Demand for homes across the US continues to grow in 2021, with sales up 69% compared to April 2020. This demand has led buyers, who are looking to take advantage of current market conditions, to turn to luxury real estate auctions to buy luxury homes, which are picking up momentum as a convenient and profitable way to offload non-distressed properties fast and with less hassle. Given this, live auctions for luxury properties remain a crucial part of the luxury real estate industry – even post-COVID.
The live auction process allows for:
- Transparency: Bidders can be confident in the integrity of the bidding process and competing offers because they can see it happen in real-time.
- Speed: The quick nature and high energy of live auctions result in higher bidding and faster sales while selling a luxury property through traditional methods can take up to 2 years or more.
- Connection: Buyers benefit from experiencing the home first-hand and bidding in person, as most auctions take place on-site. Platinum Luxury Auctions rolls out the red carpet for potential bidders, so the connection and desire between the property and the buyer lead to higher pricing.
For example, Platinum Luxury Auctions‘ trademarked Luxury Auction process has allowed for its properties to reach larger audiences of bidders, leading to more competition and higher sale prices.
In February, Platinum Luxury Auctions held the first successful, non-distressed auction sale of a luxury property in New York City’s Upper East Side neighborhood. Just steps from Central Park in Manhattan’s coveted Lenox Hill neighborhood – which holds one of the highest concentrations of wealth in the county – the 3-bed, 3.5-bath residence occupies the entire 10th floor of 838 5th Avenue. This stunning UES condo has been previously owned by a prominent theatrical producer.