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Longwood Towers Auction Results Are In

by Anthony Longo on 4 Apr 2009
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What a day!  The Longwood Towers Auction kicked off without a hitch at exactly 1:00p.m. today at the Westin Copley Hotel in downtown Boston.

The buzz was flowing right from the second I valeted the car.  A jam packed lobby and some very attractive hosts guided us to the elevator where we would ultimately get off on the 3rd floor.  Here, the elevator door chimed open only to wait in a super long line of pre-registered bidders waiting to get their information packet, bidding paddle and some lanyards.   Of course I cut the line and ducked into the room past the FBI-like security; where I met up with some of our clients in preparation of the hecticness to come.

At exactly 1p.m. – Accelerated Marketing Partners led by longtime peer Jon Gollinger, kicked off the auction for the luxurious Brookline property.

I managed to get a few photos of the auction event from my trusty iPhone and also managed to get a few clips of video on our FlipCam – but after getting my second warning and threat of getting ejected from the event – I decided to put it away.  Its all good…we love AMP (Accelerated Marketing Partners) and we are happy to have several clients WIN a unit today!  Enjoy the vids!

LONGWOOD TOWERS AUCTION HIGHLIGHTS

Total units for sale: 40

Total units sold: 46 (they added 7 units during auction and also pulled 1)

Total sale volume: $24,595,000

Avg Price Studio: $255,500  (75% Sale Price to Last Asking)

Avg Price 1 Bed: $348,929 (81% Sale Price to Last Asking)

Avg Price 2 Bed: $586,238  (69% Sale Price to Last Asking)

Avg Price 2+Den: $789,750  (63% Sale Price to Last Asking)

Avg Price 3 Bed: $1,072,667  (53% Sale Price to Last Asking)

So what does all this data mean?

There are lots of opinions on the subject.  For starters – Longwood Towers is located in Brookline, MA.  As gorgeous of a property as it is – it still is not downtown Boston or part of our urban core.  Longwood has always served very well to the Longwood Medical community and of course the Fenway area – but is far from our core Back Bay, South End, Midtown, Waterfront, Seaport or North End neighborhoods.  For Brookline lovers, Longwood is an ideal option to be close to town, but far enough from the busy streets of downtown.

I think the auction went out a WIN-WIN for both the developer and the new condo owners.  If you pull comps for condominiums in Brookline, you will mostly see price per sq/ft in the $300-400’s, exactly where these prices fell today.  For a luxury building like this I would only expect to see these PPSF prices in the high $400’s to $500’s in Brookline.  The developer wins by unloading 46 units and setting the tempo for the remaining units in the project.  All in all I think a great day for all.

DOWNLOAD THE ENTIRE XLS REPORT

If you would like the report in Excel please just email me (tony@condoDomain.com), and send $500 (kidding), and Ill shoot it out to you.

Watch Videos: Auction Intro | Bidding on a Unit

12 Comments »

  • athanasios said:

    we would appreciate your comments and your thoughts, about the longwood condos auction, since we read so many negative comments before the auction and at the end we could not believe that so many people were willing to pay such OVERPRICED condos.

    # 5 April 2009 at 9:28 am
  • Anthony Longo (author) said:

    Hi Athanasios – Many (actually all) of those comments had to do with past renters who lived in the building before the property was “fixed up”. The building as you may know is an older historic building and was not kept up by its “rental” owner. Since purchased almost the entire property inside and out has been renovated – so all of the issues that I once read about too have been fixed by its new owner – and if you toured the property recently you can tell that much has been done.

    # 5 April 2009 at 9:43 am
  • lauren witt said:

    The article doesn’t say, but I would guess with the prices they got all of these bids were accepted? This is an unusual auction, to see these kind of percentages at auction is really good.

    # 5 April 2009 at 2:46 pm
  • Anthony Longo (author) said:

    Hi Lauren – Sorry about that. Yes all the units were sold and P&S’s were signed right there on the spot. The only unit they pulled from the auction and never went it go to bid was unit 811 which is a gorgeous unit I assume they plan to hold on to for the right buyer who will pay the premium for this one of a kind home.

    # 5 April 2009 at 9:21 pm
  • abc said:

    To be precise, several units (in addition to 811) were pulled from the auction. They appeared to be pulled because other units in the same or similar class were yielding disappointing auction results. The seller nonetheless invited offers on those units after the auction concluded, and apparently all but 811 sold (I left when my offer on one of the others was accepted). That process explains to some extent what might otherwise appear as pricing anomalies, when units on lower floors brought prices at higher levels. Surely they would have gone at auction at lower levels, but the seller realized that prices were falling at auction for such units and decided to stop the bleeding. Still a good deal, I think. Wonder what 811 will sell for?

    # 6 April 2009 at 9:53 pm
  • Anthony Longo (author) said:

    Hey ABC thanks for the followup. I am going over there tomorrow and will double check all of my data. Thx for the heads up…it was a crazy day.

    811 is an awesome unit…its an entire wing of the towers.

    # 7 April 2009 at 12:48 pm
  • Jason said:

    Did these sale prices include a parking spot in the price?

    # 9 April 2009 at 2:17 pm
  • Anthony Longo (author) said:

    All units came with a valet parking spot EXCEPT the studios and a few select small 1 bedrooms…all other units had a deeded spot with valet service!

    # 9 April 2009 at 2:38 pm
  • Jason said:

    Any idea what Longwood puts as a price tag on a valeted spot?

    # 9 April 2009 at 2:43 pm
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