next few days. Overall, I think it was a very successful day. Love them or hate them auctions can be successful for some people. They aren't for everyone. In fact, they probably aren't for 99% of the general selling public. There are situations where they can be useful. If you want to buy or sell in the next auction give me a call at 941-812-6272.
Labels: Just sold, Luxury Sarasota real estate, Sarasota real estate news, SKY Sotheby's International Realty
posted by Marc Rasmussen at
1:14 PM
6 Comments:
>>>I don't remember the exact amount it fetched but I believe it was just over $1,100,000. While this number was much lower than the asking price of $1,660,000 I think the final sales price was near market value.
It's an auction so one would presume the price it sold at is the market value. Nobody was prepared to pay more. Spin it all you like, but selling a $1.6 million home for $1 million shows that this market is a disaster. With the upcoming recession, things will get worse, not better.
I would not characterize this market as a disaster. While I don't work the market daily Miami might be considered a disaster.
I just submitted an offer for a client on a Siesta Key beach front condo. We are 1 of 3 offers.
I just listed a Siesta Key condo and received an offer before it hit MLS.
The auction sold a lot of property including a $10 million waterfront home.
There is pent up demand. When the overpriced sellers realize their prices are unrealistic and take their properties off the market you will see a noticeable decrease in supplies. Demand will pick up as we bottom out. Canadians are very active. Good properties in good locations at a realistic price will see action.
If you don't have a good home you have to either price it accordingly or improve it so it is good. If you don't have the best location then price it accordingly.
If you have a good property and a good location you still have to price it better than your competitors.
Just curious, do you know how much the home on Roberts Point sold for in the auction?
Thanks!
It wasn't in the auction.
It wasn't in the auction? 4015 Roberts Point? A little blurb about the owner Thomas Eggers was even mentioned in the newspaper and that the house was up for auction. Was just wondering what happened.
Thanks,
Judy
Hi Judy,
I see it is on MLS and there is no mention of an auction in the property description. It looks like they are trying to sell it the traditional way. Are you interested in seeing it?
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