(To read more on the multifamily market, click here.)
BOSTON-For the first time since the 1990s, a developer will auction off the remaining condominiums at his luxury Downtown project, hoping to cash in with buyers looking for a bargain.
"The average price per sf for these available units has been slashed by as much as 45% compared to today's asking prices," says Jon Gollinger, managing director of Velocity Marketing, which is handling the auction for the developer of the 14-story Folio Boston project at 80 Broad St. "These release prices have not been seen in this market in over a decade."
The auction, which takes place Oct. 7, will feature 34 units, including 11 penthouses, at minimum auction prices that start at $325,000 for a one bedroom that is currently being marketed for $480,000, up to $1.025 million for a two-bedroom with a wraparound terrace and water views that is currently valued at $1.76 million.
"We have sold two thirds of the units at our full asking price, so clearly the project has been a success," says Michael Rauseo, managing member with the property's owner, 80 Broad Street, LLC. "Now that construction of this exceptional building is complete, it is time to move on."
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