Owners of a North Dallas mansion are taking the unconventional route in their attempt to sell it.
Pedro Juan Vergne-Morell and Francisco Javier Vergne-Morell are putting their five-bedroom, 7,800-square-foot house in the Preston Hollow neighborhood on the auction block, the Dallas Morning News reported. Arizona-based Supreme Auctions and eXp Realty agents will handle the auction, scheduled from June 4 to June 6.
The mansion, at 9505 Inwood Road, stands out because it sits on more than an acre of land, dwarfing most other lot sizes in the area, which hover around a half acre.
The property has nearly doubled in value since 2014, according to Zillow, which estimates it at $4.63 million, or about $594 per square foot. The estate features an office and game room, a one-bedroom guest house and a pool.
The owners believe the auction will offer “several advantages over the traditional local real estate model,” including a more streamlined transaction. This approach can also result in fewer days on market and attract the “highest and best market price,” said Supreme Auctions CEO Jennie Heal.
“They can dictate when the home is going to sell, if they have two or three homes and they’re maintaining and managing them,” she told the outlet. “It’s a much more cost- and time-efficient process for them.”
Auction sales in Dallas’ luxury housing market started picking up steam during the pandemic, with agents suggesting that affluent buyers would be more motivated to pull the trigger at a time of economic and societal uncertainty.
The auction model, while efficient, does have its downsides, such as higher upfront fees for sellers and the premium buyers pay, which can be up to 10 percent of the purchase price, said Rogers Healy, CEO of Rogers Healy and Associates Real Estate. Healy also noted that auctions might appeal to sellers looking to be more “ambitious” and “creative” in a slower market, particularly as temperatures rise and house showings decline.
—Quinn Donoghue
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