Ever Thought Of Auctioning Off That Extra House?

Here’s someone who’s doing it with apparent success
BY: ANITA BREAK

At first read auctioning off your home seems a little off the wall, but the world’s finest art, cars and antiques are sold at auction so why not real estate? Sure, why not.

Concierge Auctions out of Austin Texas was startaed in 2008 by a couple of professional Realtors experienced in selling high end properties to buyers from around the world. There are now about 25 homes facing upcoming auctions that are on their website. They are regularly used by Southebys, Leverage, Luxury, and Luxury Portfolio, all high end real estate companies.

The intriguing part of this somewhat novel approach is that they are advertised to go at no reserve. So, supposedly if you were the only one to bid on a 10 million dollar property and nobody else showed up waving around a bid paddle, it’s yours for your $100 bid. Well, that’s the deal, and it could happen. They say they take the chance. Well, they don’t actually say that, as their public relations flack, Kristine Willheim, was, “too busy” to talk to us.

But they have sold one multimillion dollar home here in Cabo, in the Pedregal, and they have another auction on another property coming up June 15. It’s called Casa del Vinatero, it’s ocean front, about the middle of the way between Cabo San Lucas and San Jose.

Previously listed for $7 million, it will sell on that day with no reserve.

It has seven bedrooms, eight baths, is 6,000 SF, a pool with custom mosaic and heater. There is a thatched roof palapa with swim-up pool bar, and outdoor kitchen with grill. Oh, and of course it has a tennis court, you had to ask? There is separate guest or staff quarters with kitchen

There is also a separate but adjacent 35x100 yard lot selling separately or collectively.

The secret to their success might be their world wide contacts. They hustle out and make sure there is an adequate number of qualified bidders so they aren’t stuck with yours truly who’s there with only a hundred dollars in my pocket. Actually, to bid you have to put down a $100,000 bidder’s deposit which will be returned in two days if someone tops the bid.

They also protect both selling and buying agent commissions. In fact, they say they have never auctioned a property without an agent partner. Concierge says they are not acting in any capacity as a broker for the seller.

There is a bad news buyer premium, which is how the auction company makes their money. The buyer must make a payment equal to the greater of ten percent of the high bid or $250,000. Another reason to keep that hundred dollar bid in my pocket.

Concierge claims to have sold nearly $1 billion in high end properties in 32 states and 11 countries and they have a database of more than 330,000 global contacts and a private client list of high net worth individuals who have raised their paddles at one or more of these auctions.

For more information, check out their website: conciergeauctions.com.

They do that annoying thing where they won’t let you go very far into their website without registering. So if you hate that as much as I do, sign in as bigdick@loseme.com and use the password dinero11. Try it, I bet you get in with it.