Going once, going twice … New $5.25M Panama City Beach home slated for auction in July
PANAMA CITY BEACH — A newly built luxurious beachfront home soon will be bought with cash at an upcoming auction.
According to Tara McLean, president of Elite Auctions, her company, which orchestrates high-end real estate auctions across the U.S., will host an auction on July 2 for a $5.25 million home in Panama City Beach.
Located at 12401 Front Beach Road, the property comes fully furnished, spans 3,910 square feet and boasts four stories, six bedrooms and seven bathrooms. Its construction was completed earlier this year.
“I think whoever buys this home is going to get an amazing deal,” McLean said. “It’s a beautiful home, and we’re hoping for a full house on auction day. Conducting an auction (is) fun, it’s exciting (and) people love to compete.”
She noted that only bidders who register through her group’s website can participate in the live auction. They must bring a $50,000 cashier’s check, which the bidder will keep if the offer isn’t accepted.
“People think of an auction as a distressed fire sale, and that’s not the case at all (with this auction),” McLean said. “(The seller) just wants to set a deadline and move on, and this is a great way to do that. … An auction brings multiple buyers at one time, lets them compete for it and determines what that property is worth.”
Susan West, president of the Central Panhandle Association of Realtors (CPAR), said such an auction is extremely rare in the area, especially in an ongoing sellers’ market dictated by inflated real estate prices.
That said, West noted that auctions do create a sense of urgency, which could spark the interest of more buyers.
“It’s not common at all,” she said of the event. “From my past experience, during (a) downturn, a recession, (auctions) happen more frequently. In this type of market … it’s just not really common.”
Debbie Ashbrook, CEO of CPAR, agreed. She also said many “hot properties” for sale in Panama City Beach receive a dozen or more offers, which is somewhat similar to an auction, but without the rigid timeline.
“In a sense, it’s like having an auction,” Ashbrook said of many standard home sales. “I think because of the market we’re in, auctions are not popular.
“… In the current market we’re in, you put your house on the market, and buyers don’t have to show up with anything. The seller gets a list of all the offers and … they make a decision that way.”