Luxury Estate on Lake Travis – Austin, TX
In Spring of 2011, the Premiere Estates Auction Company office in Manhattan Beach, CA received a call from a concerned estate owner named Carmelo. His massive 19,000 square foot lake front estate outside Austin, TX had been languishing on the market for 1.5 years, and he needed a new strategy.
We at Premiere Estates partnered with Carmelo and his real estate agent Luisa Mauro to market and auction his unique property within a 6-week period. As a team, we were confident that we could create the urgency, mass exposure, and sense of value required by an extremely high-end luxury property with few comparables. Originally listed at $17 Million, we decided on an opening bid of $3.5 Million. Although this was a very aggressive discount to advertise, we believed it would draw the largest pool of buyers, while not venturing too far from the seller’s reserve price.
Result: SOLD at Auction for $6,322,000 to the CEO/Founder of Curve Fitness Centers. After six weeks of widespread interest and showings, we had 6 registered bidders, which led to a frenzied bidding war. The seller was extremely happy with the result, and the buyer, who had traveled from Houston for the event, was thrilled with the deal she received. She had heard about the auction from a friend who received our direct mail piece, and she registered to bid the night before!