Online Auction for Back Bay Condo

Here’s an extraordinary opportunity for buyers in Boston.  We’ll be conducting an online auction for a Back Bay condo on Marlborough Street on November 20.  Auctions have been used to sell residential condo developments previously, but what makes this different is the online format of the auction, similar to an EBay auction with special modifications for real estate, and the fact that it is for an individual non-bank owned property.

This online auction will be run with no hidden reserve, which means the owner has committed to sell to the highest bidder — regardless of final price. The seller is out-of-state owner and needs to liquidate the property to fund his business, creating a rare opportunity for a buyer to purchase in the prestigious Back Bay neighborhood of Boston at a substantial discount to market.

Minimum Bids start at $315,000 (only $374 per square foot!), which is $210,000 less than the original asking price.  Average list price per square foot in the Back Bay is currently $922, so the bidding is starting around 50% below average market value.

Michael DiMella, our Managing Partner, has stated:

We’re thrilled to have the opportunity to assist a seller maximize the sale price of their property in the shortest amount of time using this online auction.  In a situation like this where the seller needs to liquidate their asset quickly yet still try to maximize equity, the online auction method of selling real estate is a perfect fit.  I’m thrilled that the seller understands the risks involved, especially given that this property is the first ever to be auctioned online in this fashion in Boston, and has given us free reign to use the online auction the best we see fit, even allowing us to run the auction without a hidden reserve price. This property will sell to the highest bidder, no matter what.

About 416 Marlborough St. Unit 202

Back Bay Condo Auction - 416 Marlborough St Unit 202, living room 416_Marlborough Street_kitchen
Spacious, South Facing Condo Located in Concierge Building

NEW UPDATE! Now listed FOR AUCTION. ONLINE condo liquidation auction to be held online 11/20/2011. Starting Bid $315K, no hidden reserve. Condo will sell to highest bidder no matter what. Unit is a spacious, bright south facing condo in a professionally managed, concierge building with fitness room and common roof deck that showcases panoramic views of the Charles River and Back Bay. Featuring large windows, marble bathroom, updated kitchen, central air, in-unit laundry & plenty of closets. Pet friendly.

Starting Bids:
Bedrooms:
Bathrooms:
Size:

$315,000 (under $374/sq. ft.)
1
1 Full
843 square feet

Get Floor Plans & Virtual Tour at Auction Site

About the Online Auction for Back Bay Condo

The auction for 416 Marlborough St. #212 Boston, MA 02115 will take place online on November 20, 2011 from 3-7pm.  For details, to schedule viewings, or to register to bid, go to http://www.charlesgateauction.com/Unit202.

There are also Open Houses scheduled on 11/6, 11/13 & 11/20 from 11am-12:30pm each day.

Broker participation welcome!

Contact Todd Mikelonis at 857-383-3125 or [email protected] for more information.

 

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Online Auction for Back Bay Condo

12 Responses

  1. Some of the documents show reference to parking as part of condo ownership. Is this part of the sale and/or is rental a seperate element?

    mike gorman November 6, 2011 at 9:50 am #
  2. Hi Mike,

    There is no parking included or deeded with the condo. There is Back Bay resident permit parking, as well as off street rental parking options available in the immediate area.

    Todd Mikelonis November 6, 2011 at 10:45 am #
  3. Could you please add a picture of the bedroom. thanks

    Pota November 9, 2011 at 8:15 am #
  4. Sorry if this offends you but my girlfriend and I had to chuckle while reading your email ad for the auction. This feedback is pretty harsh but you might find it useful.

    Please let me know if I'm off-base with any of it.

    1. A quick look at the Realtor.com listing for this property shows it's been available during the current listing of the property for 158 days with the price reduced and now sitting unsold at $315,000. Since every consumer knows this minimal amount of info about this property, how can you (with a straight face) tell consumers that you expect bidding to start at the current, reduced list price especially after you confess that it is now priced a whopping $210,000 below the original asking price? Knowing this info, what buyer would trust any information you provide pertaining to value?

