What will the natick mall condos sell for at auction?

9/17/2009

As you probably heard, 42 units at the Natick Mall(Nouvelle) condos are going to auction. Why are they only auctioning off 42 out of the 200+ units? There are two simple reasons.

1. Mostly importantly, the purpose of the auction is to generate a lot of interest in this condo project. They will use the auction units to bait potential buyers into seeing these condos and hopefully buy a unit in the future at market value.

2. Second, it’s to determine the market value of these condos. They want to figure out what buyers are willing to pay for these units. Once the auction determines the market value, they will price the remainder of the units accordingly based on the results of the auction.

So what will these properties sell for at auction? My analysis is as follows:

1 bedroom 1.5 bath 800-900sqft units will sell for $240k-$260k
1 bedroom + study 2 bath ~1050sqft units will sell for $300k-$330k
2 bedroom 2 bath 1100sqft -1300sqft units will sell for $360k-$400k
2 bedroom + study, 2 bath 1500sqft-1600sqft will sell for $420k-$450k
3 bedroom 2 bath 1800 sqft will sell for $470k-$500k
3 bedroom 3 bath 2100sqft penthouse will sell for $600k-$700k