LRG Boston Real Estate Blog

Jeff Shuman

The auction at Nouvelle at Natick Collection was a clear success for buyers in Natick on Sunday.  Accelerated Marketing Partners (AMP) was ready that morning to auction off 44 of the 215 apartments in this BRAND NEW LUXURY building. People started arriving as early as 10:30. The room was packed by 11:30, with many people forced to stand in the back. People were eager to get a piece of this unbelievable deal. As the end approached, the head of AMP removed 3 units and added 2. It was an exciting process and many of the units ended in a bidding war.

The results were better than expected! All 43 units, sold at an average $300 per square foot and were well below what you might have expected to pay just 6 months ago for an ultra luxury, new construction condo in a great area.

Result averages by condo size:

1 Bed, 1.5 Bath: 8 units sold, 47% below listing price, sales price of $266,875,  $305/Sq. Ft., with a low of $249,00 and a high of $290,000.

1 Bed + Study, 2 Bath: 6 units sold, 49% below listing price, sales price of $322,000, $304/Sq. Ft., with a low of $308,000 and a high of $364,000.

2 Bed, 2 Bath: 19 units sold, 44% below listing price, sales price of $372,000, $293/Sq. Ft., with a low of $333,000 and a high of $417,000.

2 Bed + Study, 2.5 Bath: 3 units sold, 50% below asking price, sales price of $413,000, $265/Sq. Ft., with a low of $395,000 and a high of $447,000.

3 Bed, 2 Bath: 6 units sold, 58% below asking price, sales price of $550,000, $284/Sq. Ft., with a low of $489,000 and a high of $628,000.

 2 Bed, 2.5 Bath Penthouse: 63% below asking price, sales price of $470,000, $294/Sq. Ft.

 Overall Averages:

Asking price of $769,367

Sales Price of $375,884

Square Footage of 1261

$300/Sq. Ft., 49% below listing price

At the conclusion of the auction, bidders who stuck around, were given an opportunity to buy similar units at auction prices. 12 more units were bought at this time, bringing the total units sold to 55.

RECENT NEWS FROM THE SALES OFFICE

Nouvelle will be offering AUCTION PRICES for the next 30 DAYS on ALL available units. UNITS HAVE BEEN SELLING FAST!! Please CALL Jeff Shuman at (978) 460-0921 to schedule a tour of this exciting project and great opportunity.

WHAT DOES THIS MEAN FOR YOU!!!!

Luxury Residential Group will be offering $1,000 BACK on all units purchased through LRG at Nouvelle.

CONDITIONS:

1)      INITIAL VISIT MUST BE WITH A BROKER FROM OUR OFFICE.

2)      YOU MUST PURCHASE A UNIT TO RECEIVE THIS REBATE!

3)      REBATES WILL BE GIVEN BY CHECK ONCE THE BROKER FEE IS RECEIVED BY OUR OFFICE!

This entry was posted on Thursday, October 8th, 2009 at 11:29 am and is filed under Boston Condo Auctions, Lessons Learned 101, News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.