This no reserve auction of a new beachfront home in Florida set new price records for luxury beachfront properties along the Gulf Coast. Selling for $6.49M, the home set new highs for price per square foot and doubled the average sale price in the area.
"The sale was a truly global event and the ensuing bidding war garnered incredible results," says Nate Schar, Director of Luxury Real Estate for Heritage Auctions. "The owner had been trying to sell the property for years, and we were able to sell the home 1100 times faster than average, and for nearly double the price."
With nearly a million website visits and hundreds of inquiries, the sale generated interest from bidders around the world. In the end, 11 bidders participated in the sale.
"The Heritage team brings a sense of urgency and exclusivity around a listing that more agents need to be aware of," says Florida REALTOR Stephen Smith, who partnered with Heritage to conduct the sale. "Heritage Auctions positions properties as an immediate opportunity versus just another piece of inventory for buyers to window shop. The team's success is evidenced here achieving $6,490,000 after just 29 active days on market. When you compare the home to other new construction projects on the market, it sold for an impressive $200 per square foot higher than the next highest sale."
Bidding for the house was conducted via a live auction, and included both bidders who were onsite and those who participated in the live simulcast.
- Highest Price Per Square Foot
- Highest Overall Sales Price Compared to Similar Homes
- Nearly Double the Average Local Sales Price
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For more information and to speak with one of our auction specialists, please call 855-261-0573.