Property auctions gain popularity among South Florida’s wealthy

Wealthy South Florida homeowners sick of watching their multi-million dollar property linger in a poor sales market are increasingly turning to auctions to unload their assets, according to the Sun Sentinel.

The most notable instance of this phenomenon thus far was the two brothers who auctioned off their Golden Beach mansions for a total of $11 million. But more are following suit, in an effort to clean their hands of high property taxes and common charges and invest elsewhere.

Sick of watching the 7,500-square-foot Gables Club condominium he put on the market for $6.5 million last March sit on the market untouched, Miami businessman P.R. Steinfurth is auctioning it off next Friday. “For today’s market, why not?” the Styles Group CEO said. “It’s pretty much, good luck. But it’s easy and efficient. And it will be fun to watch.”

Naturally, this is a luxury afforded only to the wealthy, who have little debt and no bank breathing down their back. They are willing to take a loss to get an expedited, typically all cash transaction. That’s compelled Miami Heat forward Mike Miller to auction off his $9 million home.

Of course, it doesn’t always work out so easily. The aforementioned Golden Beach brothers only sold their homes after the original winning bidder reneged on the deal. [Sun-Sentinel]