(To read more on the multifamily market, click here.)
BOSTON-In a sign that the city's once-hot condo market may be cooling off, buyers picked up 31 condominiums at the Folio building on Broad Street for an average of 30% below their asking price this weekend at the Hub's first public auction in a decade.
The auction drew about 400 people to Boston's Seaport Hotel. In one of the steepest price drops, a $1.76-million penthouse went for $1.14 million, more than $600,000 below its original selling price.
Paul Gollinger, with the Collaborative Cos. of Boston, which arranged the two-hour auction, says although the condos fetched less than expected, Folio's developer was happy with the results. The condos, 65 of which sold at full asking price when the building was first converted about four years ago, have not moved in the past four months, Gollinger says.
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