July is Luxury Month at Inman. Tune in as we survey the evolving luxury market, explore emerging trends, and talk to top producers and influencers in the ultra-luxury space about how they got where they are today and the insights they’ve gained along the way. The month culminates with the announcement of the expanded Golden I Awards live onstage at Luxury Connect (July 29-30) in Las Vegas.
Houston-based Nan & Company Properties, an affiliate of Christie’s International Real Estate, has launched an auction division with initial bidding on a Friendswood mansion, the company has announced.
According to The Real Deal, the auction began on July 15 with the listing of FasciaBlaster inventor, Ashley Black’s, estate. The 12,954-square-foot-mansion stretches across 10 acres of land at 405 W. Spreading Oaks Ave. in Houston’s Friendswood suburb.
The 18-year-old, two-story home features six bedrooms and five and a half bathrooms. Inside the mansion, there are custom vaulted wood beam ceilings in the main living room and entertainment rooms. Upstairs, the second floor is divided into two wings, keeping the living quarters private, according to the property’s listing.
To ensure more privacy, the home features a gated entry. Outdoor amenities include a 24-seat hot tub, a resort-style pool and three garages, spacious enough to hold 12 vehicles.
After initially coming to the market with a $4.9 million asking price, the property received a bid of $2.5 million on the first day.
Nan Luxury Auction Concierge, Nan & Company Properties’ service for selling luxury properties at auction, is intended to guarantee impressive sales at quick rates.
Nancy Almodovar | Nan & Company Properties
In a statement to The Real Deal, Nan & Company Properties CEO and President Nancy Almodovar said that the company’s auction division is an outgrowth of the need to serve owners who are searching for a more convenient way to sell their luxury homes.
“A lot of the time, it’s just because they’re unique properties,” Almodovar said. “And the sellers don’t want to deal with your typical [process of] putting it on the market and just kind of waiting.”
Faster deals may be on the table for sellers but so is a list of drawbacks.
Rogers Healy, CEO of Rogers Healy and Associates Real Estate, told the Dallas Morning News that auctions tend to be accompanied by higher upfront fees for sellers and high buyer premiums, which can be up to 10 percent of the purchase price.
Prospective homebuyers can bid on the home by contacting the brokerage.
Houston Business Journal ranked Almodovar its No. 2 luxury agent in 2023. Nan & Company Properties affiliated with Christie’s International Real Estate in February 2017.
