The first developer blowout auction came to New York City earlier this month, when five Greenpoint condos flew off the block for prices in the $200,000s and $300,000s. Yesterday saw another auction "first," the first luxury condo auctions in the Bronx's Riverdale neighborhood. (And yes, we predict that the "firsts" will become increasingly far-fetched as developers try to draw bidding crowds.)
Fifty-four apartments at the Solaria (a former Development Du Jour) went up for auction, most with original asking prices of more than $1 million, according to broker-blogger Malcolm Carter. The winning bids averaged 35 to 45 percent below list prices, but, the developers said, were within 5 to 10 percent of the current going rates for the neighborhood.
The first unit to go under the gavel, a 2BR, 2BA with a balcony and a list price of $1.125 million, sold for $790,000, AM New York reports. (Take a look back at the list prices and starting bids for everything on offer here.) A 1BR, 1BA with an original ask of $660,000 sold for $415,000. A 4BR, 4.5BA asking $3.85 million initially sold for $1.7 million. (All winning bids are still contingent on the seller's approval.) The average price per square foot for luxury Riverdale condos, then? $440. And that's for the ones with the rooftop observatory!
· Auction of Riverdale's Solaria Ends With a Whimper [Malcolm Carter]
· Luxury Condo Units at Riverdale's Solaria Sell for Discount At Auction [AMNY]
· On the Block: Riverdale's Solaria Dumping Over 50 Units [Curbed]