A no-reserve auction cuts to the chase, especially when the item being sold is expensive and has a limited market. It is a very popular way to sell luxury real estate. There are no minimums, and the property sells for what the new buyer is willing to pay for it.
It puts all the interested parties together and the one willing to pay the most is the new owner. Why luxury real estate is sold in any other manner is befuddling. It saves times and money.
The property known as the Endless Sky Estate went to auction on Tuesday. The woodsy estate in Montana has been listed for sale at $11.3 million since it was built in 2005. It was auctioned yesterday. A spokesperson for Concierge stated that the selling price would be announced in the next few days.
Concierge Auctions and Glacier Sotheby’s International worked together to sell the property. A one-day sale sure is lot better than waiting eight years. Maybe it was overpriced. What do you think?
JustLuxe will provide all the details of the transacion in a feature article next week. Why are these auctions different than others that sell real estate?
Home auctions such as those conducted by Concierge Auctions are not usually held because the owner is under financial duress or in foreclosure, Laura Brady, Concierge Auctions president, said.