Developers of the the Bryant Back Bay, Vornado Realty Trust and Wasserman Real Estate Capital LLC, brought 10 units to the auction block on October 17, 2009 at the Colonnade Boston Hotel. The 10 million dollar condos were the most expensive minimum bid prices to hit the auction block in the US, and ended up fetching approximately $675 per square foot, a 30% discount to their original listing prices.
Immediately following the auction, the sales team from the listing brokerage Campion & Company sold four additional homes to auction attendees at similar prices, about $1.4 million. The $675 sales price per square foot at the auction is substantially lower than average price per square foot sales prices of $956 for Back Bay condos that have sold for more than $1 million in the past six months.
Despite the flurry of activity that was kicked up by the auction at the Bryant Back Bay, the building still remains less than 50% sold, but with the new price point established by the auction event, buyers are looking more favorably upon the potential purchase at the Bryant, a building that sits on the border between the Back Bay and the South End.