Largest home in Beaver Creek will go to the auction block in April
LIV Sotheby’s International Realty/courtesy photo
In Malia Cox Nobrega’s mind, auctions are both exciting and terrifying. But, she added, an auction can be a great way to sell the right property.
That’s the chance the owners of a large Beaver Creek home are taking with the property at 181 South Fairway Drive. The 20,000 square-foot home is believed to be the largest single-family home in either Vail or Beaver Creek. It was originally listed for $25 million. But the owners, a trust, decided they wanted a quick sale and decided to sell via an auction. Bidding on that auction is set between April 9 and 16. Whatever price the home brings is what it brings.
Malia Cox Nobrega of LIV Sotheby’s International Realty is the listing agent for the home, and auction is being handled by Sotheby’s Concierge Auctions.
“It’s stressful to me,” Cox Nobrega said, adding she wants the sellers to get what they deserve from the sale.
Cox Nobrega said Kyri Papoui of Southeby’s Concierge Auctions has been at the home every day, conducting tours. Reached by phone from the home, Papoui said there have been several tours since the auction was announced.
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Papoui said he’ll be on site at the home until the online auction concludes on April 16.
Attention is one of the advantages of an auction. It helps to bring in a company with a lot of credibility and know-how Cox Nobrega added, which is where Sotheby’s connections come into play. Papoui noted that Sotheby’s Concierge Auctions holds about 90% of the global market for luxury real estate auctions.
- The home on 181 S Fairway Drive in Beaver Creek was designed in 1985 by architect Charles Sink, who also designed the Clock Tower in Vail Village.
- The home is more than 20,000 square feet, and sits on a 1.5 acre lot.
- The primary suite is about 3,000 square feet, and a wine salon has a capacity for up to 2,000 bottles.
- The auction is being handled by Sotheby’s Concierge, and bidding is set for April 9 — 16. Starting bids are expected between $4 million and $8 million.
- Learn more at VailLuxuryGroup.com.
A traditional listing, especially one at the price this home originally had, can take some time to draw the right buyer, Cox Nobrega said. An auction eliminates that waiting. But the ultimate sale price will be determined by the high bid. That, Papoui said, will be the the “true market value.”
Not every property is right for an auction, however, and the risk is “very real,” Cox Nobrega said. A number of homes went to auction during the recession that began in 2009, and, not every one of those transactions was successful. Cox Nobrega noted that the first home she took to auction was one that didn’t go well. Future attempts went better, she said.
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Ultimately, whether to list or auction a property is “about matching people’s goals to the right process,” Cox Nobrega said. Add in the fact that she’s done several auctions, and she’s become known for her ability to guide owners through the steps of getting a property through the steps.
“Every time I do one, I become better at it,” she said.
