A cautionary tale about market value in the ultra-luxury real estate world…
The CNBC article by Robert Frank can be viewed here.
10-Acre Estate with Equestrian Features Located in one of Forbes’ Most Expensive ZIP Codes
Miami-based luxury real estate auction firm Platinum Luxury Auctions has announced the upcoming auction of a 10-acre mansion located in the upscale community of New Vernon, New Jersey. Although initially asking $8 million, the property will now be offered without reserve, meaning that the home will be sold to the highest bidder regardless of the high bid price. Platinum, a firm specializing in the sale of multimillion-dollar homes at auction, was hired by the property owner to manage the sale in cooperation with New Jersey listing brokerage Kienlen Lattmann Sotheby’s International Realty. Listing agents Berly Teele and Lisa Geoffroy are representing Kienlen Lattmann for the sale.
Located within only 40 miles of the heart of New York City, the exclusive hamlet of New Vernon was ranked 55th out of 500 on the 2017 Forbes list of “America’s Most Expensive ZIP Codes.” In addition to its proximity to Manhattan, the area is also close to Newark and Philadelphia, making it an ideal location for wealthy executives who commute to their city-based offices.
“We’re really excited to present his property to the international marketplace with the Kienlen Lattmann SIR team,” stated David Ashcroft, Platinum’s director of development and sales. “It’s certainly unique to have a property in such an upscale, suburban setting, while also having equestrian amenities and immediate access to miles of riding trails. Not to mention, the property has a substantially reduced tax rate due to its ability to utilize a partial farmland assessment.”
Situated on 10 acres in a quiet cul-de-sac, the property offers plenty of privacy amidst manicured lawns and pastures. Structures include a tri-level main residence, separate pool house with in-ground pool, and a 6-stall barn. The main residence offers 6 bedrooms, 7 full and 3 half baths, while the pool house adds another full bath. Living spaces total more than 12,000 sf, with approximately 11,000 sf in the main residence and 1,040 sf in the pool house.
For those always looking for more storage space for the holiday decorations, there is also an additional 2,600 sf of finished attic space and a finished lower level totaling more than 4,900 sf. The lower level is ideal for conversion into the ultimate “man cave,” with ample space for a billiards area, enclosed home theater, fitness center, and more.
Upper-level bedrooms are large, and include en-suite baths. The vast master suite includes a sitting room and office, while an opposite guest wing offers 2 bedrooms, a full bath and its own office, making it ideal for in-laws or live-in staff.
Due to the property owner’s construction experience, the residence was built with various commercial-grade components that are rarely used in residential homes, such as Pella premium windows, a whole-house generator and TJI® floor joists.
Additional features include a grand foyer with dual staircases, two-story great room with wet bar and patio access, gourmet kitchen, gentlemen’s study, a pine-paneled fitness/yoga room, and a temperature-controlled wine closet with a +1,000-bottle capacity.
Beginning Monday, March 5th, the property will be open for previews between the hours of 12pm and 5pm (ET), until the auction date. Additional information is available at NewJerseyLuxuryAuction.com, or by contacting a member of the Platinum’s project management team at 800.674.3325.
Perfect for the Philadelphia executive!
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.
Seller Thrilled with February Auction Sales Result that “Surpassed Expectations”
CHARLESTON, S.C., Feb. 22, 2018 /PRNewswire/ — A luxurious beach home located within the exclusive Vanderhorst Plantation community on Kiawah Island has been sold as the result of a live auction held on the property site this past Saturday, February 17th. Luxury real estate auction firm Platinum Luxury Auctions reported that while the sales price of the auction will not be revealed until closing, the price handily exceeded the $3 million mark – far in excess of the auction’s reserve price of $1.75 million. Platinum managed the auction sale in cooperation with South Carolina-based brokerage Atlantic Properties of the Lowcountry, represented by listing agent Mary Lou Wertz.
Ms. Renie Harwood, the owner of the property, selected Platinum for the non-distressed sale after a lengthy process of interviewing real estate auction companies. In a thank you letter sent to the Miami-based auction firm, Ms. Harwood stated that the results of the sale “surpassed my expectations” and called Platinum “one of the good guys” in the real estate industry.
