Concierge Auctions
From Wikipedia, the free encyclopedia
Chad Roffers, President
| Industry | Real estate |
|---|---|
| Founded | 2008 |
| Headquarters | United States |
Key people | Laura Brady, CEO[1] Chad Roffers, President |
| Website | www |
Concierge Auctions is a residential real estate company based in New York and Texas. It auctions properties to the highest bidder.[2]
In November 2021, Concierge Auctions was acquired by Sotheby's and Realogy.[3] The company rebranded to Sotheby’s Concierge Auctions.[4] It holds the world record for the most expensive home ever sold in the United States through an auction for The One in L.A., a 120,000 square foot mansion owned by Nile Niami.[3]
It has been on the Inc. 5000 list since 2014.[5] The company has been accused of artificially driving up the price of its auctions since 2014, with many lawsuits settled out of court.[6][7] Since 2008, the company has sold more than $3 billion in real estate properties in 46 U.S. states or territories and 30 foreign countries.[8][9]
Recognition
The company was founded in 2008 by Chad Roffers, who had owned Sky Sotheby's International Realty, and Laura Brady, a realtor from Sarasota.[7] It was conceptualized to hold auctions for high-priced real estate between a seller and a group of buyers. Local real estate agents receive 5-6 percent sales commission and Concierge Auctions charges 12 percent to buyers. Auctions range from $2 million to $100 million, but have an average of about $4 million.[10]
Founder of the Corcoran Group and Shark Tank cast member, Barbara Corcoran joined Concierge Auctions as a strategic advisor in 2014.[11] In 2016, LeadingRE and Luxury Portfolio International announced Concierge Auctions as the auction provider and an at-ready source for its members.[12] In 2017, Concierge Auctions sold more than $340 million from 81 sales.[7] Forbes reported that almost 90 percent of its auctions were conducted through a smart phone app that year.[10] In 2018, the company became the "preferred" home auction partner of Engel & Völkers Advisors, North America.[13] It sold $390 million in real estate from 96 separate sales that year.[7]
The company became the "main reference in the Italian market" after partnering with Sotheby's International Realty as its "preferred auction provider".[14] It has worked with Giveback Homes and Habitat for Humanity on its "Key for Key" program, which builds one low-income home for every property sold at auction.[15] By 2020, Concierge Auctions had built more than 200 homes through the program.[16] The company auctioned the largest private island for sale in the Caribbean, Little Ragged Island in March 2021 and in June 2022.[17]
In November 2021, Concierge Auctions was acquired by Sotheby’s and Realogy Holdings Corp. The company operates independently after the acquisition and is rebranded to Sotheby’s Concierge Auctions.[4]
In 2018, the company's $36.2 million sale of a property in Dallas, Texas was the highest price paid for a residential property that went to auction in the United States.[18] One year later, Concierge Auctions broke its own record for the most expensive home ever sold at an auction in the United States: an estate in Florida that sold for $42.5 million.[6] It was the highest-priced home to sell in Broward County's history, according to property records.[19]
The company has also been recognized for its annual Luxury Home Index report, which evaluates average selling prices for homes and the time it takes to sell based on the number of days on the market.[20][21][22] In 2021, Concierge Auctions recorded the highest online auction for a single-family home in Beverly Hills owned by Steven F. Udvar-Házy.[23]
Since 2014, Concierge Auctions has been included on the Inc. 5000.[5] As of April 2022, the company holds the world record for the most expensive home sold in the US through an auction for The One in LA which was sold for $141 million to Richard Saghian of Fashion Nova.[24]