MIAMI, March 5, 2021 /PRNewswire/ -- Platinum Luxury
Auctions has added another noteworthy sale to its portfolio. On
January 29, the Miami-based, luxury real estate auction house
held a live auction for a penthouse condominium at the Four Seasons
Private Residences in downtown Miami. An audience of seven bidders vied for
the property as part of a real-time bidding process held on-site,
which culminated in a non-contingent sale and a closing scheduled
for mid-March. Prior to being offered for luxury auction, the
70th-floor residence had been listed for sale for nearly
nine consecutive years with a collection of Miami's top brokers, yet found no successful
suitors.
Top-Floor Penthouse at Miami's
Four Seasons Notches Top-Tier Pricing at Luxury Auction®
While the price of the pending sale won't be known until
closing, Platinum quantified the figure as being the
5th-highest resale in the building's history and the
3rd-highest resale within the past 5 years. "We just
missed the 3rd and 4th all-time price marks
by 2% and 1%, respectively," according to David Ashcroft, Platinum's managing director.
"And after paying that price, the buyer still intends to
extensively renovate the unit."
Ashcroft noted that the bidders hailed from Florida, California, the northeastern U.S. and
Europe, but it was a Miami businessman who ultimately prevailed.
"He had his eye on the building for quite some time, but was never
compelled to purchase until the auction opportunity arose."
After the property failed to sell for 8.5 years (or, 442 weeks)
on the market, Platinum needed only five weeks to promote the sale
and find the buyer. During this time, the firm recorded 25,656
visits to the property's webpage and 51 formal buyer inquiries,
resulting in the seven registered bidders.
The auction house managed the transaction in cooperation with
listing agent Techrin Hijazi of Brown Harris Stevens in
Miami. "Techrin is sharp. She
knows the value of the luxury auction platform and seized on the
opportunity to use it to create a sale for a unit that unfairly
languished on the market for years," said David Enriquez, Platinum's vice president.
The nearly 5,800-sf residence is a combination of three
individual units from the developer's original plan. When designing
the bespoke unit, the owner strived to realize his vision for a
luxurious pied-à-terre that also served as an informal yet elegant
art gallery. For example, the oversized, floor-to-ceiling windows
located throughout the grand salon are handsomely bordered in
exotic woods in order to create "frames" of the impressive views -
thus portraying them as "works of art."
The condo's sweeping views include the Atlantic Ocean,
Miami beaches and the vibrant
downtown and Brickell districts, although the majority of its
vistas face south or southwest instead of the more desirable,
eastern views. The unit also had a very unique floor plan. "The
simplest way to summarize that matter is that very many would-be
buyers said the unit felt like a large 1-bedroom or '1.5-bedroom'
space," Enriquez added.
Additional information on the sale is located at
PlatinumLuxuryAuctions.com. Following this success in Miami, Platinum then headed north for the sale
of a posh apartment on New York
City's famous 5th Avenue, overlooking Central
Park. A total of 14 bidders attended the February 19th luxury auction event,
with the resulting sale expected to close in late March or early
April.
About Platinum Luxury Auctions
Platinum Luxury
Auctions is responsible for developing the luxury
auction® model for high-priced real estate auctions and
owns the trademark rights to the term "luxury auction." The firm
specializes in the non-distressed sale of multimillion-dollar
properties on behalf of private sellers within and beyond
the United States. Platinum's team
recently eclipsed the $1 billion mark
in total, closed luxury real estate auction sales to date.
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SOURCE Platinum Luxury Auctions LLC