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Realogy, Sotheby’s Move Into Luxury Real Estate Auction Niche

With luxurious on-line auctions changing into a rising sector in the actual property trade, particularly given the area of interest’s extra restricted purchaser pool, Sotheby’s, a company that specialize in nice artwork and comfort items, and Realogy Holdings Corp., a full-service residential actual property services and products corporate, introduced they’re obtaining the luxurious actual property public sale market Concierge Auctions. Beneath the settlement, Sotheby’s and Realogy will take a joint 80% possession stake within the corporate.Concierge Auctions reported greater than $3.4 billion in aggressive bids closing 12 months with a mean house promoting value of $3.5 million. The corporate introduced it broke its fourth international report this 12 months for the perfect value of a single-family house bought at public sale with the sale of Villa Firenze, indexed on the market at $165 million.

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