31 Is The Same As 34 ... If You're Having An Auction, Apparently Boston Condos For Sale Ford Realty

One question no one seemed to raise at the auction, or after, is, how come the people at Folio Boston only ended up auctioning off 31 units, instead of the entire 34 units that remained unsold.

Neither the Globe nor the Herald mentioned this, in their articles.

Therefore, let me fill you in.

Folio Boston said before the auction that they would auction off all remaining units. You were not allowed to make a bid, prior to the auction, even if you wanted to buy them all.

They said all units would be sold, at the auction.

They weren’t. Thirty-one out of 34 were auctioned off.

Three were not listed.

The three units not auctioned were #401, #1102, and #1202.

When people called prior to the sale, to inquire about this, they were told that there was absolutely no interest at all in these three units, so the developer decided not to list them.

Folio Boston determined this based on the “unit of interest” check-off on the registration card which everyone was required to fill out, before the auction.

Folio Boston will re-price, and sell, later (presumably at a lower price?).

Note that one of the three units that went unsold is in the dreaded “01” layout.

Plus, if you look at the list of auctioned units, many of the “02” layouts were up for sale, and they sold for considerably less than the others, during the sale. An unfortunate situation for the developer (what was he thinking???).

Based on first-hand accounts of the auction, there were about 60 hardcore buyers there; the rest were apparently interested parties, probably including real estate agents … and owners in the building, watching their investments lose 20-30%, in an hour.

Also, the general feel from those in the industry is that the units sold for what was appropriate, in this market, in that neighborhood. Meaning, they were overpriced, to begin with.

That, of course, is open to opinion. I tend to agree with that assessment, however.

Here are the final sales prices for all units sold at auction.

# – Unit # – Type – SF – Auction Sales Price – $ PSF – % Below Ask – % Above Min – Price w/Parking – $ PSF – Last Ask Price – $ PSF – Min Sales Price – $ PSF

1 201 3 BR, 2.5 BA 1,910 $800,000 $419 -31% 1% $875,000 $458 $1,160,000 $607 $795,000 $416
2 207 2 BR, 2.0 BA 1,410 $681,000 $483 -16% 22% $756,000 $536 $815,000 $578 $560,000 $397
3 301 3 BR, 2.5 BA 1,910 $837,000 $438 -30% 1% $912,000 $477 $1,200,000 $628 $825,000 $432
4 502 2 BR, 2.0 BA 1,216 $608,000 $500 -25% 11% $683,000 $562 $810,000 $666 $550,000 $452
5 602 2 BR, 2.0 BA 1,216 $608,000 $500 -26% 11% $683,000 $562 $825,000 $678 $550,000 $452
6 604 2 BR, 2.0 BA 1,282 $690,000 $538 -18% 20% $765,000 $597 $845,000 $659 $575,000 $449
7 702 2 BR, 2.0 BA 1,216 $611,000 $502 -29% 11% $686,000 $564 $855,000 $703 $550,000 $452
8 704 2 BR, 2.0 BA 1,282 $686,000 $535 -25% 19% $761,000 $594 $915,000 $714 $575,000 $449
9 707 2 BR, 2.0 BA 1,156 $657,000 $568 -28% 13% $732,000 $633 $910,000 $787 $580,000 $502
10 708 2 BR, 2.0 BA 1,168 $613,000 $525 -28% 12% $688,000 $589 $850,000 $728 $545,000 $467
11 801 2 BR, 2.0 BA 1,105 $616,000 $557 -22% 14% $691,000 $625 $785,000 $710 $540,000 $489
12 802 2 BR, 2.0 BA 1,216 $635,000 $522 -27% 15% $710,000 $584 $870,000 $715 $550,000 $452
13 804 2 BR, 2.0 BA 1,282 $770,000 $601 -18% 34% $845,000 $659 $935,000 $729 $575,000 $449
14 808 2 BR, 2.0 BA 1,168 $631,000 $540 -26% 16% $706,000 $604 $855,000 $732 $545,000 $467
15 901 2 BR, 2.0 BA 1,105 $616,000 $557 -23% 14% $691,000 $625 $795,000 $719 $540,000 $489
16 902 2 BR, 2.0 BA 1,216 $641,000 $527 -28% 17% $716,000 $589 $885,000 $728 $550,000 $452
17 904 2 BR, 2.0 BA 1,282 $776,000 $605 -18% 35% $851,000 $664 $950,000 $741 $575,000 $449
18 908 2 BR, 2.0 BA 1,168 $632,000 $541 -27% 16% $707,000 $605 $865,000 $741 $545,000 $467
19 909 1 BR, 1.0 BA 596 $401,000 $673 -16% 23% $476,000 $799 $480,000 $805 $325,000 $545
20 1001 2 BR, 2.0 BA 1,105 $632,000 $572 -21% 17% $707,000 $640 $805,000 $729 $540,000 $489
21 1002 2 BR, 2.0 BA 1,216 $656,000 $539 -27% 19% $731,000 $601 $900,000 $740 $550,000 $452
22 1004 2 BR, 2.0 BA 1,282 $784,000 $612 -20% 36% $859,000 $670 $975,000 $761 $575,000 $449
23 1103 2 BR, 2.5 BA 1,815 $1,020,000 $562 -37% 7% $1,095,000 $603 $1,610,000 $887 $950,000 $523
24 1104 2 BR, 2.5 BA, TERRACE 1,573 $1,175,000 $747 -27% 15% $1,250,000 $795 $1,610,000 $1,024 $1,025,000 $652
25 1201 2 BR, 2.0 BA 1,410 $928,000 $658 -21% 28% $1,003,000 $711 $1,175,000 $833 $725,000 $514
26 1203 2 BR, 2.5 BA 1,815 $1,242,000 $684 -27% 31% $1,317,000 $726 $1,695,000 $934 $950,000 $523
27 1204 2 BR, 2.5 BA 1,573 $979,000 $622 -33% 15% $1,054,000 $670 $1,460,000 $928 $850,000 $540
28 1401 2 BR, 2.0 BA, TERRACE 1,553 $1,086,000 $699 -32% 6% $1,161,000 $748 $1,600,000 $1,030 $1,025,000 $660
29 1402 2 BR, 2.5 BA, TERRACE 1,582 $1,141,000 $721 -35% 11% $1,216,000 $769 $1,760,000 $1,113 $1,025,000 $648
30 1403 2 BR, 2.5 BA, TERRACE 1,541 $1,246,000 $809 -23% 22% $1,321,000 $857 $1,620,000 $1,051 $1,025,000 $665
31 1404 1 BR, 1.5 BA 1,070 $730,000 $682 -21% 30% $805,000 $752 $925,000 $864 $560,000 $523

TOTAL SALES: $24,128,000
AVG $ / SF: $582
AUCTION SALES PRICE w/ PARKING: $26,453,000
AVG $ / SF w/ PARKING: $638
LAST LIST PRICE PROCEEDS: $32,740,000
LAST LIST PRICE $ / SF: $790
MINIMUM LIST PRICE PROCEEDS: $20,650,000
MINIMUM LIST PRICE $ / SF: $498

Units Pulled from Auction

Unit # — Size — SF — Last asking price — $ / SF — Auction minimum price

1 401 3 BR, 2.5 BA 1,910 — $1,245,000 — $652 — $835,000
2 1102 2 BR, 2.5 BA 1,664 — $1,385,000 — $832 — $790,000
3 1202 2 BR, 2.5 BA 1,664 — $1,410,000 — $847 — $790,000

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