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.
Back Bay Condo Auction Online on November 20
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.