Why Do People Buy Houses At Auctions?
When looking for a house, one usually goes to a local broker or a housing website where they have listings of properties for sale. In the world of real estate, holding an auction for a specific property can have multiple benefits. It can help the owner sell the house quicker than they would if it were put on sale normally on the market.
Auctions can also drive up interest and demand for the property in question: giving it an air of urgency mixed with a chance at being the first to snatch up something unique.
What Are The Most Expensive Real Estate Properties Sold At Auctions?
These are a few extravagant properties that have gone on auction recently:
- The ONE100 Palm
- Playa Vista Isle
- Villa Firenze
The ONE100 Palm
Dubai’s Palm Jumeirah was planned out to be an astonishing feat of engineering and terraforming, an artificial archipelago resembling a palm tree off the coast of Dubai. The news of the gargantuan architectural project made waves around the world as it was set to be the largest artificial residential island–ever. Work started in 2001, and the construction of the infrastructure and foundation had finished by 2004. By 2006, the buildings soon to be used as housing for the islands had started construction, with the first residents moving in the following year.
The biggest and most expensive of these buildings, aptly named The ONE100 Palm, was a 13,500 square foot property. Boasting its own set of amenities, including a wellness spa, a fitness centre, its own indoor theater, and not one; but three gourmet kitchens! The property was sold at auction, closing out at AED185 million or nearly 50 million US dollars!
Playa Vista Isle
In 2018, the former record holder for the US’ most expensive home was sold at an auction. The property was located at Hillsboro Beach, sporting a massive 30,000-square-foot strip along the scenic shores of Florida. It reportedly has 11 bedrooms, 22 bathrooms, and the most luxurious mansion experience money can buy. According to the property records, the French-inspired mega mansion sold for over $42 million. It is interesting to note, however, that the original asking price for the property sat at around $159 million, suffering a massive price cut.
Despite all this, it still took the world record at that time for the highest price a singular piece of property has sold for at an auction.
Last, but most certainly not the least: the Villa Firenze Mansion. Tucked away in one of the most expensive gated communities in the world to live in, Beverly Hills, is a massive mansion that is guaranteed to blow anyone’s mind upon arrival. The property includes a courtyard with enough parking space for 30 cars, more than 20,000 square feet of indoor space, 13 bedrooms, 25 baths (some full, some half), along with its own state-of-the-art gym, craft room, multiple offices and a separate set of quarters for staff members!
The property owners had originally set an asking price of $165 million, however, in February of this year when the property went on auction, the estate sold for nearly $60 million. Despite the massive difference between the original price and what it had sold for, Villa Virenze still broke the world record for being the most expensive real estate property auctioned, beating the previous property in this list, the Playa Vista Isle.
Auctions can serve as a great way for property owners to quickly make a sale on their property. And a lot of what goes into making that decision depends on how patient the seller is, and how much appetite the market has for the estate being offered. Regardless of who is selling, you can bet that anything at these price points will astonish you with the greatest luxuries anyone can ever imagine!