Developers of the Skyline Condominiums at Station Landing, the 127-unit development along the Mystic River in Medford, will auction off unsold condominiums in the project on Nov. 11.
Amid strong sales in the downtown Boston's condo market, Skyline Condominiums has sold 42 units -- or one-third of the total -- in the project, which officially opened this summer but was on the market prior to that, said Robert Cole, president of The Collaborative Companies, a marketing firm that handling the auction through its Velocity Marketing division.
"We're in a buyer's market now, and we really do believe the auctions -- where buyers determine the price -- are the best way to move product," Cole said.
National Development boasts the project's magnificent views of Boston's skyline and easy access to the Wellington subway stop. Station Landing is in a heavily commercial district near Route 93 North.
Thirty units will be auctioned, with minimum prices set at about two-thirds of the original list price. Bids will start at $535,000, for example, for a 12th floor penthouse, and at $275,000 for a one-bedroom on a middling floor.
"That price point is soft in this market," said Cole.
Source: Boston Globe