An unfinished home listed at $139M in 2015 was taken off the market in Florida’s Broward County when it didn’t sell. The owners finished the house, added some amenities and brought it back to the market in 2018. Its most recent listing price,$159M, reflected the new amenities/additions.
The home still didn’t sell so the owners chose to sell the home at auction with Concierge Auctions in partnership with Sotheby’s. The listing price, again $159M, one of the most expensive listings ever, went to auction in November WITHOUT A RESERVE.
After 1,800 inquiries, 29 home tours, and 11 bidders, the home was sold (a two-parcel sale) for a total of $42.2M. This sale price, clearly not what the owners had in mind, broke two records despite it being a “low ball” bid. The home, known as Playa Vista Isle, is the most expensive home ever sold at auction (the previous record was $38.9M in Texas) and is the most expensive sale in Broward County (the previous record was $27.5M.)
The new buyers bought a home with 51 rooms, 22 bathrooms and 11 bedrooms. Three of those bedrooms are master suites and one is a presidential room with a plunge pool on its outdoor terrace. Additionally, the new buyers acquired
- a marble staircase reportedly costing $2M, according to the Wall Street Journal in 2015
- marble floors throughout
- a live fish tank bordering the television monitor, a subterranean entertainment complex with an ice-skating rink, go-kart track, nightclub and bowling alley
- a 3,000 bottle wine cellar
- a 30-car subterranean garage
- a 180-seat Imax home theater
- a 4,500 square foot infinity pool with a glass bottomed Jacuzzi
- 4 acres with 465 feet of Atlantic Ocean beachfront and 492 feet of the Intracoastal near the Hillsboro Lighthouse
- 2 3,000 square foot guest houses with private pool
- and, no doubt, a few other “amenities” too numerous to list.
The point here is that the new buyers of this estate got a BARGAIN in relative terms because they were not afraid to render a low-ball bid.
You may choose to encourage your buyers to do the same in this new market. Who knows? Your clients may get a bargain as well.
