Heritage Auctions, has announced the addition of Luxury Real Estate auctions to its growing portfolio of 30+ Auction categories.
Unlike traditional real estate listings, sellers with Heritage Luxury Real Estate Auctions work with experts to maintain control over the entire sale, setting the date, marketing strategy, and terms of the auction. Selling at auction creates a competitive bidding environment, where fully-qualified and motivated buyers participate in a transparent, non-contingent sale — all within 60 to 90 days’ time frame from beginning to closing. Not to be confused with foreclosures, the Luxury Real Estate auction format accelerates the process and eliminates carrying costs while providing fully qualified buyers.
Scott Foerst and Nate Schar, Directors of the new Luxury Real Estate category, have a 13 year history of selling multi-million dollar properties by auction throughout North America totaling more than $250 million in sales. Previously, Nate was an asset manager at one of the Midwest’s top wealth management firms and Scott served as architect and senior project coordinator with both commercial and residential construction firms in the Southeast.
“Heritage is the first fine art and high-end collectibles auctioneer to offer Luxury Real Estate auctions in this specific format, a perfect fit with our portfolio of services catered to high net worth individuals,” said Paul Minshull, Chief Operating Officer of Heritage Auctions. “These auctions will put the seller in control and provide liquidity in a timely manner.”
The properties presented by Heritage Luxury Real Estate Auctions will be marketed with customized advertising plans regionally, nationally and internationally, including Heritage’s 750,000+ bidder members. The auctions will be featured in top-tier print ad and direct mail campaigns, as well as during on-site showings which will be open to qualified buyers. “Our sellers are finding this process a tactful and savvy means of resolving their traditional selling dilemma,” said Scott Foerst. “Auctions help maximize the full market potential of Luxury properties.”
Bidders with Heritage Luxury Real Estate Auctions will benefit from the company’s transparent auction process, giving them the freedom to perform due diligence prior to bidding while avoiding the problems normally associated with drawn-out negotiations, and knowing they are buying their dream home at fair market value.
