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  • Writer's pictureThe San Juan Daily Star

Pioneering house auction slated for next Thursday


The $800,000 minimum bid in next week’s “absolute auction” represents less than 50% of the appraised value of the 4,650-square-foot private residence in Guaynabo. (Courtesy photo)


By RICHARD GUTIÉRREZ

richardsanjuanstar@gmail.com


It’s no secret that Puerto Rico’s economy is not at its best, considering global inflation overall, the island’s unique economic status, and other factors.


Perhaps, then, it would seem that doing business here would not necessarily be advisable for anyone who doesn’t benefit from Act 60. However, local residents seem to be quite interested in an upcoming home auction.


Next Thursday, Aug. 3, starting at 7 p.m. at the Sheraton Puerto Rico Hotel & Casino in San Juan, A&G Real Estate Partners will auction a newly renovated luxury home in Villa Caparra, Guaynabo, in the heart of the San Juan metropolitan area. The $800,000 minimum bid in the “absolute auction” represents less than 50% of the appraised value of the 4,650-square-foot private residence. The offering is made possible by Planet Renovation Capital, which invested in and recently renovated the three-story, 1960s-era residence, now being marketed by A&G’s Real Estate Sales Division in partnership with Keller Williams Puerto Rico.


Even though bidding is starting at only $200,000 shy of $1 million and the median income on the island is around $21,967 per household, most of the auction participants are island residents.


“This … is an auction for everyone, not just for those who benefit from Act 60,” Orbe Soto of Keller Williams Puerto Rico told the STAR.


One of the key differences with this auction is that the home is being entirely remodeled.


“Most residence auctions are usually residences that aren’t in the best condition; a lot of the time people who buy these houses have to re-invest … in order to make it livable, even if it is considered a ‘luxury home,’” Soto said. “We wanted to auction a house that is ‘moving ready’ -- completely remodeled and ready to live in once it’s been bought.”


Soto added that prospective buyers can go to an open house, where they can see for themselves the details of the home and how it’s been remodeled.


“With this absolute auction, we are giving buyers the chance for the house to go out at the best cost,” he said. “... [I]f somebody offers $800,000 and that’s the best offer, that’s the best bid, that person will keep the house.”


The selling points of the Villa Caparra residence include its large, epicurean kitchen with marble counters, high-end appliances, a wine fridge and a breakfast nook, Soto noted.


“It is not a regular home,” he said. “On top of the immense space the house possesses, it has three floors and even an elevator.”


Soto believes that the upcoming auction is a sign that the real estate market in Puerto Rico is in very good shape. He believes that the competitive price will be very attractive to buyers, and that holding the auction, even if it wasn’t so innovative, represents a new option for island residents.


“Right now we have many people who are interested in this auction and we have our low starting cost to thank for that,” Soto said. “It is very innovative that we have a luxury single home auction in Puerto Rico and on top of that it is being remodeled; this is probably the first time this has ever happened in the history of real estate on the island.”

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sabrina collins
Dec 13, 2023

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