Estate auctions have long been the way wealthy individuals can purchase priceless artifacts, exquisite jewelry, and timeless designer pieces. However, with luxury real estate auctions, the item sold is far grander, both in scale and price point. Many have worked with luxury real estate agents for years and are constantly searching for new and exciting investment opportunities, but the pace is slow in an unsteady market. Wealthy individuals and real estate investors looking for a one-of-a-kind luxury property should consider exploring mansion auctions, as they present a multitude of buyer benefits and are only now becoming the norm.
Luxury real estate auctions are quickly becoming the most popular method for buying attractive properties. They offer the chance to get an incredible market price on an estate with distinctive design, new-age technology, and historical components, along with an ultra-desirable location.
Platinum Luxury Auctions, founded in 2011, is the leading auction firm for the affluent. In this article, we catalog the numerous reasons to work with Platinum Luxury Auction and buy luxury properties at auction.
Access To International Estates
When considering investing in a luxury property, it is essential to have access to as many available listings as possible. While a luxury real estate company will provide individuals with all estates they have in their network, they commonly will be located in their general vicinity. If a buyer is open to investing in luxury properties regardless of location, they must work with several companies to stay briefed on everything available across multiple continents. Yet with a mansion auction, buyers can view estates located everywhere, from Spain to San Francisco. As Platinum Luxury Auctions boast a vast network of sellers, individuals feel peace of mind, knowing no property will be overlooked, and the deal of a lifetime won’t be missed.
Innovation In Virtual Technology
Most potential buyers do not have the time in their schedule to travel to Europe to see an Italian villa [LINK TO OUR LISTING], even if they are interested. Unfortunately, in the traditional real estate market, the lack of virtual technology makes it nearly impossible to get a true sense of the space. Through Platinum Luxury Auctions, buyers get access to luxury properties on auction across both hemispheres regardless of their ability to travel. The auction firm utilizes innovative technology to provide virtual tours, photography, and videography to showcase every detail of the estate.
An Exciting Experience Ending With A Fair Market Value
Buying properties at auction can be extremely entertaining and exhilarating. In a matter of minutes, a multi-million-dollar estate is sold to the highest bidder based on the interest of the parties in attendance. While the fast pace of property auctions may end in a bidding war, auctions also present an opportunity to purchase at a deal. The blend of risk and reward on both sides is why most auctions end with an estate selling at fair market value.
There are different types of luxury property auctions, and each has different benefits. The most advantageous auction type for bidders is the absolute auction, meaning property sells to the highest bidder absolutely. Buyers have the chance to garner an attractive purchasing price, but it is important to note that this type of auction generally attracts the most bidders. A fair market value is reached by reflecting what bidders are willing to spend.
Streamlined Purchasing Process
Anyone with experience investing in luxury properties knows the process can be long and tedious. Traditional real estate sales tote endless contingencies, valuations, and settlement terms. Buyers must have a lot of patience and the awareness that nothing is ever certain until the contracts are final.
Alternatively, luxury property auctions offer buyers a date-certain sale, when they are guaranteed to know whether they won or lost the bid on auction day. Luxury real estate auctions streamline the purchasing process allowing buyers to begin planning their next steps. Before bid day, all potential buyers complete their due diligence and valuations, and their contract is free of contingencies. Research is completed with the help of their firm, and they go in with a full view of the property’s value.
If an individual wins the auction, they finalize the sale contract in no more than one month, generally a few days. This expedited process allows the wealthy to move at the fast pace they are accustomed to instead of being forced to wait. Often within three days, the new owner has begun renovating their new penthouse in New York City or set a move-in date for their new Tuscan villa vacation property.
Anonymity & Protected Privacy
By purchasing high-end property through auctions, interested buyers maintain their anonymity throughout the entire process bidding virtually or sending a proxy in their stead. Estate showings are never open to the public, and private viewings are scheduled exclusively through the property auction firm. If an individual does attend the luxury mansion auction, they can rest assured all others in attendance have proven their financial standings and are seriously interested in bidding.
Elusive Estates & Properties
Some property owners simply will not risk putting their estate on the market if they do not feel it will sell for their asking price. Particularly when it comes to historical homes and unique properties, sellers know they need a unique buyer who understands the value, making them increasingly elusive. Luxury real estate auctions are how sellers list their property while avoiding the risk of sitting on the market decreasing in value. Mansion auctions are the format where these affluence owners share their once-in-lifetime estates only with those who value it (and can afford it).
Working With A Luxury Estate Auction Firm
The upper echelon of individuals expects a level of professionalism and ease that is not easily met. Luxury real estate auction firms are well aware of this and rise to the challenge with a team of experts to ensure everything is taken care of from the moment you express interest to the day you finalize the sale. If you are considering buying a property at auction, reach out to Platinum Luxury Auctions and speak with a representative about the awe-striking properties around the world.