The condo real estate market has faced some serious trials in the last year or so but a new warning has been sounded with a massive auction of units in one of Boston's new luxury condominium buildings. Today 34 units in the Folio Condominiums in Boston will be sold at auction. The units had been listed through traditional means but did not sell. One bedrooms in the upscale building were listed at $480,000 but will now go for a minimum of $325,000. The penthouse which was listed for nearly $1.8 million could be snapped up for just over $1 million. I suspect we will be seeing many more auctions like this as the condo market continues to struggle.[via CBS 4 Boston]
Reader Comments (Page 1 of 1)
10-09-2006 @ 8:36AM
new condos online said...
Yes, yes...we have all heard about the Folio auction...we actually tried to get in there with some cameras on Saturday and didnt make it too far. In any case it was a great turnout with great results. Units sold for approx 20% below last listing prices (which did not include parking valued at $75,000). This may set a new price for the downtown market...HOWEVER, remember these 30 units didnt sell in record breaking years 2004 & 2005...what would make them sell in 2006. A project specific problem or market problem...most likely a project specific problem. We will keep our eye out as things progress the next few weeks with some other projects. Visit our Folio Auction blog here: http://www.condodomain.com/blog/status-on-folio-auction-boston/
Reply