In the big cities of America, houses worth $1 million or more make up over 4 percent of all properties, a share that has gone up 3.8 times since 2002, according to Trulia. So if you’re selling, how do you stand out and get noticed by the right buyers?
Luxury home auctions are the choice for more and more sellers — they’re quick, competitive, and add a sense of urgency to the sale. They also help establish fair value for a hard-to-price asset, like a highly customized luxury home.
Case in point: Former Texas Rangers’ first baseman Mark Teixeira is selling his fabulous mansion, pictured above, in Westlake’s Vaquero community through Elite Auctions at a no-reserve event on May 12. The home has been on and off the market for years with no luck; choosing an auction now is the smart move, says Elite Auctions President and Founder Randy Haddaway.
“High-end houses with big wow factor are perfect candidates for luxury home auctions, like Teixeira’s extraordinary one-acre waterfront lot in Vaquero,” Haddaway said. “These auctions bring with them concentrated periods of marketing that get a lot of people paying attention to the property during that time and the sale will happen at a definite time.”