More and More Luxury Homes Utilizing Auctions
Real estate auctions, once used for foreclosures and distressed sellers, is moving upmarket.

The number of multi-million-dollar homes being sold at auction has nearly doubled in the past year, according to real estate analysts and auction companies.

Concierge Auctions, the biggest player in high-end real estate auctions, said it will sell at least 20 homes this year that were listed for more than $10 million — double last year's total. And next year is already looking even stronger.

"The trend for high-end real estate going to auction is definitely on the rise," said Laura Brady, CEO of Concierge. "We're seeing more sellers across the country more than ever before, especially in the $10 million, $20 million-plus and even $100 million-plus category.

The reason for the surge in high-end auctions is simple supply and demand. Developers and investors have built a vast supply of massive homes aimed at wealthy buyers with sky-high price tags. But the market for those homes remains relatively small, especially since Russian, Chinese and Middle East buyers have faded from the U.S. market.

Tags

Trackbacks

No Trackbacks

Comments

Display comments as Linear | Threaded

No comments

Leave A Comment

Enclosing asterisks marks text as bold (*word*), underscore are made via _word_.
Standard emoticons like :-) and ;-) are converted to images.

To prevent automated Bots from commentspamming, please enter the string you see in the image below in the appropriate input box. Your comment will only be submitted if the strings match. Please ensure that your browser supports and accepts cookies, or your comment cannot be verified correctly.
CAPTCHA

Submitted comments will be subject to moderation before being displayed.

© 2017 Designed and Hosted by McNee Solutions