Threat of Impending Auction Produces Immediate Contract for West Boca Raton Estate
BOCA RATON, Fla., Feb. 26, 2018 /PRNewswire/ — After searching unsuccessfully for a buyer for ten years, a home in western Boca Raton was placed under contract only 48 hours after the launch of a marketing campaign promoting the planned auction sale of the property. The ranch-style estate was scheduled for a December 16, 2017 auction with Miami-based Platinum Luxury Auctions, but it found a buyer only two days after Platinum launched its auction-marketing campaign on November 13th. The property owner retained Platinum to manage the non-distressed auction sale. The firm also served as the exclusive real estate brokerage of record for the transaction.
Platinum specializes in the sale of multimillion-dollar homes on behalf of their wealthy owners, and the company is responsible for creating the luxury auction® model for high-priced real estate auctions (in fact, Platinum owns the trademark rights to the term “luxury auction”).”While we don’t over-promote the likelihood of pre-auction sales – especially with this degree of expedition – they have always been a very real part of our business model,” noted David Ashcroft, Platinum’s director of development and sales. “The threat of competing against a room full of qualified buyers is a very strong motivator to induce an interested buyer to take action in advance of the auction date. In fact, the sale happened so quickly in this case the seller wasn’t sure if he owed us any compensation,” he joked.
According to Mr. Ashcroft, the fast-acting buyer had previously viewed the property prior to the seller engaging Platinum for a luxury auction, but he had elected not to purchase the property. “My understanding is that the buyer was previously very decisive that he was not going to purchase the property, and he headed elsewhere to look at other homes,” he said. “He was challenged by the floor plan and a number of other issues he felt were too much to fuss with.”
Yet once the auction sign was placed in the ground and Platinum’s initial marketing materials were launched, that very buyer immediately returned and made the seller an offer. “The parties settled at a price of $3.1 million, which was compelling enough for the seller to accept in lieu of an auction sale,” Ashcroft noted. The property had previously been listed for $3.9 million, down from its initial asking price of $6.25 million in 2007.
Located in a small enclave of multimillion-dollar, ranch-style estates, the property offers a unique blend of amenities for a home in western Palm Beach County. Features include two entry gates, approximately 6 acres of land (about half of which is comprised of submerged, lake acreage), a 2-stall barn, paddocks, a pool and large deck, and direct lake frontage.
Other property features include a home theater, fitness center, great room with wet bar and river rock fireplace, separate guest quarters, and a cozy family room with a built-in, 75-inch TV. The upper-level master suite is complete with a sitting area, private balcony and walk-in closet.