    2. So, it "will sell to the highest bidder, no matter what"…just as long as it's above $315,000? Considering what the consumer already knows, isn't that pretty laughable? Am I missing something?

    3. And if you're looking for maximum exposure for your auction, why don't you have the auction dates noted on the Realtor.com listing?

    4. In your email ad for the auction, in bold letters you quote that the current list price in the area is $922/sq ft. Great, so yours is only slightly over-priced at $374/sq ft and those other area listings are just insanely over-priced….and unsold….just like yours?

    5. If you're going to quote some stats, why not impress today's savvy buyer with useful info such as the average cost per sq ft for recent, comparable Closed Sales.

    Sorry, but this auction promo just serves to confirm in my own mind that auctions are a questionable adventure at best for buyers and reminds buyers to do their own research as well as get the opinion of one or more agents before attending one. And it's a primer for agents and myself to have other agents and friends read their promos for thoughts and suggestions before publishing.

    Please let me know if I'm off-base with any of my observations. Wishing you the best of luck.

    Felix Tristani November 20, 2011 at 5:46 pm #
    • Hi Felix,

      I had sent an email to a broker that's been automatically sending me listings in the backbay and he hadn't answer many questions at all, even this one. You absolutely on base ! More like a walk off home run. I ask the same questions to myself and many brokers talks amongst themselves to get a sale… intentionally side stepping questions with "I don't know". Nothing makes sense in Back Bay … not even a cash investor as you're paying "interest" on your own money in the disguise of real estate taxes and HOA fees. As an investor, you're hoping to get enough rent to cover all the expenses (which you could in some of it) and make a decent margin if it's a high end condo but you then … I'll stop there … you know what I mean.

      As a buyer, I'm looking to be able to live there but it's like paying rent on something you own outright… I'll stop there again.

      Nothing in Back Bay makes sense … and the average per square feet cost that the property was advertised is nothing more then BS… maybe if you group ONLY the hotel condos like … enough said…

      I'm an investor in Brighton…

      SAM02135 December 15, 2011 at 9:15 pm #
  5. No offense taken at all Felix. This is a totally new concept in home marketing so I can understand the confusion. Thanks for your feedback. But i think you may have missed a couple of things:

    Unfortunately we don't have full control over the listing on realtor.com (as well as some other syndicated sites). Where we could control it, we made it clear when the auction was and that the price of $315,000 was in fact a minimum bid for the auction, not a traditional "listing price". The dates and times of the auction and any open houses were clearly stated where possible.

    As for overpriced listings in the Back Bay, I am sure there are a few, like there are anywhere. But there are currently 185 Active Listings on the market for sale in the Back Bay and there have been 251 listings sold in the Back Bay over the past 6 months.

    That's equivalent to only about 4.5 months of inventory on market and indicates a fairly robust market (ie. most listings appear to be not overpriced and are in fact being sold….not just sitting on the market unsold).

    If you're looking for more useful info on the market like closed prices, historical data, etc. I often write posts about all that so stay tuned to this blog. You can also download a 100 page Boston condo market market report (at http://blog.charlesgate.wpengine.com/boston-condo-ma… ) detailing all aspects of the market in the past decade that I recently wrote. Or get our weekly market stats delivered to you (at http://blog.charlesgate.wpengine.com/trends/ ). So we do provide that information as well on a regular basis.

    Of course I agree with you that buyers (and sellers and agents) should all do research before buying, selling, listing, or marketing a home.

    And based on the results of the auction yesterday, the fact that we had over 150 registered users on the auction site and over 18 bids on the property proved it a success. As an ultimate statement of success both the seller and the buyer seemed happy with the outcome for a win-win deal based on their needs that would be nice to see more often in real estate deals.

    So I guess I felt the marketing of the auction was clear and informative and helpful to most folks but I appreciate your feedback and certainly will take it into consideration in the future with this new method of home marketing we are using.

    Thanks!

    Michael DiMella November 21, 2011 at 1:00 pm #
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