According to Nantucket_Sully (aka Brian Sullivan of Sotheby’s International), the “Nantucket Beauty” that was sold in an absolute auction today went for $4,850,000, plus a 7.5% buyers fee for a total of $5,213,750.
Owner Paul Steinfurth, who I called crazy like a fox, bought the property in 2004 for $5.4 million. So, he took a loss, but I’ll bet he’s happy to unload it. What do you think? Good move on Steinfurth’s part?
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Nantucket “Absolute Auction” Beauty Goes for $4,850,000!
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(Photo courtesy New York Times)
UPDATE: Find out selling price
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ORIGINAL POST:
After waiting a year for someone to buy his gray-shingled Nantucket home — a ubiquitous sight on Cape Cod — Paul Steinfurth (above) is taking a risky leap in this chaotic, unsettled real estate economy: On Tuesday, he is selling his 7,500 sq ft home via “absolute auction,” which means the highest bid wins, no matter how low that bid is. Steinfurth, who is a real estate businessman in Miami, bought the home in 2004 for $5.4 million. He’s not the only one with a high-end property that is sitting unsold in Nantucket. According to the NY Times article:
About 600 properties, or 6 percent of all those on the island, are for sale, but almost nothing is selling. “The damage is huge,” said Flint Ranney, a real estate broker on the island for 30 years and president of Denby Real Estate.
The estate sounds lovely and could result in a steal for the right person who is in the right place at the right time. It sits on 2 acres and has views of Nantucket and Nantucket Sound (from the widow’s walk), 5 beds, 6.5 baths and a one bedroom/one bath detached guest suite. It also has a heated pool and spa, detached 2-car heated garage, game room, home gym, and finished lower level.
Details of the Nantucket auction reveal that you need a $75,000 certified check to register to bid on the property and then a 10 percent down payment immediately after being declared the winning bid. It doesn’t say whether there is a starting bid.
Also, there’s no need to feel sorry for Mr. Steinfurth. He wasn’t a victim in the Madoff debacle — he already bought a bigger home on the island for $7.8 million and doesn’t want two big homes on Nantucket.
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