VERO BEACH, Fla., May 2, 2014 /PRNewswire/ -- Platinum Luxury Auctions, a nationwide auction firm specializing in the sale of unique and distinguished properties, is pleased to announce the pending sale of two neighboring oceanfront land parcels located within The Moorings community of Vero Beach, Florida. After four weeks of marketing the property, and mere hours before the scheduled auction on May 1, 2014, a buyer came forward with a non-contingent cash offer, which was accepted by the seller after a rapid round of negotiations. Although the parties to the sale have not disclosed the specific price, David Enriquez, Platinum's director of operations, described the figure as, "One hundred percent of current market value." The vacant lots, each boasting nearly 120 feet of linear frontage on the Atlantic Ocean and more than 200 feet in depth, were offered in cooperation with listing agent Matilde Sorensen of Dale Sorensen Real Estate Inc.
The lots are among a private collection of only six residential parcels situated along a southern portion of Reef Road, a coveted oceanfront address. "Although pre-auction transactions have constituted a smaller portion of our gross auction sales within the past several years, they've become more frequent since mid-2013," explained Trayor Lesnock, Platinum's president and founder, noting that these sales usually occur because an eager buyer senses the tremendous interest generated by the auction and feels he needs to either take action or risk losing the property. He added, "We had more than 1,000 interested parties view or download the bidder's brochure online, 37 formal inquiries, three additional pre-registered bidders, and two late registrations that were literally in progress as we were finalizing the pre-auction sale."
Under a "high bidder's choice" auction method, the auction's highest bidder would be able to choose which of the two lots he preferred. One parcel was expected to sell at or above the auction's reserve price of $1 million, with the sale of the second parcel being subject to negotiation with the seller. All of the prospective bidders, however, had placed the required deposits to bid for both lots. Each lot was assessed at $1.49 million according to county records, meaning that the full-market sale figure noted by Mr. Enriquez is likely in the $3 million range. The sale is expected to close in July.
Platinum has been busy in Vero Beach. Before taking on the sale of the oceanfront parcels, the firm successfully sold another Vero Beach waterfront estate located in the prestigious community of John's Island for more than $5.2 million in April 2013, making them the only firm to ever conduct a successful luxury real estate auction within the John's Island gates. That sale was one of only three residential sales above the $5 million mark within the entire Vero Beach marketplace in 2013. Following that success, Platinum then sold an additional golf course estate within John's Island in March 2014, which will close this month.
The buyers of the oceanfront lots, a wealthy couple from Naples, Florida with family roots in the Moorings community, plan to build one large estate that will span both lots. For more information, contact Platinum Luxury Auctions directly at 800.262.5132 or visit PlatinumLuxuryAuctions.com for additional auction details.
About Platinum Luxury Auctions
Platinum Luxury Auctions is a market-leading auction firm specializing in the non-distressed sale of multimillion-dollar properties nationwide. The firm's principals have closed more than $340 million in luxury real estate auction sales, and have consulted on more than $1.25 billion in additional luxury properties. Learn more at PlatinumLuxuryAuctions.com.
- Real Estate