Distressed housing auctions have become a common concept since the foreclosure crisis manifested six years ago, but another type of auction has blossomed in the past several years as well: the non-distressed luxury home auction. Companies like Concierge Auctions take on high-end properties, typically ones that have languished on the market for an extended period of time, market them and then host an outcry auction for vetted qualified buyers. Whomever bids the highest amount (above the reserve if it's not an absolute auction) gets the home. The new buyer must close on the property within 30 days of the winning bid. The seller offloads the property and the buyer typically gets a bargain. For example, the Happy Valley estate in Scottsdale, Arizona (pictured above), fetched $5.5 million in a 2012 auction after failing to find a buyer willing to pay $13.9 million.
(Courtesy of Sotheby's International Realty) More from Forbes
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