Real Estate Auctions: Concierge Auctions Puts Luxury Homes On The Block

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Karen Redekop designed Casa Karen, a palatial hillside estate in Los Cabos, Mexico, to exacting specifications. She hired local artisans to paint ornate murals and imported pieces from India, Indonesia, Thailand, Europe and the Middle East. But after five years perfecting her creation it was time to move on.

The 60-year-old Canadian was eager to start her next project, a 4-acre compound in nearby Palmillia, so she hired a local real estate agent, who listed the home for $2.7 million. A year later she hadn’t received a single offer.

Enter Concierge Auctions, a New York-based real estate company that sells luxury homes to the highest bidder, promising clients premium marketing and immediate sales. Two months after Redekop listed on Concierge, the house sold for $2.6 million in a 30-minute mobile auction.

Helping wealthy clients buy and sell homes in a timely fashion propelled Concierge Auctions to sell $270 million worth of real estate in 2016, bringing in more than $30 million in revenue and pushing the company above $1.2 billion in all-time sales. Not all auctions are as successful as Redekop’s–around 30% don’t result in sales, and many bring in lower amounts than the seller had expected. Nevertheless, Concierge is a leader in a small but growing group of auction houses selling homes like works of art.

Over the years Concierge has worked with celebrities (including Michael Jordan and Cher) and billionaires (including GoDaddy founder Bob Parsons) who want to maintain privacy on their properties.

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