The Schwalbach residence is a one-of-a-kind, oceanfront residence built with no expense spared. So why would owner Roy Schwalbach risk selling his beloved estate at auction with no reserve?
So to avoid letting the listing languish, there'll be a quick, intense marketing push to well-heeled East Coasters in advance of the auction date of Sept. 10. Once that day comes and goes, the home's sale will be complete, regardless of whether the highest bid reaches the current $3.9 million listing price.
Auctions have become popular with owners whose properties have no area comps. A set bidding date pushes buyers interested in these properties to make a decision, instead of hanging around and waiting for the price to drop.
What type of buyers might be interested in this prize property? Well, anyone who wants a luxurious vacation home on the water five hours from New York or three hours from Washington, DC. Or perhaps a competitor in the local White Marlin Open, the "World's Largest and Richest Billfish Tournament," with $4.42 million in prize money. Land a big fish, buy a big mansion.
Schwalbach's hip home was built by architect David D. Quillin in two phases, one completed in 2003, the other in 2014. It has five bedroom suites and five bathrooms spread over 5,003 square feet of space, but that's just the beginning of the story.
The owner, who has a luxe modern aesthetic, used mosaic tiles imported from Italy and installed a $45,000 tub in the master bathroom. He selected an Italian Boffi kitchen with Sub-Zero appliances, and had all the floors finished with radiant heating. Almost every room has an exceptional view, including the state-of-the-art gym. And in a nod to the sun, the home is positioned to be solar energy -- efficient.
The nearly 1-acre grounds include a saltwater pool, a private boat dock, a putting green with a fire pit and seating area, and a stocked koi pond. Schwalbach will even include the furnishings and the fancy red Ferrari in the garage for the right price, which can be negotiated by the property's winning bidder.
Now lest you think you can simply show up on auction day and score a steal of a deal for $49.95, you need to know that bidders must be pre-qualified by Elite Auctions. The process involves depositing $25,000 in an escrow account before the auction (which will be returned if you're not the highest bidder), and the ability to part with 10% of the sale price the moment the gavel drops. Only big-game real estate fishers need apply.