As we begin a new year and a new decade, we’re thrilled to be kicking off 2020 with 20 properties spanning five countries and eight U.S. states totaling nearly $95 million. We’re poised to have our best first quarter ever, with this month’s catalogue of properties featuring two custom-built estates in Sundance, Utah—selling at the start of the internationally-acclaimed Sundance Film Festival—an entertainer’s estate in Arizona’s Paradise Valley, and tropical residences in the Bahamas, Costa Rica, and Mexico.
We ended 2019 with successful showcases in New York City and Hong Kong, shattering our sales estimates and breaking sale price records in Vero Beach, Florida; Lake Las Vegas, Nevada; and Calgary, Alberta, Canada. Our recent Asia auctions generated over $190 million in sales, and hundreds of high-net-worth individuals added to our growing global database of over 615,000 individuals, including our Private Client Group of buyers, agents, and industry experts.
Launched on the heels of our auctions in Hong Kong and New York City, we’re proud to announce we’ll be holding a live auction in Dubai in February (more here), in partnership with The Wall Street Journal. Properties will receive the same exposure via our proven platform including promotion at a kick-off event and live auction in Dubai, additional advertising in The Wall Street Journal, and outreach to Asia-Pacific and the Middle East via Mansion Global and Juwai. If you have a property you would like to submit for consideration, have you or your agent give us a call—we anticipate unprecedented interest.
Looking forward to 2020 and beyond, we predict the buyer pool for luxury will escalate in scarcity. Luxury markets across the US will continue to take the biggest hit next year, with appreciation slowing down. Real estate markets will continue to soften due to political uncertainty, rising interest rates, and tax code changes.
Our research continues to indicate that the largest factor in determining the final sale price of a luxury property is the number of days that it has been on the market. Every day a property is on the market, it depreciates in price. When a property has been on the market for a prolonged period of time, not only does it suffer from negative perception, but there is an inherent cost associated with the accumulated days. This is especially true in markets with a high level of second homes and luxury at large.
Later this month, we will be releasing the fourth edition of our Luxury Homes Index. The report evaluates the top 10 sales in the country’s hottest luxury real estate markets to determine the impact that the number of days a high-end property is on the market has on its final sale price.
Concierge Auctions mitigates the issue of Days On Market. With our global outreach, we introduce properties to scores of potential buyers; create urgency in the market with a date-certain sale; bring multiple, qualified buyers to the table; and close in 60 days from start to finish. There is no better way to orchestrate a sale on your client’s timeline. For buyers, our process is easy and transparent—and puts the world’s finest properties at your fingertips.
Explore this month's catalogue of properties here. Visit ConciergeAuctions.com to browse, view all offers, and bid in real-time.