A sprawling estate with 375 feet of frontage on Edina’s Mirror Lake will soon have a new owner. The luxury property, which was previously on the market for $6.2 million, is scheduled to be sold to the highest bidder at a live auction this Saturday, September 21st, 2019. The property is being offered without reserve, meaning the highest bidder will prevail – regardless of the bid price. Luxury real estate auction house Platinum Luxury Auctions, which specializes in multimillion-dollar property sales on behalf of wealthy sellers, was retained by the homeowners to conduct the auction. Platinum is managing the sale in cooperation with area brokerage Edina Realty, represented by listing agents Susan and Gary Wahman.
Sales are dropping and listings are lingering ever longer in the luxury residential market.
From New York City to Los Angeles to Miami, the luxury home market has been in the grips of a prolonged slowdown, in part due to the recent pullback of foreign buyers – however, stock market uncertainties have also played their part. The increasing amount of money developers are spending on amenities speaks to the demand of the market: ISG CEO Craig Studnicky reports that developers are offering an array of incentives (from luxury concierges to urban farming) to sell their remaining inventory and move onto new projects.
After sitting on the market for a couple of years at just under $6 million, a grand Edina estate is going up for auction on Sept. 21.
The 13,000-square-foot home owned by Jeff and Mary Werbalowsky was listed for sale for $6.2 million in February 2017 and the price was dropped to $5.7 million in May 2018.
Miami-based Platinum Luxury Auctions handling the auction of 6000 Fox Meadow Lane, which is at the end of a cul-de-sac on 4.5 acres overlooking Mirror Lake. It’s posted more information here.
Read the full article by Deena Winter at the Minneapolis/St. Paul Business Journal here.
Two exquisite homes owned by the late William B. Ruger, Jr., a member of the family who co-founded firearm manufacturer Sturm, Ruger & Company, Inc., are being auctioned September 7, 2019, with no reserve, offering buyers with a rare opportunity to purchase properties with unique grandeur and history.
Read the full article by Stephanie Vozza at Forbes.com.