“We were pleased to see the very robust response to this luxury auction offering, especially given that the home failed to sell after a listing period of 2 and ½ years,” stated David Enriquez, Platinum’s vice president of operations. He added that during the 5-week promotional program in advance of the sales date, more than 14,900 international website hits were registered to the property’s page on the Platinum site, which resulted in 99 bona fide buyer inquiries and 7 registered bidders on auction day.
The winning auction bidder was described by Mr. Enriquez as a private individual who has owned multiple properties on Kiawah Island. The buyer was actually traveling abroad during the live auction, but participated via telephone with a representative who was stationed on-site to place the phone bids in real time.
The tri-level beach estate sits on a 0.7-acre lot offering 25 feet of direct beach frontage. The parcel’s lengthy, rectangular shape includes a gently winding walkway leading directly to the beach.
The main residence provides 4 bedrooms, 5 full and one-half baths, and more than 5,700 square feet of living space, while a separate guesthouse – which also serves as a cabana – adds another bed, full bath, and 350 square feet of interiors. Prominent features of the home include a large salon with oversized windows offering ocean views, an elevator, gentlemen’s study, and a large master suite occupying the entire third level.
In addition to the guesthouse/cabana, outdoor amenities include multiple terraces and patios with ocean views, a large sundeck surrounding a private pool, and an outdoor shower for rinsing off the surf and sand.
The sale is scheduled to close within 30 days, although Platinum noted that the all-cash sale might close sooner, at the request of the buyer and seller. Additional information on this transaction is available online at KiawahLuxuryAuction.com, or by contacting Platinum’s offices at 800.262.5132.
Amenities Include Indoor Pool, 2-Story Tube Slide, Home Theater & Pikes Peak Views
COLORADO SPRINGS, Colo., Feb. 15, 2018 /PRNewswire/ — An impressive, multimillion-dollar mountain estate in Colorado Springs with a unique collection of features is scheduled for sale via luxury auction® on March 3, 2018. The residence was previously asking $4.25 million, but will now be sold at a live auction to the highest bidder without reserve, and regardless of the amount of the high bid price. Miami-based luxury real estate auction firm Platinum Luxury Auctions was hired by the homeowner to manage the auction process. Platinum is working in cooperation with listing agents Elaine Stucey of LIV Sotheby’s International Realty, and Brent and Todd Hawker of Action Team Realty for the sale.
The property is located in the Cathedral Pines community in Colorado Springs, within just a 45-minute drive from the heart of downtown Denver, CO. The upscale, residential development spans 810 acres in the Black Forest region, and includes 170 home sites featuring large estates situated on parcels of 2.5 acres or more.
Situated on a sprawling, 45-acre lot with a private gate and access road, the property offers tremendous peace and privacy. In addition, the rear of the home offers striking and unobstructed views of Pikes Peak, one of Colorado’s most famous “fourteener” mountains (the nickname given to the state’s mountains that are more than 14,000 feet tall).
With three living levels, more than 13,000 square feet of living space, and a total of 6 bedrooms, 7 full and 3 half baths, the home is ideal for those raising a family or looking for ample space to relax. The upper living level is devoted to spacious bedrooms that include walk-in closets and en-suite baths, in addition to a finished loft stubbed for an additional bath. The common area includes custom-built study nooks, which serve as an ideal venue for children to tackle their homework. There is also an independent mother-in-law suite with a living area and kitchenette, which can be accessed privately from one of the garages.
The main living level offers a grand foyer, executive study/office, gourmet kitchen, grand salon, and a large sunroom featuring floor-to-ceiling glass doors that can be entirely opened to an oversized terrace, creating a seamless, indoor/outdoor living space.
The lower level of the estate is where the owners blended a host of fun amenities with the otherwise elegant interior appointments. Features include a gallery room/lounge, home theater with adjacent wet bar, billiards area, wine storage, fitness center, and a “swim spa” indoor pool with mechanical cover system. Adjacent to the pool is a rock grotto-styled spa tub with waterfall features.
