Scott Van Voorhris from the Boston Globe Real Estate Blog
The Bryant auction over the weekend is the latest sign that all is definitely not well with the once seemingly invincible luxury condo market.
The posh new South End project managed to sell off a third of its 30 units in one day, but at a big cost.
Buyers snapped up 10 units at prices in the $1.3 million-to-$1.5 million range, managing to get anywhere from 21 percent to 41 percent off.
The question now becomes how much longer developers of some of the major new deluxe condo towers in downtown Boston can hold out before they go the auction route?
The new W Hotel and condo tower in the Theater District is preparing to open later this month, boosted by a $10.5 million city loan that will help it build out a crucial restaurant and retail space.
But the project’s marketing team has refused to release sales figures, a sure sign that efforts to move the W’s 123 condos are likely nothing to boast about.
The Clarendon, the new Back Bay condo and rental tower by the Hancock nearing completion, and the already opened 45 Province St., have also kept profiles as they have struggled to move units.