Real Estate Junkie

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Auction Aftermath

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The bids are in, and here’s how my favorites fared.   By Robert Plunket   Well, the SKY-Sotheby big real estate auction is over, so let’s see how we did. We were tracking five different properties, large and small. Did they sell? Did they sell good?                                                       As predicted, the enormous bayfront […]

November 29, 2007


The bids are in, and here’s how my favorites fared.
 
By Robert Plunket
 
Well, the SKY-Sotheby big real estate auction is over, so let’s see how we did. We were tracking five different properties, large and small. Did they sell? Did they sell good?
 
 
                                               
 
As predicted, the enormous bayfront mansion on Longboat that was originally priced at $11, 999,000, the one with all the bells and whistles (home theater, billiard room, four fireplaces, four-car garage, boat dock, infinity pool, etc.) did not do well. The opening bid was set at $5,000,000 but bidders kept their hands down. It didn’t sell. It didn’t even get bid on.
 
 
                                               
 
The cute little renovated bungalow on Morrill Street generated a lot of interest. The highest bid was $415, 000. With the 10 percent buyer’s premium, that would be a total price of just over $450,000. Not sure if it met its reserve; but if so, somebody got a great deal.
 
                                               
 
This unit at Burns Court Villas did very well indeed – one of the stars of the day. They were bidding like crazy. The auctioneer got very excited and was down in the audience, egging people on. It went for $852,000, including buyer’s premium.
 

 
So sad – the beautiful Carl Abbott house in Hidden Forrest – 6,000 square feet and listed at $2,500,000 – didn’t sell. There was an opening bid of $500,000 but after that – nothing. I think the problem is that it’s painted the wrong color – it should be a slightly lighter shade of grey.
 

 
Remember how I said one person owned all 22 of these Lake Vista condos and boy, were they a bad investment? Not true! They were a fabulous investment. It turns out that Marvin Kaplan bought them a week before for $250,000 each and sold them all at the auction for $275,000 each. You know Marvin – he’s the former used car salesman who bought the literary rights to the Pope’s prayers, and is now taking Dunkin Doughnuts to China. (He’s also a part owner of SKYSotheby’s.) I’m planning to intern with him, as he really seems to have the Midas touch.
 
The general consensus? A great party but disappointing results. Much of the truly extraordinary high-end stuff did sell, but most of the more ordinary stuff generated very little interest. Don’t miss my take on the auction in the Dec 10 issue of Barron’s – yes, Real Estate Junkie is making the national news!