After waiting more than a year for his $11 million condo to sell, entrepreneur Andrei Melkoumov decided to take a different approach.
He went to auction.
Melkoumov put the condo, along with a unique and wildly expensive North York home, up for sale in a one-time auction on June 26 in Toronto.
Concierge Auctions hosted the sale and are a New York-based company with a presence in several other countries, including the Bahamas and Fiji. They claim to specialize in the sale of high-end and unique properties.
The condo is 3,422 square feet, has two bedrooms and is located on the 44th floor of the Four Seasons Private Residences in Yorkville. It comes equipped with a south-facing view and bulletproof elevator doors.
The house, last listed at $18.5 million, is a 13,610-square-foot, custom-built home in the Bayview Avenue and York Mills Road area and overlooks Rosedale Golf Club. The home has a 22-ton steel and marble central staircase.
High-end real estate auctioning could be the newest trend in Toronto real estate and is appealing in a market that seems to be becoming increasingly saturated.
“We have grown every year, and a number of things has enabled that to happen,” said Laura Brady, president of Concierge Auctions. “One thing has been that the public has seen what we’ve done with other properties, and buyers like the straightforward and easy transaction.”
The bidding occurs in real time, and the auction ends when the bidding ends. Each property has a representative that is available to show the properties ahead of time, but the sale is as is, and there are no contingencies afterwards.
“Sellers are able to accomplish their goals in a timely fashion. Andrei knows he will be able to see that value found on auction day and then will be able to move on with his life,” said Brady.
