In a luxury market like Steamboat Springs that is showing signs of recovery, an absolute auction is the perfect way to quickly establish fair market value.
STEAMBOAT SPRINGS, Colo. (PRWEB) February 22, 2013
A Steamboat Springs luxury residence was sold at absolute auction on Tuesday, February 20th for $5,090,000 by luxury real estate auction industry leaders Grand Estates Auction Company. The sale represents the third highest resale in Steamboat Springs in two years. The majestic six-bedroom Rocky Mountain home overlooking Stagecoach Lake generated 218 inquiries from 24 states and internationally from Canada, Germany, Saudi Arabia, Singapore, and United Arab Emirates; 44 preview appointments; and 9 registered bidders on auction day. One local realtor in attendance commented that the private jet airport nearby hadn’t been this busy in years as bidders flew into town from all over the country.
“In a luxury market like Steamboat Springs that is showing signs of recovery, an absolute auction is the perfect way to quickly establish fair market value,” stated Stacy Kirk Reich, president of Charlotte-based Grand Estates Auction Company. “A Grand Estates absolute auction combines one-of-a-kind properties, extensive marketing, thorough due diligence, and the air of excitement that only live auctions can create.”
Absolute auctions require no minimum bid or reserve price and are growing in popularity with buyers and sellers of luxury real estate throughout the world due to their timeliness and transparency. There are no contingencies, no lengthy negotiations, and timelines for closing are already established. The winning bidder of the Steamboat Springs property, represented by Darlinda Maxwell Baldinger of Steamboat Village Brokers, previously knew of the property, but decided it was time to act when the auction date was announced. Once the gavel hit and the house was declared “sold,” purchase contracts were signed immediately and 10 percent of the total sales price was placed in escrow.
“I believe in the free market and felt that an absolute auction provided the perfect solution: one where we could set the sale date and the buyer could set the price,” stated Mark Porter, the seller of the Steamboat Springs luxury property. The seller interviewed several auction companies to sell his home, one that had been listed for years, and decided that the Grand Estates methodology was the best option.
As the luxury real estate market has recently shown strong signs of improvement, Grand Estates Auction Company has seen an increase in luxury home owners interested in the absolute auction process and has two additional absolute auctions scheduled for the month of February. The first, a luxurious 8-bedroom Bozeman, Mont. ski home will be sold at absolute auction on Tuesday, February 26th, 2013 at 2:00 p.m. The second, a historic Key West Victorian estate will be sold at absolute auction on Wednesday, February 27th at 2:00 p.m. Auction details are available at http://www.GrandEstatesAuction.com.
Grand Estates Auction Company is the leader in the niche market of auctioning luxury real estate, specializing in properties valued at $1.5 million and above throughout North America and the Caribbean. Established in 1999, the company was the first of its kind. The company is based in Charlotte, N.C. with offices in Atlanta, Naples, Fla. Aspen, Colo., and Vail, Colo. For more information and auction details visit http://www.GrandEstatesAuction.com.