A lot of us have been eagerly waiting for the auction results at The Bryant in Boston. Units were originally priced between $1,690,000 and $2,300,000, most of which are 3 bedrooms, 3 bathrooms and around 2,000 square feet. A majority of the units sold in the $1.3 to $1.4 million price range. 10 Total were sold during the auction and 5 after at the new adjusted prices. This was a dramatic discount off original asking prices of between 21% and 41%. As a result, prices will be adjusted within the building of 20% – 30%. Below is all the auction information that has been made public:
Unit # 602 – 1,959 square feet – 3 bed/ 3 bath had an original asking price of $1,976,250 and is under agreement for $1,500,000 or $766.00 per sq ft.
Unit # 601 – 1,913 square feet – 3 bed / 3 bath had an original asking price of $1,750,000 and is under agreement for $1,370,000 or $716.15 per sq ft.
Unit # 603 - 2,019 square feet – 3 bed / 3 bath had an original asking price of $2,290,000 and is under agreement for $1,485,000 or $735.51 per sq ft.
Unit # 406 - 2,165 square feet – 3 bed / 3 bath had an original asking price of $2,050,000 and is under agreement for $1,350,000 or $623.55 per sq ft.
Unit # 401 – 2,259 square feet – 3 bed/ 3 bath had an original asking price of $1,692,000 and is under agreement for $1,335,000 or $590.00 per sq ft.
Unit # 403 – 2,128 square feet – 3 bed / 3 bath had an original asking price of $1,900,000 and is under agreement for $1,366,000 or $641.91 per sq ft.
Unit # 505 – 2,165 square feet – 3 bed / 3 bath had an original asking price $2,050,000 and is under agreement at $1,350,000 or $623.55 sq ft.
Unit # 305 - 2,180 square feet – 3 bed / 3 bath had an original asking price $1,695,000 and is under agreement $1,325,000 or $607.51 per sq ft
Unit # 404 - 2,130 square feet – 3/bed / 3 bath had an original asking price $1,900,000.00 and is under agreement $1,350,000.00 or $633.80 sq ft
Unit # 801 – 1,686 – square feet – 3 bed / 3 bath had an original asking price $2,295,000.00 and is under agreement $1,352,000.0 or $801.89 sq ft.
We do not anticipate other developments going this route within Boston as they are very well funded but one can never tell. It is however an eye opener to say the least. The Bryant is a unique luxury property but unfortunately was built on a lot that abutted a large commercial building and therefor had very limited views from the guest and master bedrooms. Therefor, we see an adjusted price point of $600 to $800 a foot as both reasonable and fair for these new construction units. The original prices were simply to high. At the current time, buyers have limited downside and plenty of upside moving forward. Please visit Bryant Condos, Boston for new, updated pricing, as they become available.
SOURCE: Senator Kennedy’s office
LRG Luxury Residential Group | 355 Boylston St, Boston MA 02116 | (617) 233-5800 | |