More than two dozen high net worth individuals or advisors are expected to arrive in Nassau tomorrow to preview two luxury waterfront residential properties on Paradise Island slated to be auctioned off later this month.
Both residences, valued in the millions, are in a secluded enclave known as Beach House Villas. Situated on the western end of Paradise Island, each comes with a pool, dock, fitness facilities, concierge services and the essentials for living in a movie-worthy setting of lush landscaping and total privacy — a captain and private boat at the owner’s beck and call.
Because the villas, one with more than 5,000 square feet, the other just over 3,000 square feet, are accessible only by water or on foot – a hearty hike from the resorts of Atlantis — potential bidders and agents who have reserved space for the preview event will be chauffeured by yacht to the site for the party on Wednesday.
They will be treated to delicacies prepared by a world-class chef, the finest champagne and the opportunity to see what they or their client can walk away with the title to by month end.
The party is part of the lead-up to an online auction.
On January 29, the online auction goes live on the Concierge digital marketplace and reaches its peak on January 31 with a live bidding process at The Phoenician in Scottsdale, Arizona, one of that state’s toniest resorts.
Villa 1, one of the two residences up for auction, is 5,334 square feet of style and top tier construction materials and detail.
Built by world-renown Brennan Homes (Toronto, Bermuda, Palm Beach), it was originally listed for sale at $8.495 million. On auction, it will sell with a $4 million reserve but Concierge Business Development executive Danny Prell thinks the final bid will be well above the reserve.
“It’s hard to find a more stylishly and beautifully designed home in a more alluring setting in The Bahamas,” Prell said.
“Paradise Island remains one of the hottest high end sales markets in the Western Hemisphere because its offerings are unique and unparalleled. Where else can you call home where you have a resort like Atlantis with all the entertainment with famous celebrities and athletes, fine dining, sports, golf, tennis, swimming, fishing, boating, gaming, water park, shopping and spa facilities at your fingertips and a 10-minute walk down the beach you are in your own secluded luxurious enclave with a boat and captain awaiting your call if you want to go across the harbour to historic Nassau? This is the stuff fantasies are made of.”
A second villa, slightly smaller in size at about 3,200 square feet but also with private pool, housekeeping, concierge, gym facilities, private boat and captain, will be available on auction at the same time. That will go to the highest bidder without reserve.
That the two villas are being auctioned instead of offered through more traditional marketing means is an indication of the expanding role of specialized auction firms for high end properties. Auction specialists like Concierge Auctions, explains Prell, focus on creating and combing databases for investors whose appetite for luxury properties is hearty, wherever those properties are. The more stable the political climate is, the more secure the investment environment is and the greater the interest is among those with very deep pockets.
“The high net worth individual or sophisticated corporate entity looking at a multimillion-dollar property in Scottsdale may also be viewing properties to be sold at auction in The Bahamas, California, New Mexico or Costa Rico. They are not like you or me, searching for a nice 3-bed, 2-bath home with a double garage in a quiet neighbourhood. They are looking for sound investment in a safe environment that affords the kind of lifestyle that if you offered it on Airbnb, the going rate would start at $15,000 a night. These are sophisticated buyers who want to pursue interests in the elite properties of the world and that is our specialty.”
By the time HG Christie signed with the owner of the two villas on Paradise Island, and signed on Concierge for the auction process, Prell had a database of 600 names with whom to share the information. Many would receive a phone call or personal note over the next few weeks leading up to the opening of the digital marketplace.
