Platinum Luxury Auctions Sells Oceanfront Penthouse for $3.4 Million; Sale Closes Within 2 Weeks

PALM BEACH, Fla., July 26, 2011 /PRNewswire/ -- Another ultra-luxury condominium has been sold by Platinum Luxury Auctions LLC, a national luxury auction firm headquartered in Southeast Florida.

On June 21, 2011, Platinum sold a 4,332 square foot ultra-luxury oceanfront penthouse in Boca Raton, Florida for more than $3.4 million. The sale closed within two weeks of the auction date, without financing or contingencies.  The property was located in the prestigious Excelsior Condominium building, located in the area's tony oceanfront district on South Ocean Boulevard.

Although the property had been listed for sale for more than two-and-a-half years, buyers simply hadn't made any viable offers. It was not until Platinum began its luxury auction marketing process that the real buyers came knocking. "I was pleased by the market's response to this purchase opportunity," said Trayor Lesnock, president and founder of Platinum. "This penthouse is an exceptional property, but there was significant competition from newer, amenity-rich condominiums in the area. A luxury buyer in this market has considerable options when deciding where to put $3.5 million of his cash." Lesnock's comments seem valid, as motivated developers flanked by seasoned sales teams at some of Boca Raton's newest oceanfront buildings (such as 1000 Ocean and The Luxuria) have been aggressively promoting – and discounting – many of their remaining luxury units.

Despite these challenges, Platinum drew more than 8,100 unique, global visitors to the penthouse's gallery on its website in only five weeks of marketing. Visitors were primarily from the United States and Europe, according to Platinum's data. Ultimately, the buyer was a semi-retired, multi-property owner who lived in the area and was ready for an upgrade. "He had seen the unit one year previously," said Lesnock, "It took the auction for him to make the purchase."

For more details on this sale, please visit www.platinumluxuryauctions.com, or call 1.800.262.5132.

About Platinum Luxury Auctions LLC: Platinum is the only auction company founded exclusively on luxury, non-distressed real estate auction experience. The firm's principals have closed more than $225 million in luxury real estate auction sales, and have consulted and advised on nearly $1 billion in luxury auction property in total. Platinum also has luxury yacht and aircraft divisions. The firm specializes in luxury properties and assets in excess of $1 million. For more information, contact Platinum at 1.800.262.5132, [email protected], or visit www.platinumluxuryauctions.com.  

SOURCE Platinum Luxury Auctions LLC