3756 Armstrong in Highland Park goes to auction tomorrow at 2 p.m. They say it was not because they got so very many bidders registered on the Highland Park estate, but because of the incredible quality of the bidders, who have said they want a shot at buying the architecturally significant Penson home that the reserve has been lifted.
“We had a very easily attainable reserve,” says Nate Schar, Director, Luxury Real Estate, Heritage Auctions. “The property is owned by an estate that is being finalized, and the sellers saw it only as an insurance policy against an unlikely series of catastrophic events leading up to auction day, like a financial market crash.”
Based on the incredible interest generated about the estate, from the many stories, and the qualifications of those bidders, the sellers are confident in Heritage’s ability to capture true market value, says Nate.
So that reserve is gone. Adios! The auction takes place at the Armstrong Avenue estate tomorrow at 2:00 p.m. selling to the highest bidder. (It is NOT TOO LATE to sign up.) The auctioneer will open the bidding and determine the starting number. And things will roll from there.
The home has been listed, as we told you, at a high of $7.5 and then later reduced to the current appraisal of $6.1 million for the land. That means the 8900 square feet of living space created by the grandfather of Texas Modernism is basically FREE.