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Luxury Home Auction Flops

Posted by Kenneth Lowman on February 1, 2014
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Here is a great lesson in how NOT to sell a luxury home.  A luxury home needs to be exposed properly through target marketing to the right niche of qualified luxury home buyers.  An experienced, professional luxury home Broker is capable of doing this.

“As bids on three luxury homes inched along at a painfully slow pace, Frank Trunzo reached deep into the tricks that made him a champion auctioneer.  He conversed with some on the bidders by first name to try to coax more money. He called several timeouts to allow those in the room to make hushed cell phone calls to partners. Twice, as the bidding stalled, he threw in a bonus to jump-start the action.  In the end, however, all of this yielded just meager results. The three properties, a 55th-floor penthouse at Palms Place, the Tom Ford Ranch on East Russell Road and the Palms Estate on South Pecos Road built by the late casino magnate Ralph Engelstad, went for a combined $5.9 million in separate auctions to unidentified bidders. The seller, Texas businessman Lacy Harber, had estimated they would fetch from $13 million to $15 million.”  Source – Tim O’Reiley, Las Vegas Review-Journal.

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