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Sotheby's Holdings Incorporated

Auctions continue as luxury market struggles

Auctions continue as luxury market struggles

The founder of Nextel Communications Inc. thought for a couple of years that his 11 fireplaces, eight bedrooms and 18-plus acres on a secluded peninsula on the Eastern Shore might be a little much, but he's bided his time.

Until last weekend. On July 19, his Queenstown home sold to the highest bidder.

"We decided this was a good time to try it," said Morgan E. O'Brien, who purchased the 300 Wye Narrows Drive property in 1999 for $8 million.

The market for luxury homes has struggled since the recession. In the Baltimore region, more than 560 homes listed above $1 million sat on the market in June, but just 36 homes in that range sold, according to RealEstate...