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.
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.