MIAMI, Jan. 26, 2016 /PRNewswire/ -- With the recent closing of a contemporary residence within the Rancho Farms Estates community in Rancho Santa Fe, California, Platinum Luxury Auctions has completed three-of-three luxury auctions the firm managed in the forth quarter of 2015. The three Rancho Santa Fe-area properties - located in Escondido, Fairbanks Ranch, and Rancho Farms Estates – sold for $5.5 million, $4.95 million, and $4.2 million, respectively. The Escondido sale was especially notable, as it marked the highest residential home sale in all of Escondido within the most recent ten-year period, smashing the previous high mark of $2.8 million. The Miami-based auction firm conducted the series of sales in cooperation with Pacific Sotheby's International Realty.
"We're thrilled to add this perfect string of sales in San Diego County to our portfolio of successful luxury real estate auctions nationwide," noted David Ashcroft, Platinum's corporate liaison. "Not only had these properties been stagnating on the market prior to our arrival, but a general cooling of the Rancho Santa Fe marketplace was already underway, making the sales an even more significant achievement."
Interestingly enough, only one of the three sales occurred at a live auction, while the other two properties sold in the course of direct negotiations with buyers who were identified by Platinum's auction-marketing program. "This perfect San Diego sales cycle is an excellent demonstration of the three phases of our process that we discuss with each of our prospective clients: the pre-auction sale, the auction-day sale, and the post-auction sale," stated David Enriquez, Platinum's vice president of operations. Enriquez added that in general, pre-auction and auction-day sales collectively account for nearly 95% of the firm's transactions, while approximately 5% of sales, such as that of the Rancho Farms property, occur after a planned auction date, generally if the given auction is rescheduled or otherwise modified.
Since concluding these sales, Platinum has started 2016 in grand fashion, with seven multimillion-dollar real estate auctions scheduled for the first two months of the year. Properties included the January-February offering range from a private island in Fiji and a 30,000-square-foot Texas mansion outside of Houston, to a collection of ranch and waterfront estates in southern Florida. The firm is even selling a 30-acre estate in the highlands of Panama that once served as a summer retreat for Manuel Noriega, and was featured in the Wall Street Journal in July 2013.
For additional information on Platinum's recent San Diego County sales, or to inquire on any of firm's upcoming auctions, interested parties may visit PlatinumLuxuryAuctions.com, or call 1-800-262-5132.
About Platinum Luxury Auctions
Platinum Luxury Auctions specializes in the non-distressed sale of multimillion-dollar properties within and beyond the United States. The Platinum team has closed more than $425 million in luxury real estate auction sales to date, while consulting on more than $1.4 billion in additional luxury properties worldwide. The firm is responsible for developing the luxury auctionSM model for high-priced real estate auctions.
SOURCE Platinum Luxury Auctions LLC