Concierge Auctions has been retained to sell 600 Meadowood Drive by auction on August 31 at 6:00 MST. This specific property, which has been on the market for three years is being offered without reserve meaning there is no minimum sale price.
As there is a growing trend of sale by auction in the high end of the market, many will be watching to see how this particular sale turns out. Concierge Auctions, headquartered in New York, dominates the high-end auction market and boasts a registered client list of 350,000 pre-qualified buyers.
According to Concierge Auctions, contrary to common perception, sellers in the luxury market (above $5mm in Aspen) are typically well capitalized and choose to auction to deliver a predictable outcome within a specific timeframe.
MLS data suggests that luxury homes that sell in the first 90 days will likely sell for a high percentage of the asking price. If not, there is a high likelihood that the listing will fall into a three to five year limbo as is the case with this particular Meadowood listing.
Concierge had one successful luxury auction in Aspen in 2015 having sold a $13mm listing for $11mm. Considering the home was on the market for three years, most brokers would call that sale a big success.
If you have an interest in this process or the specific opportunity, please let me know. If you would like to attend to watch the drama unfold, I will join you.
Stay tuned; not for the faint of heart.