Did you know now you can purchase a penthouse located in Las Vegas right from your cellular device?
It appears you can buy just about anything on your cell phones in today’s day and age.
A few things I know you can purchase through your phone are Clothes, Groceries, and even music. You can even find a ride to your nearest airport with someone who works with Uber or Lyft, which there are apps on your phone to do so.
You can also now buy a condo that is worth millions in Las Vegas also right from your phone.
This is great news for poker players Barry and Allyn Shulman in Las Vegas who also own Card Player Media. They were not successful in selling their penthouse in the metropolis like most do so they decided to place all of their pieces into an auction that lasted for one solid hour on October’s 18th. They allowed people to use an app called ‘Instant Gavel‘ to place their bids on this auction.
Having auctions isn’t very off the wall when it comes to high-end real estate agencies. This is how Phil Ruffin who owns the casino was able to buy his ranch in October of 2015 for roughly 6.71 million dollars, which included a 10 percent premium. This was a private action though at McCarran International Airport, and many people were participating in this event and some also by their phones.
Nowadays no one comes to these events; they do it from their phones
Most of the time no one knows who they are actually up against when they are bidding on a house or something within a real estate agency. It’s easy enough to do all you have to do is download and app on your phone and make sure you place 1000,000 into an account, an escrow account to be exact. Also include a letter from the bank with an option to pay and just bid, easy as one, two, three.
This auction was hosted by New York’s Concierge Auctions who were the ones who ran the Primm Ranch Sale exactly a year ago. Concierge peaks people’s interest by getting into the big pool of buyers who are around the globe and with their local agents roughly a month or so before bidding is going to start.
Barry Shulman had his penthouse condo on the list for a few months at a set price of 4.88 million dollars, and there were only a few who seem interested but no serious inquiries yet. Shulman’s realtor who’s known as Kristen Routh Silberman who works with Synergy Sothebys International Realty told him to try using mobile auctions because the potential for selling increases significantly because there are so many who use these means when auctioning things off even outside of Las Vegas.
Shulman told us that he had never had this idea of mobile auctions come across his mind before until Kristen told him. According to what Shulman has said, there is so much information and it’s awesome how much attention his property has received from mobile auctioning, and you always want to have more than one potential buyer looking at your property and interested.
Laura Brady who is the president of Concierge Auctions said their mobile bidding was on the rise and start up in 2010, and they didn’t have a lot of success because a lot of people were very weary when it came to bidding in this way. So a year ago they brought their platform back up and had had at least 85 percent of their auctions completed through their app.
Brady said that they did seem to come forth with their app a bit to soon and that over the course of a few years they have had more attendance with their auctions even via telephone. A lot of people use Uber to ride and get to where they need to go and feel more comfortable with ordering things and purchasing online more than actually in person.
With mobile auctions, you will see there are many more options for different providers and have auctions visible to others. Live auctions can be hard to follow through with so many bidders in one room bidding on the same object so now they can see where bids stand so easily on the apps. One other benefit of mobile auctioning is that if the buyer of a huge property that is pricey wants to stay anonymous, they can do so.
Shulman has reported they have purchased and bought a new property lot and had a one story house built along Lake Las Vegas which is why they chose to sell their penthouse that is now being auctioned. Shulman is 70 and has a bad knee so climbing stairs can be a chore for him and it isn’t the easiest thing for him to do, and now he is closer to his grandkids.
The stakes are set high though because there isn’t a set price for his penthouse which means if the person with the highest bid isn’t that value of the penthouse, it doesn’t matter they will still get the penthouse. Shulman paid 1.5 million dollars for the shell of his penthouse and added on the rooftop for another million dollars.
Shulman lost 5 million dollars in the upgrades he did with the penthouse including, the outdoor deck that has a kitchen, placing a jacuzzi, a dancefloor, there, bathroom and a fountain. The penthouse has a view of the Wynn golf course. Shulman bought the roof for the penthouse because he had just wed his wife and she wanted to have a garden.
Shulman said there is nothing in the Las Vegas area like his penthouse condo as he has lived in New York where they have massive highrises with the penthouses. He said you don’t have outdoorsy entertainment areas in Vegas that are like that.
The Shulman’s designed their penthouse at 360 Desert Inn Drive with the Palace of Versailles in mind. Their two-story dining room and their living room has wall sconces they picked out themselves, light fixtures, and Roman curtains on their balcony. The staircase that binds the two floors is a marble staircase that has a beautiful crystal chandelier hanging above. The sale will also include all of the furniture with the penthouse as is.
Since 2014 this is the fifth auction that Concierge has ran
Las Vegas is their biggest area they invest in auctioning, and they only continue to see growth increase and they do not plan on changing this anytime soon, as Brady stated.
The business was founded in 2008 and has gone across 32 states and 14 countries which have made them more than 1 billion in profit via Brady. Most of the properties run around 2.5 million dollars and up the average sale auctioning price is 3.8 million dollars, said Brady.
A lot of the properties that are this high and a lot closer to 5 million dollars are tough to label a value price tag on; this is what Brady has commented on. So this is why they let the market choose the price of the property.
Shulman owns five commercial properties, and he has come to terms that he will probably only get about half of the money back that he put into his penthouse which makes it a steal of a deal for the purchaser.
Shulman said that he has been in the real estate industry for a long time and sometimes it is a hit or miss with the market and sometimes you do lose. He said from a business standpoint he did put way to much profit into it, but everything they did was a lot more pricey than it should have been and would have been if he was building the property as a developer.
Shulman said he thinks that many people from different countries will be drawn in from as far as China, India, Mexico and Brazil who are looking for a home in Las Vegas and he can’t wait to see how the auctions turn out.
Shulman said he was joking the other day when he said that the Las Vegas penthouse condo might go for very, very cheap and he was thinking about bidding on his own penthouse but of course he already owns it, and he laughed. He did also say he would love to be the one getting the top dollar amount, but sometimes you have to do what needs to be done.