Twenty-one years ago, cardiologist brothers Robert and Steven Fox moved to South Florida and bought matching 6,000 square foot mansions in Golden Beach. They raised their families, and watched as their children left home. Now they want to downsize. Not wanting to wait for the homes to sell on the market, they are putting them up for auction to the highest bidders.
The homes have been previously valued at $11 million each, but will be sold to the highest bidder no matter the price. They feel the way to get the best price is with an auction. Instead of dickering over price, taking time going back and forth, they will let the potential buyers do the dickering. While over 100 people have shown an interest in the properties, Lamar Fisher, the auctioneer, expects only twenty to register and bid. The $500,000 refundable deposit required per home could be what is keeping the merely interested from the serious. The winner’s deposit will go towards the down payment. The buyer will also have to pay the 10% fee to the auction house.
The Foxes are determined to have this done and over with. They expect closing to happen within 30 days of the auction. They know they are taking a risk, but also know they will not be losing money. Steve bought his house for 1.6 million and is sure to get more than that. Even in the depressed market there are still people with money who are willing to spend it. Real estate agents feel the homes would sell if they were properly prices, no matter the market. It would just take more time. The Foxes are willing to settle for less money in return for a quicker sale. They are ready to move on with their lives in more simple homes.