Ellingson Properties Brings Luxury Real Estate Auctions to the Space Coast
Posted: April 2nd, 2020
The First Luxury Real Estate Auction on the Space Coast in Over a Decade
On March 28, 2020, Ellingson Properties, in partnership with DeCaro Auctions, hosted the first luxury real estate auction on the Space Coast in over a decade. The property for sale at 8880 S. Tropical Trail in Merritt Island started at 11:00am sharp and brought in 16 registered buyers. The first bid was registered at $1 million; at 11:15am, the home officially sold for $1.66 million including a 10% buyer’s premium. Notwithstanding complications from the coronavirus, the auction was considered a success, and Ellingson Properties is excited to add this tool to our wide range of strategies to help sell luxury real estate.
The unique issue with high-end luxury real estate is that it often languishes on the market unless it’s aggressively priced. The top price bracket of properties sometimes dwindle on the market for months or even years. With absolute luxury real estate auctions, there’s no set starting bid, and no reserve, which is the minimum that must be met to sell the property. The idea to use an absolute auction to sell this property at Tropical Trail was introduced by Jack Jeffcoat, an Ellingson Properties real estate agent who had experience with luxury auctions across Brevard and Orange Counties over a decade ago.
According to Jack Jeffcoat, auctions are a great solution to sell luxury property and find the right buyer. In his experience, Jeffcoat sold over 15 properties in under 2 years by way of auction. In all cases, a professional auction service was brought in to execute the auction; in this case, Ellingson Properties teamed up with DeCaro Auctions. Jeffcoat was thrilled to see such a beautiful property sell in under 15 minutes, noting that dwellings like these only hit the market once every decade or longer.
More about this property
This stunning property is a 3 bedroom, 4 bath estate, with 3720 square feet of living space, situated on 3.41 acres. Built in 2001 by David Charroux of Charroux Homebuilders and award-winning Palm Beach architect Raphael Saladrigas, this home presents a unique West Indies vibe and features 220 beautiful feet of Indian River to Banana River waterfront. It was initially listed at $2.695 million on March 22, 2019. Prior to the auction, it was listed at $2.3 million on March 27, 2020. The most recent property appraisal came in at over $2 million, with the land valued at about $1.25 million.
The seller of this gorgeous home was ready to move on in life after recently retiring. Carrying the costs of maintaining the property while it was on the market was becoming exhausting, so the auction presented an effective and expedient solution. With an absolute auction, the buyer has a guaranteed 60 day solution. The first thirty days involve marketing the property, hosting open houses, and the actual auction of the home. During days 31-60, all involved go through the closing process.
Finding the right buyer
Ultimately, the buyers were longtime Brevard County residents who were interested in living on the iconic S. Tropical Trail. They plan on building a guest house to make the space into a multi-generational compound. According to Jeffcoat, the buyers “really got a deal at the auction.” We wish the new homeowners and the seller success in this new chapter of their lives, and we can’t wait to bring more luxury real estate auctions to Brevard County. To learn more, call Ellingson Properties at 321-750-7050 today.