Another Luxury Real Estate Auction took place on Friday at the Longboat Key Club and Resort.

The responsible local Real Estate company for this auction was Sky Sotheby’s Realty of Sarasota. The auction was overseen by Daniel DeCaro Real Estate Auctions Inc.

Some noticeable outcome:

1522 & 1538 N Casey Key Road
8 Bedroom(s) | 10 Full Bath(s) | 0 Half Bath(s) | 11748 sq. ft.
Offered for $20,035,000
Sold for $14,000,000

We compile a sale to listing price ratio: 69%

120 Osprey Point Drive
6 Bedroom(s) | 7 Full Bath(s) | 2 Half Bath(s) | 11759 sq. ft.
Offered for $8,900,000
Sold for $ 6,100,000

Sale to listing price ratio: 68%

204 Bird Key Drive
5 Bedroom(s) | 5 Full Bath(s) | 1 Half Bath(s) | 8071 sq. ft.
Offered for $7,900,000
Sold for less than $4,200,000

Sale to listing price ratio: 53%

Lake Vista Condos, Lakewood Ranch
3 Bedroom(s) | 2 Full Bath(s) | 1 Half Bath(s) | 2000 sq. ft.
Offered for $600,000.
Sold for $200,000

Sale to listing price ratio: 33%

Sarasota’s Westwater construction had 6 properties sold at an average of 60% of listing price.

The Sarasota Herald titles: “The auction achieved neither of its goals — pulling in $200 million and selling all 79 homes and lots — but Sky Sotheby’s and DeCaro Real Estate called the auction “record-breaking”"

Chad Roffers of Sky Sotheby’s says to the Bradenton Herald: “In some cases, the auction may bring prices back down to levels not seen since the 1990s.”

RE auctions are usually subject to regular Real Estate commissions in additon to the auctioneer’s commission which is up to 10%. So the final net proceeds for the sellers are usually significantly lower at an auction.

Our opinion:
We at Weiss & Weiss International, Axel & Bea Weiss provide an unique international marketing approach within the Bradenton / Sarasota area. In contrary to anonymous, large franchised companies, we deal directly with Real Estate Professionals from all over the world and market the properties directly to the prospective sellers. Of course for prospective buyers auctions like this give an opportunity for getting a good deal.

For sellers instead, this is not the way we would recommend. Real Estate auction companies have offered their services to us in the past. We have never seen an advantage for our clients in this. Although the auction companies always protect the broker’s commission (which is fast money for the broker), the additonal auction commission implies a serious disadvantage to the sellers.

We think transactions should be a WIN-WIN situation for all parties involved, so should prospective sellers when considering putting a property to an auction.