The number of homes sold under the gavel in South Florida jumped over
the past year, as auctions become a more acceptable method for
distressed buyers to move property in today’s real estate market. “I would say there has definitely been an increase [in auctions],” said Laura Brady,
president of Concierge Auctions, a Florida-based company whose principals have run
more than 100 residential real estate auctions in Florida over the past
two years. A massive Italian Renaissance-style estate on Coconut Palm Road in Boca
Raton owned by former H. Wayne Huizenga associate Richard Rochon, who
defaulted on the mortgage, exemplifies the luxury home bracket of the
auction market. Concierge Auctions reports that the home is now under
contract after the private auction July 11. Only bidders who presented
a $250,000 deposit were allowed into the event. Concierge will not
release the contract price until the transaction is closed, at the
owner’s request. [more]