Peg Davant with Premier Sotheby’s International Realty has listed 7712 Sanderling Road, Sarasota, Florida for $7.995 million on Realtor.com for over 199 days.
Each year, Concierge Auctions – the dominant marketplace for buying and selling the world’s finest properties responsible for more than $1 billion in sales – creates the annual “U.S. Luxury Homes Index.” The analysis looks at the 10 highest property sales in 56 high-end markets around the U.S., and according to the research, shows that in every economic condition, days on market are an important consideration for luxury home sellers.
Every Day A Home Sits On Market It Depreciates In Value
“For three years, our research has indicated that the largest factor in determining the price a luxury property will sell for is the number of days that it has been marketed for sale. Every day that a home sits on the market, it depreciates in value,” said Laura Brady, president and founder of Concierge Auctions.“We continue to see that properties either sell quickly for close to their original list price, or they remain on the market for a long period of time and sell for a fraction of this price.”
Spend any time in suburban Florida and you’ll see a lot of gated communities. It can seem as if the entire state lies secluded behind guard gates staffed by cheerful folks with clipboards and magic powers to allow or deny entry.
The true luxury in these communities is two-fold: privacy and amenities. Lush green space abounds and it seems that lawns and trees are always in a constant state of being trimmed and tended to. Amenities can be as simple as a community clubhouse and pool or range to a full-service country club. Even at the country club level, there are country clubs, and then there are the kind of clubs where service is delivered at an elevated level.
This brings us to The Bear’s Club in Jupiter, Fla., a spot that has drawn everyone from Celine Dion to Michael Jordan. The area seems to have a particular lure for golfers. Jack Nicklaus designed The Bear’s Club in 1999, creating a majestic and challenging 18-hole golf course and a community over 401 acres. The community is less than two miles from the ocean and within easy striking distance of the tony shops of West Palm Beach.
I have been on pins and needles waiting out this auction, bugging Robbie Briggs and Laura Brady at Concierge Actions all day yesterday. At about eight p.m. Friday night Robbie Briggs emailed me that “It was a fascinating process, and it appears to be successful.” Saturday morning I heard from Laura Brady who said — “we haven’t released details to anyone… the high bidder has formally requested confidentiality about their name and the high bid amount.” Which means the house did sell, we just don’t know for how much and who it sold to.
Great news! Briggs pulled off a near dang miracle!
Refresher: the 48,000-square-foot Hickory Creek mansion, known as Champ d’Or, which translates to “Fields of Gold,” was put up for auction by Concierge Auctions out of New York Friday, March 30 with a minimum reserve bid of $10.3 million. Champ d’Or cost about $46 million, took five years to build, and has been sitting on the market for umpteen years. Last market listing was $35 million and at least five local brokers have attempted to shed the house spending at least a half million to do so. The Denton County mansion was last appraised for tax purposes at $9.72 million, according to the Denton County Appraisal District. Champ d’Or was modeled after Vaux-le-Vicomte chateau in Paris.
Reading between the lines, I’m wondering if there was a confidentiality clause signed.
I asked a veteran local real estate auction expert (who asked to remain confidential) to speculate on a couple of scenarios and tell me what HE THOUGHT went down. Speculation here, folks. What if, I asked, they didn’t meet the reserve yesterday? Let’s say they stalled out at 7 million, he said, you know everyone is staring at each other, they just thank everyone for participating and end the auction. They may take the top bidders aside, say hey we didn’t make the reserve, what are you interested in putting into this property? In other words, private negotiations begin.
“Pending contract” could mean they are still trying to work out a contract, they didn’t make the reserve and are still negotiating. “Sale pending” may have indicated they made the reserve.
Now let’s say it sold at auction, met the reserve, bingo. Typically, there are no contingencies. If they negotiated privately, the buyer may have said I want to bring in my own inspectors, etc., which any realtor knows just opens up the door for guess what: more negotiations.
The sprawling estate was drawing widespread interest from buyers across the U.S. and internationally, Laura Brady, vice president of marketing for Concierge Auctions, told the Dallas Morning News’s James Ragland. I know that, because even people from Japan who had seen it on my blog were emailing me about it. A refundable $250,000 cashier’s check was required to register, the number of bidders was confidential. James asked Laura some great questions:
Potential buyers were expressing interest in pursuing “the property for residential purposes, which is how it’s used now,” as well as possibly using it for a business headquarters, she said. Brady said developers also had designs on the property, which is about 40 miles north of Dallas.