Concierge Auctions Closes Out Its Best Year Yet with 29% Growth, Over $3.4B in Global Bids, Record-Setting Sales, and Historic Activity
Luxury real estate firm enters 2020 with continued dominance as the largest marketplace to buy and sell the world's finest properties; more than 150 homes built for families in need; six years on the Inc5000 list of America's fastest-growing companies; and increased presence in Asia in partnership with media powerhouse The Wall Street Journal
Continuing its geographic expansion, Concierge Auctions saw a 29% growth, from 143 auctions in 2018 to 185 in 2019—including first-time auctions in Antigua, Barbuda, Costa Rica, Thailand, and Portugal—increasing historic activity to 40 U.S. states and 29 countries; built more than 150 homes for families in need through its Key for Key® giving program with Giveback Homes™; and continued to expand its database of high-net-worth real estate buyers, sellers, and representatives—
In 2019, the firm grew to more than 100 professionals in eight countries (the United States, Canada, Mexico, the UK, Spain, France, Italy, and Switzerland)
"This past year saw incredible growth and unprecedented interest, due in large part to the time-certain solution we provide to sellers, the top-tier caliber of properties we offer buyers, and our strong partnership with the brokerage community," stated CEO Laura Brady.
"In today's real estate market, there continues to be limited liquidity for luxury," added Chairman Chad Roffers. "Our model is proven, predictable, and timely. In 2020, we forecast that inventory levels will rise as markets continue to soften due to political uncertainty, rising interest rates, and tax code changes—which is only going to increase the need for our solution."
A tech-forward model
Concierge Auctions' digital bidding app enables 24/7 access to its online marketplace. Buyers and sellers can purchase and sell at any time, from anywhere in the world within a 72-hour window.
"2020 is prime for our platform as an on-demand, tech-forward model offering transparency and convenience—
In 2019, the firm expanded its portfolio sales, featuring collections of luxury properties targeted to specific buyer profiles, with a primary focus on Hong Kong and greater Asia. Concierge Auctions' most recent Asia auctions generated more than $190 million in sales. Q1 sales are already underway in Arizona, Dubai, and Hong Kong.
"Our global portfolio sales offer unprecedented opportunities for sellers to directly reach the most high-net-worth buyers in some of the world's top cities, including access to those in our database," stated Roffers.
Record-breaking transactions in 2019 include:
Agent Advisory Board
Founded as a tool for the brokerage community, Concierge Auctions maintains alliances with leading brokerages around the world, including Sotheby's International Realty, Engel & Völkers Americas and Canada, Berkshire Hathaway HomeServices of America, Luxury Portfolio International, Who's Who in Luxury Real Estate, Leverage Global Partners, and more.
Last year, the firm announced its inaugural Agent Advisory Board, a hand-selected group of esteemed top agents and brokers created to act as a think tank on the state of luxury real estate sales and marketing. The agents and brokers selected for the Advisory Board all have extensive familiarity with the luxury auction process as well as a proven track record of success with Concierge Auctions. Each of these real estate professionals works with high-end clients from around the world who demand results. The board met quarterly throughout the year to share insights and guide, particularly with the firm's relationship to the brokerage community, with a focus on agent-specific education, tools, and technology.
"Partnering with Concierge Auctions brings a non-traditional way to unlock liquidity from trophy real estate assets with transparency, efficiency, and world-class results," said Advisory Board Member Billy Nash of Nash Luxury at Illustrated Properties.
The 2019 Concierge Auctions Agent Advisory Board members included:
Concierge Auctions released its third-annual Luxury Homes Days On Market Index in 2019, which provides a comprehensive look at the US luxury real estate market and contrasts market to market for the country's hottest properties. Of the 56 markets analyzed, the average sale price for the top 10 homes was $12,219,014 and the total Days On Market was 506 days. Only 38% of these prestigious properties sold in under 180 days. For the 62% that sold over 180 days, Days On Market skyrocketed up to 742 days, and these properties only saw 78% of their original list price, a significant discount off the original value these sellers hoped to realize.
The firm is the only company that looks at sales by calculating how long a property stays on market from the moment of its original listing until its sale. The findings from the groundbreaking report were reported in Bloomberg, The New York Times, Inman, Dallas Business Journal, and Sun Sentinel. The fourth-annual Luxury Homes Days On Market Index is scheduled to be released in February, and will be expanded to include the Canadian real estate market for the first time.
Accolades and Achievements
Throughout 2019, Concierge Auctions was recognized with a number of professional accolades, including:
Giving Back: Key For Key®
Alongside achieving these outstanding milestones, Concierge Auctions expanded its philanthropic initiative, Key for Key®, in cooperation with Giveback Homes™. The giving program ensures that a new home is funded for a family in need for every property the firm sells. More than 200 homes have been funded since the inception of the program, resulting in hundreds of lives forever changed.
"One of, if not our proudest accomplishment in the history of the company has been our Key For Key® giving program," stated Brady. "Now woven into our company culture, participation in build trips is a spiritual and emotional touchstone for our team. What began as an innovative way for the largest luxury real estate marketplace in the world to give something back, has grown into a cornerstone of our identity."
In 2019, the firm sent over 30 employees to El Salvador to meet families in person and help build new homes. Nearly 70 Concierge Auctions team members have participated in build trips to date.
"Key For Key® has not only provided a safe home to hundreds of families living in poverty, the program is also creating joy, inspiration, human connection, and fulfillment to everyone who has been a part of making it happen. It's entirely possible for successful companies to balance purpose and profit, and Key For Key® is an extraordinary example," said Caroline Pinal, co-founder of Giveback Homes™.
For a full list of properties sold in 2019, visit ConciergeAuctions.com. To inquire about purchasing the world's finest homes, or if you have a remarkable property or listing to submit for consideration to the Concierge Auctions platform, call 212.202.2940.
About Concierge Auctions
Concierge Auctions is the largest luxury real estate marketplace in the world, powered by state-of-the-
* According to Concierge Auctions' U.S. Luxury Homes Index
Page Updated Last on: Feb 07, 2020