Was $10.8 Million – Sold $3.3 Million!

Was $10.8 Million – Sold $3.3 Million!

Was $10.8 Million - Sold $3.3 Million!
Clearly a wakeup call for Texas high-end buyers . . is a new area trend beginning to take shape? Out of 4 bidders and with the minimum starting bid of $1.9m, this 11,925sf waterfront Texas estate finally sells at auction.

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Sited on 13.6 acres with 1,100' of frontage along a deep water peninsula in Lake Travis, this grand estate is located in the happening city of Austin, Texas. This wasn't just a price drop . . it was a price crash! What the winning bidder received was, 7 bedrooms, 10 bathrooms, 2 private guest residences, a spa, a waterfall, a massage room, a sauna and a 1,200-bottle wine room/cellar, not to mention garages for 8 cars and exquisitely landscaped grounds!

According to the WSJ, we are now seeing " . . . a time when luxury homes are making up an increasingly large share of foreclosures. . ", though parts of the country such as California are testing the waters with even higher prices, and in some cases being quite successful. Other reports of price drops in Texas include another home in the Spicewood neighborhood of 17,000sf that sold for $6.3m in April, and another in Houston of 26,000sf that sold for $3.5m last week.

This looks like the time for Texans who want to move up to scour all the major auction companies for that dream-come-true deal!

Source: www.statesman.com