It's a 'sellers' real estate market: National Association of Home Builders CEO
National Association of Home Builders CEO Jerry Howard discusses mass movement from large cities to the suburbs amid the coronavirus pandemic.
Any takers?
There’s no place like home – and especially not this particular home, one of the priciest properties in America. A Beverly Hills mansion – currently listed for a cool $160 million – will be the most expensive to ever hit the auction block, though the sale will reportedly run without a minimum bid or reserve price.
Villa Firenze is a 20-bed, 23-bath megamansion on over nine acres, with manicured grounds, a private street for entry and, in a thoroughly California twist, plenty of 40-foot palm trees. Designed to evoke the feeling of an Italian village, the 20,000-square-foot home took seven years to build, and was completed in 1998, according to its listing page.
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Despite its luxurious amenities – including a wine cellar, gym, home theater, pool house, tennis court, three guest homes, a 30-car courtyard and adjacent trail – the estate has sat on the market for two years, Realtor reports. Billionaire owner Steven Udvar-Hazy even slashed $5 million off the asking price in June.
Boasting “the largest assemblage of land in the ultraexclusive enclave of Beverly Park,” Villa Firenze further offers the right buyer a unique opportunity to develop a separate lot of the compound, if they so choose.
According to the The Real Deal, there will be no minimum price threshold in the no-reserve auction when Concierge Auctions opens up bidding later this month, at an undisclosed date.
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Though the auction would be a record-breaker if the estate sold for the astronomical asking price, one industry insider speculated that the highest bid for the villa will ultimately be a whole lot less.
“It will sell for between $80 million and $90 million, as the type of buyer who is drawn to this process is typically looking for an amazing deal,” Michelle Schwartz of The Agency told Realtor. “[The buyer is] not necessarily coming in with the emotional connection that typically drives asking price.”
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The megamansion is represented by Jeff Hyland of Hilton and Hyland.