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SKY Sotheby’s International Realty Announces Luxury Real Estate Auction

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RISMEDIA, April 1, 2008-SKY Sotheby’s International Realty announced it will hold its first of two Sarasota luxury property auctions for 2008 on April 11 at the Longboat Key Club and Resort, with an estimated $100 million in extraordinary properties for sale. Bidder registration begins at 9:00 a.m. on auction day, with the auction starting at 11:00 a.m.

The upcoming auction will be facilitated by Daniel DeCaro Real Estate Auctions, Inc., and features properties with original list prices ranging from $500,000 to $15 million. Many of the properties are available “absolute,” meaning they will be sold to the highest qualified bidder with no limiting conditions or amounts. A large number of properties will also be offered with minimum reserves of approximately 50% of the list price.

Properties offered for sale with a reserve, or minimum sale price, are carefully selected by SKY Sotheby’s International Realty before being accepted into the auction.

Some notable properties that will be featured in the auction portfolio are:

- 4067 Shell Road, Siesta Key. A spec home built by Sandcastles of Sarasota, this 10,000 square foot beachfront mansion sits on a full acre of pristine Siesta Key shoreline. It features quality craftsmanship, splendid water views, 5 bedrooms, a den and 5-full/3-half bathrooms. The home is currently offered at $9.95 million and listed by Kim and Michael Ogilvie of Michael Saunders and Co.
- Casa Pacifica at Tango Mar, Costa Rica. This unique estate is located in the exclusive Tango Mar Beach Resort along Costa Rica’s Nicoya Peninsula. The estate’s 10,550 square foot home sits on a bluff 40 feet above the beach and offers direct views of the Pacific Ocean. This property is being offered absolute in the auction and is currently listed for $8 million by Harry Bandinel of Bunker Fairway International and Wedebrock Real Estate.

“In 2007, we realized outstanding success with our two luxury property auctions in Sarasota. The bargains that some buyers obtained in these auctions were well publicized and I expect similar, if not more, opportunities of that nature this time,” states Chad Roffers, president, SKY Sotheby’s International Realty. “Auctions, such as ours, help create timely sales that would not have otherwise occurred, and this in turn helps speed up market recovery by reducing inventories and establishing value where it did not previously exist. For our upcoming auction in April, we’ve worked hard to select some of the best inventory available, as well as sellers who are willing to let market forces and buyers determine the sale price for their property.”

According to the company, the upcoming auction is being held in conjunction with the Sarasota Film Festival, one of the premier events in North America to screen new films, of which SKY Sotheby’s International Realty is also a lead sponsor. A portion of the net proceeds from the Sarasota auction will be donated to the Festival’s outreach and education department, which offers the community fun and stimulating year-round programs that foster creative and cultural development for people of all ages.

Sellers will benefit from a comprehensive multi-million dollar global marketing and advertising campaign designed to draw maximum exposure to the properties from local, national and international buyers. The event will feature large-screen video displays, gourmet beverages and hors d’oeuvres, and VIP treatment for all buyers.

The auction’s collection of properties will be available for preview on March 30, April 6 and April 10 from noon to 5 p.m. and by appointment. Bidder pre-registrations are still being accepted and a buyer orientation session will be held on April 10 at the Ritz-Carlton, Sarasota.

For more information, visit www.LuxuryPortfolioAuctions.com or www.skysothebysrealty.com.

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