Moving throughout the home’s three levels can be done in one of three ways: 1) on foot, 2) by private elevator, or 3) via tube slide! A custom-built, two-story tube slide provides access from the main to the lower level, and is sure to provide lasting fun for all ages. (Those worried about such “fun house” features can find solace in the fact that access to the slide is neatly tucked away behind a hallway door, preserving the estate’s luxury aesthetic).
Open House previews of the property are being held daily between the hours of 12pm and 5pm (MT), until the auction date. Interested parties must contact Platinum in advance of their planned visit, as the property is not readily identifiable by most navigational devices. Additional information is available at COLuxuryAuction.com, or by contacting a member of the Platinum team at 800.711.7193.
COLORADO SPRINGS, Colo. – If you can’t be bothered to walk down stairs, you’ll love this Colorado Springs home that’s going up for auction.
That’s because it has a built-in spiral slide leading to the lower level.
The 13,000-square-foot, six-bedroom home sits on 45 acres in the Cathedral Pines area of northeastern Colorado Springs. The property was previously listed for $4.25 million and is now going up for auction without reserve.
The house has all the high-end features you’d expect from a luxury home of its size, including a lower level that’s built for entertaining. It features a game room, indoor lap pool, hot tub with waterfall, steam shower, home theater, bar, fitness center and art gallery.
And, of course, that slide. But you can also take the stairs (or elevator) down if you’re not in the sliding mood.
The home goes up for auction on Saturday, March 3 at 11 a.m. MT. Only registered bidders will be allowed, so be sure to contact Platinum Luxury Auctions if you’re interested.
For more information on the auction, log on to platinumluxuryauctions.com.
View the original article by Kurt Sevits here.
Previously listed for $5.9M, the Kiawah Island property has views of the Atlantic Ocean
A beachfront estate on Kiawah Island, South Carolina, a popular vacation spot that boasts large pristine beaches and world-class golf courses, is going to hit the auction block next month, Mansion Global has learned.
The estate on Flyway Drive in the double-gated enclave Vanderhorst Plantation, was first offered for $5.9 million in 2015 and was last on the market for $4.395 million last August, per listing records on Zillow.
It will sell to the highest bidder with a reserve price of $1.75 million during an auction at the property on Feb. 17 held by Platinum Luxury Auctions, a Miami-based real estate auction firm.
“The property has Atlantic Ocean views from the eastern side and lagoon views from the west. There is a scenic wooden walkway from the home site directly to the ocean,” said Trayor Lesnock, president of Platinum Luxury Auctions.
Built in 2000 and renovated in 2015, the three-level, 5,715-square-foot main residence has four bedrooms, five full bathrooms and one half- bathroom. The two-story living room features a gas fireplace, a wet bar and arching windows overlooking the pool and the Atlantic Ocean, while French doors lead to the veranda, according to the listing.
A detached 352-square-foot pool house doubles as a guest house, which comes with one bedroom, one bathroom, a full kitchen and laundry facilities.
The exterior of the main residence, designed by local architect Zach Carney, is traditional English manor style. The interior decorated by the seller, Irene X. Harwood of Harwood House Interiors, includes barrel vaulted ceilings, custom millwork, mantels and cherry cabinets.
Mrs. Harwood, who wasn’t available for comment, decided to sell the property after her husband, Michael Ray Harwood, a former chairman of the World Containerboard Organization, died in May 2015 at 71, she told The Wall Street Journal in an earlier interview.
Interested bidders, who can preview the property daily from now on, need to register and make a $100,000 refundable deposit prior to the auction date, Mr. Lesnock said.
Remote bidding is accepted on the condition that the buyer has a rep on the site.
The winner can also purchase the current owner’s membership at Kiawah Island Club separately in order to circumvent the year-long waitlist for new homeowners. The membership guarantees access to two of the seven golf courses on the island.
The gated Kiawah Island is about a 45-minute drive from Charleston, the oldest and largest city in the state of South Carolina.
For the original article written by Fang Block, click here.