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